In series B funding
Acquired to maximize value of quantum computing investments
ColdQuanta, a quantum technology company and Small Business Innovation Research (SBIR) awardee, received multiple grants by the Defense Advanced Research Projects Agency (DARPA) to develop its pioneering cold quantum technology.
ColdQuanta created a cold atom system in which atoms are cooled to near absolute zero. Because the atoms are hardly moving at these ultra-cold conditions, lasers can arrange the atoms, perform computations, and record the results—harnessing the atoms’ quantum properties for computing, time, and sensing applications.
ColdQuanta’s system can then be integrated into technologies that operate under normal environmental conditions without the need for refrigeration.
While the company’s quantum technology was set to revolutionize computing and sensing applications, ColdQuanta found itself facing the challenge of how to commercialize this technology successfully for applications such as GPS, radar, sensing technologies, and more.
ColdQuanta partnered with aerospace executive Karl Pendergast, who is renowned for his track record in determining new technology’s dual-use applications for different markets, to identify commercial and defense implementations of the company’s atomic clock.
Pendergast’s security clearances and professional relationships in the time and frequency industries also made him an ideal partner for a business with potential defense applications; ColdQuanta ultimately secured $110 million in Series B funding.
ColdQuanta now focuses on commercialization areas that require very precise timekeeping and navigation, including GPS, radar, navigational positioning, finance, and satellite uses.