California-based superconducting quantum computing startup Qolab, Inc. raises over $16 million to date in series A financing. The round was led by Octave Venture. Development Bank of Japan Inc, (DBJ), Wisconsin Alumni Research Foundation (WARF) and Phoenix Venture Partners too co-invested in this series.
The company will use the funds to develop utility-scale quantum computing technology by advancing scalability in quantum systems.
“Qolab is well-positioned to leverage both domestic and international support in advancing its technology,” said Alan Ho, CEO of Qolab. “The combined backing from Octave Ventures and DBJ is a testament to Qolab’s role as a global innovator in quantum technology and aligns with Japan’s strategic goals in fostering cutting-edge advancements.”
Michael S. Kim, Founder of Octave Ventures, remarked, “Qolab is led by a team of visionary leaders who are focused on shaping the future of quantum computing. Through collaboration with strategic partnerships across the semiconductor industry, QoLab is turning quantum computing into a practical, real-world technology that will redefine industries and unlock unprecedented possibilities.”
Yuki Takemori, General Manager of Innovation Promotion Office at the Development Bank of Japan, added, “Qolab’s focus on precision and quality in quantum computing is impressive. Their ability to leverage partnerships and push the boundaries of qubit design is exceptional. DBJ is excited to be part of their journey as they continue to make groundbreaking advancements in this field.”
Dr. John Martinis, CTO and cofounder of Qolab, shared his perspective on the investment: “This support from DBJ and Octave Ventures allows us to accelerate the development of our superconducting quantum systems, pushing the boundaries of what’s possible in scalable quantum technology. It’s a pivotal moment for us as we continue to advance our mission of bringing practical quantum solutions to market.”
Dr. Robert McDermott, Head of Hardware and cofounder, emphasized the importance of the funding for Qolab’s hardware advancements: “At Qolab, we are developing a new generation of high-coherence qubits that will overcome the limitations of current technologies. This funding is a critical step forward in scaling our hardware capabilities and delivering reliable, high-performance quantum processors to meet growing demand.”
Qolab will also use the funds to expand its team of quantum scientists and engineers, accelerate development cycles, and scale its superconducting quantum processors. Additionally, the company plans to deepen its semiconductor partnerships to bring scalable quantum computing technology to market.
