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Adamant Quanta closes SEK 9.2 million financing round to deliver breakthrough diamond-based atomic clocks

June 19, 2023

Adamant Quanta, a Swedish deep tech startup that has developed innovative diamond-based IC microchips, announced today the successful closure of a SEK 9.2 million financing round. Industrifonden, along with Almi Invest and Navigare Ventures, have invested in the round. The company’s initial technology application focuses on diamond-based atomic clocks, which are more accurate than the current market-leading chip-scale atomic clocks, while smaller, cheaper, and ageless. The new funding will be utilized to further develop and scale the delivery of their first diamond-based chip-scale atomic clocks.

Adamant Quanta is a Swedish quantum technology startup which specializes in the development of diamond-based IC systems for precision timing, sensing and detection. Their flagship product, a chip-scale diamond-based atomic clock, offers unprecedented accuracy and performance. With a focus on innovation and customer requirements, Adamant Quanta aims to transform the industry with immediately applicable diamond quantum tech solutions for resilient positioning, navigation, and timing applications.

Haitham El-Ella, CEO at Adamant Quanta, states: "We are pleased to have closed this financing round and grateful for the given opportunity to continue developing our diamond-based IP and to deliver our cutting-edge diamond atomic clocks. With this investment, we will be able to scale our product delivery and realize our vision of providing competitive and immediately applicable quantum tech hardware. "

Adamant Quanta is committed to continued technological innovation and establishing themselves as leaders in their field. With the successful closure of the financing round, the company will scale and accelerate the delivery of chip-scale diamond systems and strengthen their position in the timing, sensing and detection markets.

Iliam Barkino, Principal at Industrifonden, commented: "What sets Adamant Quanta apart is their innovative use of diamond-based IC microchips to revolutionize time and frequency-based measurements. Their technology offers quantifiable performance improvements in chip-scale atomic clocks as their initial market but has multiple additional measurement applications across various industries. We believe that Adamant Quanta has the potential to disrupt their target sectors, and we are excited to be part of their success story."

David Sonnek, CEO at Navigare Ventures, added: “Quantum systems and in a broader sense advanced quantum information science is a field of highest priority in our investment strategy. We are impressed by Adamant Quanta’s technology, elegantly avoiding the need to measure the photoluminescence of the diamond NV center by instead measuring the induced resonance currents. This is a true breakthrough in making NV centers usable in a wide range of industrial applications.”

Faten Mustafa, Investment Manager at Almi Invest, commented: "Almi Invest is dedicated to supporting Swedish cutting-edge innovators in their establishment and journey. Adamant Quanta is an impressive example of an innovative quantum tech startup with a significant market potential, who’s diamond-based clocks has already attracted international customers. Almi Invest’s ambitious commitment along with Industrifonden and Navigare Ventures is an important step to advance their development, and we look forward to being part of their growth and the impact their technology has."

About Adamant Quanta

Adamant Quanta strives to innovate and deliver immediately useful cost- and energy-efficient quantum tech using defects in diamond crystals. Leveraging their extensive experience and know-how, their mission is to serve the timing, sensing, and detection markets with innovative functionalised diamond crystals that utilize their quantum mechanical properties to deliver superior functionality and performance. In collaboration with their industry network and partners, they are poised to deliver their unique diamond-chip systems for both embedded devices and terrestrial/satellite-based infrastructure.