CU Boulder spinout ColdQuanta has now raised $74m in funding altogether, having previously obtained $32m in a series A round six months ago.

ColdQuanta, a US-based quantum core technology spinout of University of Colorado, (CU) Boulder, has raised $20m in a funding round backed by Foundry Group, Global Frontier Quantum Opportunity Fund, LCP Quantum Partners and Maverick Ventures.

Founded in 2018, ColdQuanta has developed a technology called Cold Atom Quantum Technology that cools atoms to within a few millionths of a degree above absolute zero. This has applications in quantum technologies including computing, sensing and communications.

The company is in the midst of a recruitment drive, looking to add 15 more staff to its current headcount of 85 and long-term plans to quadruple that number.

ColdQuanta obtained $32m in a series A round co-led by Global Frontier Investments and LCP Quantum Partners in November 2020, when Maverick Ventures and Foundry Group also invested.

ColdQuanta had picked up $6.8m of seed capital in July 2018 led by Maverick Ventures and backed by Global Frontier Investments. Both returned for a $10m extension in November 2018, bringing the round’s total to $16.8m.