Qolab, Inc., a company developing superconducting quantum computing, announced the successful close of its Series A financing round, raising over $16 million. The round was led by Octave Ventures, with significant co-investment from the Development Bank of Japan Inc. (DBJ), the Wisconsin Alumni Research Foundation (WARF), and Phoenix Venture Partners (PVP). This investment will accelerate Qolab’s mission to develop scalable and reliable quantum computing systems for real-world applications.
The funding will enable Qolab to enhance its team of quantum scientists and engineers, accelerate the development of its high-coherence qubit technology, and expand its superconducting quantum processors’ scalability. By collaborating with industry leaders in the semiconductor sector, Qolab is positioning itself as a key player in delivering practical, utility-scale quantum solutions.
Alan Ho, Qolab’s CEO, noted how the company is leveraging both international and domestic support to help it innovate and advance its technology. Co-founders Dr. John Martinis and Dr. Robert McDermott highlighted the importance of the funding in overcoming current technology limitations and advancing high-performance quantum hardware.
The backing from renowned investors reflects the growing confidence in Qolab’s innovative approach, combining advanced semiconductor fabrication techniques with a physics-driven focus on precision and reliability. With this funding, Qolab aims to reinforce its role as a leader in quantum technology, driving advancements that will redefine industries globally.
In November, the company collaborated with HPE, Applied Materials, and others to publish a document that provides a blueprint for scaling superconducting quantum processors. You can read the QCR article reporting about this here. And you can find a press release from Qolab announcing this Series A investment on their website here.
December 30, 2024
Leave A Comment