Caruso’s ColdQuanta appoints CFO and investment bank for cap

Caruso’s ColdQuanta appoints CFO and investment bank for capital raise

31 March 2021 | Alan Burkitt-Gray

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Dan Caruso’s new venture, ColdQuanta, has appointed Rushton McGarr from one of its shareholders as CFO.

At the same time ColdQuanta, based in Boulder, has appointed the investment bank PJ Solomon to advise it on raising more capital.

Caruso told Capacity in an interview earlier in March that ColdQuanta plans to offer customers access to cloud services on its first quantum computer this year, and to offer further models for sale in 2022.

That interview will be published in full in the April/May issue of Capacity.

McGarr (pictured) was until last year CFO of FullContact, an identity resolution company and a portfolio company of Foundry Group, which is also an investor in ColdQuanta.

Caruso, who is executive chairman and interim CEO of ColdQuanta, said: “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 commercialisation in the lifecycle of our company.”

McGarr said: “ColdQuanta has built a strong foundation and is poised to capitalise on its early success in the quantum market. As part of ColdQuanta’s leadership team, I look forward to building upon this track record and leading the company though its next phase of growth as we commercialize our quantum products and services.”

Caruso, who was founder of Zayo and CEO until leaving in October 2020, took up the new role in ColdQuanta earlier in March after the company emerged from research at the University of Colorado at Boulder.

PJ Solomon, often known as Solomon, is an American multinational independent investment bank and financial services company. It is an independently operated affiliate of Natixis, a French corporate and investment bank.

Solomon has worked with a number of technology brands including Netflix, Sony and eBay and has extensive experience raising growth capital for companies in emerging technology areas.