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In order to commercialize its product portfolio, which consists of atomic clocks, sensors, components, quantum computers, quantum algorithms, and applications, ColdQuanta, the world leader in the quantum ecosystem, today announced a $110 million Series B investment round.
Christopher Galvin, a former Motorola chairman and CEO, has joined the board of directors of the business. Galvin currently owns stock in ColdQuanta. He contributes decades of expertise to the commercialization of ground-breaking research from the lab to the international market.
“The underlying technology of ColdQuanta has numerous uses in a variety of quantum technologies. In addition to working on quantum computing, they are also expanding quantum technology by creating radio frequency (RF) technology and the next-generation atomic clock, both of which provide considerable advantages over conventional antenna-based receivers. We are executing it, “said Galvin. The development of quantum RF sensors will revolutionize communications, and ColdQuanta is setting the pace.
In-Q-Tel, Sumitomo Corporation of Americas, Breakthrough Victoria, BOKA Group Holdings I LP, and other investors are included in the group lead by LCP Quantum. Existing investors including Foundry Group, Global Frontier Investments, and Maverick Ventures actively participated in the event.
“the quantum ecosystem is going through a worldwide wave of innovation. Having our market leadership recognized by investors throughout the world confirms our unique strategy.” “Clients have already started using ColdQuanta in their quantum RF sensors, atomic clocks, and software. While we strive toward the enormous benefits that quantum computing will offer in the future, they are the fundamental building blocks of the quantum industry.
In recent years, ColdQuanta has expanded quickly, receiving new subcontracts in Australia and Japan (Moonshot Research and Development Program). Breakthrough Victoria took part in this round and assisted in establishing ColdQuanta – Swinburne Quantum Technology Centre, an Asia-Pacific quantum computing and technology facility at the main campus of Swinburne University of Technology.
In the next 15 to 30 years, quantum computing might be worth between $450 billion and $850 billion. [1] Through a variety of quantum information platforms, including Hilbert, the company’s quantum computer, and Albert, a cloud-based quantum-sensor development platform, ColdQuanta is addressing this opportunity.
The quantum ecosystem currently uses high-precision clocks, navigation, radio frequency receivers, quantum networking, and communications, all of which are also provided by ColdQuanta. They also provide quantum research and security solutions.
Director of Maverick Ventures Matthew Kinsella remarked, “ColdQuanta’s ecosystem model is closely aligned with where we view the future of the quantum business. “We are still at the cutting edge of technology when it comes to computers, software, and sensors. With the continued commercialization and adoption of quantum technologies, ColdQuanta’s strategy will spur change across industries.