3rd August 2017

Northern NM startup gets loan to buy building

The eight-person company was recently approved unanimously by the Los Alamos County Council for a $325,000 interest-free Local Economic Development Act loan from the council. The money will go toward purchasing the nearly 9,000-square-foot building on East Gate Drive, located at the edge of Los Alamos. Its price tag is $650,000, according to UbiQD founder and CEO Hunter McDaniel.

…The company has been growing at a fast pace, bringing three new people on board in June. It has raised more than $1 million from investors since its founding in 2014. Most recently, it garnered $550,000 in March. According to the council documents, UbiQD has brought in $1.5 million from out-of-state prospective customers and investors since its founding.

UbiQD expects to make $100 million in revenue by 2022, following the launch of its first solar window product, planned for release in 2019, according to the council documents. Last year its revenue totaled $310,000, according to the company's LEDA application. It expects to make just over $1 million in revenue this year, it said in the application.

Read the full article in the Albuquerque Business First.