ColdQuanta Announces $110 Million Series B to Continue Commercializing Quantum Technology Products Across the Global Ecosystem

Quantum Ecosystem Leader Achieved Milestones and Awarded New Contracts to Advance the Development of its Portfolio of Quantum Technology Products

BOULDER, Colo., Nov. 1, 2022 /PRNewswire/ -- 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 leading 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

• Acquired quantum software company, Super.tech, bringing deep software expertise to ColdQuanta and providing customers with a broad set of applications and algorithmic capabilities
• Awarded a five-year $15.6 million subcontract to develop portable atomic clocks for the Office of Naval Research and Secured DARPA's Embedded Entrepreneurship Initiative Award for its Commercial Quantum Clock
• Won 2022 Prism Award and 2022 Best of Sensors Winner
• First in the world in executing algorithms on a cold atom quantum computer, shared in the April issue of Nature.

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.^[1] 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-leading 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 leading-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."

About ColdQuanta

ColdQuanta is a global quantum technology company solving the world's most challenging problems. The company harnesses quantum mechanics to build and integrate quantum computers, software, sensors, and networks. From fundamental physics to leading-edge commercial products, ColdQuanta enables "quantum everywhere" through an ecosystem of devices and platforms. Founded in 2007, ColdQuanta grew from decades of research in atomic physics and work at JILA, with intellectual property licensed through the University of Colorado and the University of Wisconsin. ColdQuanta's scalable and versatile cold atom technology is used by world-class organizations around the globe and deployed by NASA on the International Space Station. ColdQuanta is based in Boulder, CO, with offices in Chicago, IL; Madison, WI; and Oxford, UK. Find out how ColdQuanta is building the future at www.coldquanta.com and on YouTube.

The name ColdQuanta and the ColdQuanta logo are both registered trademarks of ColdQuanta, Inc. 

About BOKA Group

BOKA Group, a deep tech strategic company, has added ColdQuanta to a growing selection of market-leading and synergistic deep tech-focused companies. BOKA Group's experienced team focuses on category leaders across the deep tech sector, including technologies that advance military, intelligence, and commercial markets.

About Breakthrough Victoria Pty Ltd 
Established in 2021 to manage the Victorian Government's $2 billion Breakthrough Victoria Fund, Breakthrough Victoria invests in innovations with commercial potential to transform the health and life sciences, digital technologies, advanced manufacturing, agri-food, and clean economy sectors. We invest in innovation for impact and generate jobs and prosperity for Victoria over the long term.  

About LCP Quantum

LCP Quantum, an affiliate of Lennox Capital Partners, LP, a Dallas-based investment firm.

Cooley LLP served as legal counsel to ColdQuanta in the transaction. Solomon Partners acted as financial advisor to ColdQuanta.

^[1] _{Bobier, J.-F., Langione, M., Tao, E., & Gourévitch, A. (2021, July 21). What happens when 'if' turns to 'when' in quantum computing? Boston Consulting Group. Retrieved October 12, 2022, from https://www.bcg.com/pt-br/publications/2021/building-quantum-advantage}

SOURCE ColdQuanta