ColdQuanta announced it raised $20 million to continue commercializing cold atom quantum technology and accelerate hiring initiatives.
The US-based company has developed technology that allows engineers to cool atoms to a few millionths of a degree above zero and use lasers to manipulate the make-up of the atom. By altering their atomic composition, ColdQuanta is able to manufacture components for computing, radio frequency sensing, timekeeping and communications.
The company was founded in 2007. To date, the company has raised $74 million, including a $32 million Series A round in November 2020.
This bridge round between ColdQuanta’s Series A round and future Series B will also be used for hiring efforts. ColdQuanta started the year with about 80 employees and plans to have 120 employees by the end of the year. The company is actively hiring for 15 positions, including software engineers, a manufacturing engineer and a quantum physicist. Future hiring will range from high-tech positions to product managers.
The $20 million round included participation from Foundry Group, LCP Quantum Partners, Maverick Ventures and Global Frontier Quantum Opportunity Fund. (BuiltinColorado)