ColdQuanta appoints Scott Faris as CEO

ColdQuanta hired Scott Faris as CEO and split the company into three divisions for quantum computing, quantum research for customers, and its cold atom technology.

Scott Faris is CEO of quantum computing technology company ColdQuanta. (ColdQuanta / BizWest / Courtesy photo)

Faris is Chief Business Officer at Luminar Technologies Inc. (Nasdaq: LAZR) based in Orlando since 2016; the maker of sensors and software for autonomous vehicles went public in December and has a market capitalization of around $ 6.3 billion. He has been the CEO or COO of companies involved in electric vehicles, chip manufacturing and precision optical instruments.

Executives

ColdQuanta prepared products and services for customers, hired senior executives, and prepared a tour de table.

Dan Caruso, co-founder and former executive of Level 3 Communications and Zayo Group Holdings Inc., has served as Chairman of the Board and Interim CEO since March.

In early spring, the company appointed C-Suite director of marketing and finance. In May, she hired Sarah Schupp, former vice president of corporate banking at Boulder-based Elevations Credit Union, to oversee the company’s branding and human resources.

Schupp tweeted last week about hiring the company. About three dozen job postings include positions in Boulder and Madison, Wisconsin, for software engineers, physicists and an IT manager.

Units

Caruso told a London-based telecommunications industry newspaper in May that ColdQuanta would supply a quantum computer this year. Part of ColdQuanta’s IT work will include “quantum research as a service” for clients.

His third unit has developed technology to freeze atoms to near-absolute zero, in which case they can be used to create very precise sensors for various applications.

Quantum computing has been a largely theoretical field of research, but it is said to herald advancements in data storage and computing.

Money

In May, CQ raised $ 20 million in bridge funding from investors, including Boulder-based Foundry Group, after a $ 32 million Series A in November and $ 30 million in start-up investments and grants and government R&D contracts until 2019. Most recently it won $ 2.5 million in federal money. last April.

New York-based investment bank PJ Solomon is working on a $ 100 million Series B funding round.

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