Financing Led by Octave Ventures with Co-Investment by Development Bank of Japan Inc., Wisconsin Alumni Research Foundation, and Phoenix Venture Partners to Accelerate Innovation in Superconducting Quantum Computing

December 30, 2024 08:00 AM Eastern Standard Time

MADISON, Wis.–(BUSINESS WIRE)–Qolab, Inc. a leader in superconducting quantum computing, announced today that it secured over $16.0 million to date in its Series A financing round, led by Octave Ventures with co-investment from the Development Bank of Japan Inc. (DBJ), Wisconsin Alumni Research Foundation (WARF), and Phoenix Venture Partners. This investment represents a significant step in Qolab’s mission to develop utility-scale quantum computing technology by advancing scalability in quantum systems.

“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.”Post this

“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.”

The Series A funding will enable Qolab 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.

About Qolab, Inc.

Qolab, Inc. is a pioneering quantum computing company dedicated to developing utility-scale superconducting quantum computers. By leveraging cutting-edge semiconductor fabrication tools and processes, proprietary qubit designs, and innovative scaling techniques, Qolab aims to push the boundaries of quantum technology and deliver reliable, high-performance systems. Qolab combines a physics-driven approach with a focus on qubit quality and practical hardware solutions. Close collaborations with semiconductor industry leaders and academic institutions are central to the Qolab mission. For more information, visit www.qolab.ai.

About Octave Ventures

Octave Ventures is a global venture capital firm specializing in deep tech investments. Octave Ventures invests in companies at various stages of development, including seed, early, and later stages. The firm is committed to leveraging its experience and knowledge to partner with founders, fostering growth and the development of advanced technologies.

About the Development Bank of Japan Inc.

The Development Bank of Japan Inc. (DBJ) is a financial institution committed to supporting businesses that drive Japan’s economic growth and innovation. With a focus on fostering advancements in technology and industry, DBJ provides financing and strategic support to leading companies across various sectors, promoting sustainable economic development and global competitiveness.

About Wisconsin Alumni Research Foundation

The Wisconsin Alumni Research Foundation (WARF) is dedicated to transforming pioneering research from the University of Wisconsin–Madison into real-world applications. WARF’s mission is to support research at the University of Wisconsin-Madison, commercializing scientific discoveries and technologies, and ensuring that groundbreaking innovations move beyond academia and into the marketplace. By securing patents and licensing technologies, WARF helps bridge the gap between research and industry, making university inventions accessible to businesses and fostering the growth of new industries. Learn more at www.warf.org.

About Phoenix Venture Partners

Phoenix Venture Partners (PVP) is a venture capital firm dedicated to transforming cutting-edge technologies into market-ready innovations. Specializing in advanced materials, novel devices, manufacturing processes, and state-of-the-art tools, PVP focuses on breakthroughs that redefine markets, catalyze new product waves, and drive sustainability. With a hands-on approach, PVP supports entrepreneurs in business development, IP strategy, financing, recruitment, and exit planning, leveraging a global network of Strategic Partners to accelerate success.

Contacts

Gregory Ho
media@qolab.ai

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