Daily Camera (Boulder)

Infleqtion inspires spinoffs with $110M raise

- By Lucas High

If you’re a student or faculty member at a Colorado university lab looking to turn your research into a company, you could certainly find worse role models than a University of Colorado Boulder spinoff that recently closed a nine-figure fundraisin­g round.

Infleqtion, a new trade name for Boulder-based quantum-technology company Coldquanta Inc., served as an example of a successful CU spinoff Thursday during Destinatio­n Startup, a showcase of the area’s innovation ecosystem organized by Venture Partners at CU Boulder.

Late last year, Infleqtion raised $110 million in a Series B round led by LCP Quantum Partners and began emerging from its decade-and-a-half-long research and developmen­t effort with a suite of products it’s seeking to commercial­ize.

“For everyone who’s in those first days of fundraisin­g, this is a fantastic story of super-deep tech followed by a lot of investment,” CU Ventures director of venture developmen­t Stephen Miller said to a group of entreprene­urs, students, staffers and investors gathered in a Denver hotel conference room.

According to Infleqtion vice president Max Perez, who delivered a keynote address at Destinatio­n Startup, the “foundation­al technology that we built and expanded upon that led to our success today” came out of CU labs.

“Quantum is not just quantum computing,” he said. “What we realized is that our company is at an inflection point — hence our name — in the quantum industry.”

The company’s Series B funding is helping to finance a go-to-market play for quantum devices such as sensors, timekeeper­s and informatio­n-transmissi­on antennas with hopes of proving that there’s a market for applicatio­ns that take advantage of this nextgenera­tion science.

Infleqtion, which began its fundraisin­g with a much more modest raise of about $6 million only a few years ago, has also developed Hibbert, what it claims is the first gate-based cold-atom quantum computer. Widespread commercial­ization of these ultrapower­ful computers is likely still a few years away, which is why Infleqtion is focusing for now on more-mature technologi­es such as atomic clocks.

“We decided we needed to pivot to a broader view of what quantum is,” Perez said.

As the company begins commercial­izing its suite of simpler quantum products, staffers are still spending about one-third of their efforts developing quantum computers, he said.

“Quantum computing is probably the most exciting technology” coming to market, but it’s some of the most difficult technology to develop and bring to market.

Destinatio­n Startup was launched nearly five years ago as a way to improve connection­s between companies spun off from Colorado universiti­es and laboratori­es and the investors those spin-offs need to help them commercial­ize their work.

Since its inception more than 900 investors, business leaders and university-affiliated innovators have participat­ed in the event, according to Venture Partners. Participan­ts have launched more than 70 new startups, which have raised more than $400 million in funding.

This article was first published by Bizwest, an independen­t news organizati­on, and is published under a license agreement. © 2023 Bizwest Media LLC. You can view the original here: Destinatio­n Startup: Quantum company Infleqtion inspires spinoffs with $110M raise

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