ColdQuanta Inc. has hired Rushton McGarr as its chief financial officer as part of its broader effort to commercialize its cold-laser technology for quantum computing applications.
McGarr was most recently the interim CFO of natural-foods holding company 1908 Brands, and was previously CFO of Denver-based identity verification software developer FullContact Inc.
ColdQuanta is developing technology to freeze individual atoms to near-absolute zero, a point at which they produce minimal vibration. Those atoms can be used to create sensors with extremely granular accuracy for use in satellite navigation, scientific research and quantum computing. That field of research hopes to replace the existing binary system of storing data with a model that would allow data to be stored in more than one state at a time, which could almost exponentially increase computing power beyond its current limits.
The company recently brought on former Zayo Holdings Inc. CEO Dan Caruso as an interim chief executive and full-time board chairman as it seeks to begin commercializing its tech.
“Rushton has successfully scaled many high-growth technology companies, and we welcome his insights and expertise to ColdQuanta as we shift from a primarily R&D focused business to a stage of rapid commercialization in the lifecycle of our company,” Caruso said in a statement.
ColdQuanta also said that it retained investment bank PJ Solomon L.P. to help it on a new funding round. It most recently raised $32 million in a Series A round in November.
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