Boulder-based ColdQuanta raises $6.75M in seed round

BOULDER — ColdQuanta Inc., a Boulder-based firm that is developing products based on quantum technology, has raised a seed-funding round of $6.75 million led by Maverick Ventures in San Francisco, with participation from Global Frontier Investments LLC in Sausalito, Calif.

The funding will be used to help commercialize ColdQuanta’s products in the areas of communications, computing, timekeeping and navigation.

Since its founding in 2007, ColdQuanta has been internally financed through contract and product revenue. The company was a spinoff from the JILA Institute and Physics Department at the University of Colorado Boulder, based on research by professor Dana Anderson. It sold its first product in 2008. ColdQuanta’s quantum gas system, called the Bose-Einstein condensate, was delivered to NASA’s $70 million Cold Atom Laboratory, which was launched in May and now resides on the International Space Station.

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“ColdQuanta was founded upon the vision that quantum technology would someday emerge as a paradigm having significance on par with those of the transistor and the laser,” Anderson, ColdQuanta’s chief executive, said in a prepared statement. “Having been in the quantum technology manufacturing business since 2007, ColdQuanta is well-poised to enter the emerging quantum era, addressing applications ranging from timekeeping to secure communications, and from navigation to quantum simulation and computation.”

Mark Saffman, professor of physics at University of Wisconsin-Madison and a member of ColdQuanta’s scientific advisory board, said quantum computing is experiencing rapid growth worldwide.

“The neutral-atom technology pioneered by ColdQuanta will be central to transitioning university-based research to commercial systems for real world applications,” he said.