ColdQuanta announces $110M Series B funding

ColdQuanta, the global quantum ecosystem leader, today announced a $110 million Series B round of funding to continue commercializing the company’s product portfolio, including quantum computing, quantum algorithms and applications, atomic clocks, sensors and components.

Christopher Galvin, former Motorola chairman and CEO, has joined the company’s Board of Directors. Mr. Galvin is also now an investor in ColdQuanta. He brings decades of experience in commercializing ground-breaking research from the lab to the global market.

“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,” Mr. Galvin said. “Quantum RF sensors will be a transformational technology in communications, and ColdQuanta is the way.”

Led by LCP Quantum, investors included In-Q-Tel, Sumitomo Corporation of Americas, Breakthrough Victoria, BOKA Group Holdings I LP, and more. There was strong participation from existing investors, including Foundry Group, Global Frontier Investments, and Maverick Ventures.

2022 Major Milestones

ColdQuanta transformed the company’s software capabilities with the acquisition of Super.tech, a world leader in quantum algorithms and applications. As a result of the acquisition, notable financial firms and national energy companies, in addition to Argonne National Laboratory, Berkeley’s Advanced Quantum Testbed (AQT), EPiQC, and Q-NEXT are leveraging Super.tech’s software to accelerate the value from today’s noisy intermediate-scale quantum (NISQ) era devices.

ColdQuanta has experienced rapid growth over the last several years, winning new subcontracts in Japan (Moonshot Research and Development Program) and Australia. Breakthrough Victoria has participated in this round to help establish an Asia-Pacific quantum computing and technology facility at Swinburne University of Technology headquarters, known as the ColdQuanta – Swinburne Quantum Technology Centre.

“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 ColdQuanta CEO Scott Faris. “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.”

According to the Boston Consulting Group, quantum computing could create value of $450 billion to $850 billion in the next 15 to 30 years. ColdQuanta is addressing this opportunity through a portfolio of quantum information platforms, including Hilbert, the company’s quantum computer, and Albert, a cloud-based quantum-sensor development platform. ColdQuanta also offers components for quantum systems and applications, and quantum research and security solutions including high-precision clocks, navigation, radio frequency receivers, and quantum networking and communications, which are deployed throughout the quantum ecosystem today.

“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.”

John James, CEO and co-founder of BOKA Group, said: “We are delighted to participate with the impressive and differentiated team of creative and innovative talent that ColdQuanta has assembled. ColdQuanta has already created a diverse ecosystem of market quantum products, and we are only in the early stages of what they can accomplish. We look forward to supporting the ColdQuanta team as they continue to build their business across quantum computers, sensors, clocks, and networks and to innovate devices and platforms to offer edge commercial products.”

“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.”