Market Overview

ColdQuanta Announces Closing of $6.75M Equity Investment Focused on Quantum Communications, Sensing and Computing Markets


ColdQuanta Inc. today announced $6.75M in Seed financing led by Maverick
Ventures, with participation from Global Frontier Investments. The
funding will be used to commercialize ColdQuanta's foundational
ultracold neutral atom technology in the areas of secure quantum
communications, neutral atom quantum computing, and quantum metrology
(including timekeeping and navigation). To date, ColdQuanta has been
internally financed through contract and product revenue since its
founding in 2007. Matthew Kinsella of Maverick and Grant Dollens of
Global Frontier have joined the company's board, along with Dr. Timothy
Day who has assumed the role of Executive Chairman.

"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," said Dana Anderson, ColdQuanta's CEO.
"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. We are thrilled to embark on this next phase of the company
evolution with partners that understand the practical significance of
the quantum paradigm and have taken a long-term perspective on the
disruptive impact of quantum-enabled technology."

"Quantum Technologies have an extremely bright future in multiple large
markets. This partnership between Maverick Ventures, Global Frontier,
and the ColdQuanta customers, Board, and employee base, has created a
phenomenal world-leading team executing in the neutral atom quantum
communications, sensing and computing spaces. We are very pleased and
excited to be entering together into the next phase of the company's
future," added Timothy Day, ColdQuanta's Executive Chairman.

"Quantum computing is witnessing explosive growth worldwide. Neutral
atom based approaches are leading the way in scalable systems for
quantum computing, simulation, and communications. The neutral atom
technology pioneered by ColdQuanta will be central to transitioning
University-based research to commercial systems for real world
applications," said Mark Saffman, Professor of Physics at University of
Wisconsin-Madison and a member of ColdQuanta's scientific advisory board.

"We believe quantum technologies will be transformative to many
industries over the next decade," said Matthew Kinsella, Managing
Director, Maverick Ventures. "We were drawn to ColdQuanta due to Dana's
background as a pioneer in the space, and the fact that neutral atom
systems have shown highly compelling results. We believe ColdQuanta is
well positioned to commercialize its significant expertise in ultracold
matter enabled technologies, and we are thrilled to be their partners in
this journey to become a major provider of quantum technology to the

About ColdQuanta

ColdQuanta was founded in 2007 as a spinoff from the JILA Institute and
Physics Department at the University of Colorado, Boulder. Based upon
the research of Prof. Dana Anderson, the company focused on developing
and commercializing laser-cooled and ultracold atom enabled quantum
technologies. It sold its first product in 2008. ColdQuanta has been
awarded contracts from numerous federal agencies including DARPA, IARPA,
NSF, NASA, NIST and ONR, AFOSR, and ARO to further develop ultracold
atom technologies and has sold products to customers in academic,
federal, and industrial R&D labs around the world.

ColdQuanta has achieved many "firsts" including the delivery of the
first commercial quantum gas (Bose-Einstein Condensate) systems. One
such system was delivered to NASA's $70 million Cold Atom Laboratory
(CAL), which was launched in May 2018 and now resides on the
International Space Station.

ColdQuanta's pioneering work will be fundamental to the further
development of secure quantum communications networks, quantum inertial
sensing and navigation, and quantum information systems.

About Maverick Ventures:

Maverick Ventures is the venture capital arm of Maverick Capital, a
global investment firm that has been investing in early stage companies
for over 20 years. By working with Maverick Ventures, entrepreneurs get
the best of both worlds – a focused, agile team of ventures partners –
and the resources, reputation and relationships of a multi-billion
dollar fund. Maverick Ventures invests through an evergreen structure
that allows it to support entrepreneurs for an indefinite time horizon.
Learn more about Maverick Ventures at

About Global Frontier Investments:

Global Frontier is focused on identifying unique investment
opportunities worldwide through its intensive diligence process. GFI
seeks to partner with companies at all stages to create long-term value
for shareholders.

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