ColdQuanta raises $20M in bridge financing to larger round

BOULDER — ColdQuanta Inc. said it raised $20 million from existing investors amid ongoing plans to build a far larger Series B round.

The Boulder company said in a statement that the funds came from Boulder-based Foundry Group, along with Global Frontier Quantum Opportunity Fund, LCP Quantum Partners and Maverick Ventures. All four of those funds previously invested in ColdQuanta’s $32 million Series A round last November.

The funding is earmarked for the company’s ongoing efforts to take its products to market, but it is still engaging with investment bank PJ Solomon for its formal Series B round. That round is expected to bring in well north of $100 million in funding for ColdQuanta.

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The latest fundraise has not been disclosed to the U.S. Securities and Exchange Commission as of Wednesday afternoon.

ColdQuanta is developing technology to freeze individual atoms to near-absolute zero, a point at which they produce minimal vibration. In this state, those atoms can be used to create sensors with extremely granular accuracy for use in satellite navigation, scientific research and other cutting-edge technological pursuits.

The technology is also applicable to quantum computing, a field of research that replaces the current model of computers that encodes data that take the value of 1 or 0 with a model that would allow data to be stored in more than one state at a time.

Former Zayo Group Holdings Inc. co-founder and CEO Dan Caruso joined the company as board chairman and interim chief in March, and the company has since hired several key executives.

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