ColdQuanta jumpstarts commercialization with $110M Series B raise
BOULDER — Boulder-based quantum-technology company ColdQuanta Inc.’s go-to-market effort got a shot in the arm with the recent raise of a $110 million Series B round led by LCP Quantum Partners.
The company is in the process of commercializing its portfolio of quantum computing products, quantum algorithms and applications, atomic clocks, sensors and components.
In addition to the Series B funding, the CQ has also brought in investor and former Motorola Solutions Inc. (NYSE: MSI) CEO Christopher Galvin to serve on its board of directors.
“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,” Galvin said. “Quantum RF sensors will be a transformational technology in communications, and ColdQuanta is leading the way.”
The Series B closure was just one of CQ’s 2022 highlights, which also included an expansion beyond Boulder with the acquisition of Chicago quantum software developer Super.tech Labs Inc. this spring.
The Boulder Valley — with the University of Colorado physics department, the National Institute of Standards and Technology, and some prominent quantum computing companies — has become, over the past three decades or so, the epicenter of the quantum field.
“Quantum has the opportunity to be as transformative for the world or more so than the internet,” Paul Lipman, president of Quantum Information Platforms at ColdQuanta, told BizWest in an interview this year.
Quantum theory attempts to explain the behavior of matter at atomic and subatomic levels.
Quantum computing uses principles of quantum theory to build machinery with capabilities that far exceed traditional computers.
Classical computers use bits that can hold the value of either 1 or 0, which severely limits their processing ability.
Quantum computers are built with qubits, which harness the quantum property of superposition to hold the value of both 1 and 0 simultaneously.
If a bit is a coin sitting on a table, with the property of heads or tails, a qubit is a coin that’s been flipped into the air and has yet to land — it simultaneously has the properties of heads and tails.
Computing power is increased exponentially with each additional qubit.
Simply put — or as simply put as can be given a field of science that’s so new and potentially groundbreaking — quantum computers are “not going to give you faster video games or better accounting software,” Lipman said. “But it will enable computers to solve important, world-changing problems that