Vescent, a Golden, Colorado-based quantum technology provider, just raised a $5 million seed round to accelerate its research and development efforts and market reach. Corporate Fuel — a New York investment firm with several deep tech companies in its portfolio — led the round, in which Boulder-based Caruso Ventures also participated.
Originally founded in 2002, Vescent creates light-based hardware tools used to power quantum computing technologies, which have the potential to be exponentially more powerful than traditional binary computers. According to the company, its technology is already in use by hundreds of customers.
Vescent will use the seed funding to expand that footprint by staffing up, increasing manufacturing capacity and speeding up new product development.
In a press release issued at the time of the announcement, Corporate Fuel managing partner Russ Fein cited the Vescent management team’s expertise and the company’s position as a core technology provider in quantum computing as reasons for the firm’s decision to invest. Fein has joined the company’s board of directors and is also acting as its CFO, according to his LinkedIn profile.
Vescent is hiring for a number of positions across its engineering and commercial teams.
