ColdQuanta Secures $110M in Series B Funding

Colorado-based ColdQuanta has raised $110 million in a new Series B funding round to support their quantum-computing R&D. 

The funding will be directed towards building quantum applications for technology such as atomic clocks, sensors, and high-precision components like GPS. This includes expanding their product portfolio in an effort to continue commercializing its decades of research into quantum computing by bringing it out of the lab and into real-world applications.

Quantum computers are a whole separate class of technology. Traditional computers are controlled by ones and zeros while quantum computers use qubits (i.e. quantum bits). Qubits can exist as ones and zeros simultaneously. This capability is the reason they can handle much more complex problems.

ColdQuanta’s products include Hilbert, a cloud-based quantum computer for which the company is aiming to reach 1,000 qubits by 2024; and Albert, a quantum sensor product development platform. With advancements like this, it’s no surprise to see that the company has seen rapid growth in recent years. With projects like subcontracts in Japan, the Moonshot Research and Development Program, and subcontracts in Australia, the company is rapidly building confidence and industry relationships.

“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 Chief Executive Scott Faris. “Customers are already adopting ColdQuanta for quantum radio-frequency 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.”

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