Chris Galvin joins ColdQuanta board in $110m round
ColdQuanta, which has an office in Oxford, UK, has raised $110 million to continue commercializing it’s range of quantum technologies, and has also brought Chris Galvin, former CEO of Motorola, onto the board.
The company, based in Colorado, US, has developed quantum computers, atomic clocks, RF sensors, and components as well as quantum algorithms and applications. This brings the total raised so far to $184m.
The Series B round of funding was led by LCP Quantum, investors included In-Q-Tel, Sumitomo America, Breakthrough Victoria and BOKA, as well as Galvin. Existing investors, including Foundry Group, Global Frontier Investments, and Maverick Ventures also joined the round.
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“ColdQuanta’s core technology has a wide range of applications on the quantum technology spectrum. They’re not just tackling quantum computing, they’re also advancing quantum technology in developing the next generation of atomic clocks and radio frequency (RF) technologies, which provide significant advantages over classic antenna-based receivers,” said Galvin. “Quantum RF sensors will be a transformational technology in communications, and ColdQuanta is leading the way.”
Founded in 2007, ColdQuanta grew from decades of research in atomic physics and work at JILA, the Joint Institute for Laboratory Astrophysics in Colorado, with intellectual property licensed through the University of Colorado and the University of Wisconsin.
“The quantum ecosystem is experiencing a global wave of innovation, having our market leadership recognized by investors around the world validates our unique approach,” said Scott Faris, CEO of ColdQuanta. “Customers are already adopting ColdQuanta for quantum RF sensors, quantum atomic clocks, and quantum software. These are critical building blocks of the quantum industry that will drive a significant impact on society today while we work towards the massive gains quantum computing will bring in the future.”
Hilbert, the company’s quantum computer, and Albert, a cloud-based quantum-sensor development platform, are joined by components for quantum systems and applications such as high-precision clocks, navigation, radio frequency receivers and quantum networking and communications.
“ColdQuanta’s ecosystem approach is highly aligned with where we see the future of the quantum industry,” said Matthew Kinsella, managing director, Maverick Ventures. “The company remains at the forefront of innovation across computing, software, sensors and more. ColdQuanta’s approach will drive the transformation of entire industries as quantum technologies are further commercialized and adopted.”
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“Over the decades I’ve worked with numerous deep tech companies, and ColdQuanta stands apart not just because of the technology and vision but the pedigree and diversity of the leadership team,” said Dawn Meyerriecks, ColdQuanta board member and former Deputy Director of the Central Intelligence Agency (CIA) for Science & Technology (S&T). “This latest investment will supercharge the company’s growth, as they continue achieving new heights in innovation and building a quantum ecosystem that will stand the test of time.”
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