Qolab Secures Over $16 Million in Series A Financing

Team S · 2024-12-30T18:02:54.000Z

Qolab, Inc., a leader in superconducting quantum computing, has announced that it has secured over $16 million to date in its Series A financing round. The funding is led by Octave Ventures, with co-investment from the Development Bank of Japan Inc. (DBJ), Wisconsin Alumni Research Foundation (WARF), and Phoenix Venture Partners. The investment is a significant step in Qolab's mission to develop utility-scale quantum computing technology, focusing on advancing scalability in quantum systems. Alan Ho, CEO of Qolab, emphasized the importance of domestic and international support for advancing their technology. Michael S. Kim, Founder of Octave Ventures, praised Qolab's leadership team and their vision for the future of quantum computing. Yuki Takemori from DBJ highlighted Qolab's impressive focus on precision and quality in quantum computing. Dr. John Martinis, CTO and co-founder of Qolab, noted that this funding will accelerate the development of their superconducting quantum systems. Dr. Robert McDermott, Head of Hardware and co-founder, stressed the funding's importance for scaling hardware capabilities to meet growing demand. The Series A funding will enable Qolab to expand its team of quantum scientists and engineers, accelerate development cycles, and deepen its semiconductor partnerships to bring scalable quantum computing technology to market.

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Qolab Secures Over $16 Million in Series A Financing | Newnex