Qolab secures $54M to advance scalable quantum systems

Qolab, a US-based hardware company developing utility-scale superconducting quantum computers, has announced the initial closings of its Series B Preferred Stock financing, which, together with the conversion of an aggregate of USD 12.6 million in convertible securities and a commitment for an aggregate of USD 10 million in future convertible securities, represents total funding of USD 54.2 million for the company.

The round was led by UC Investments (the University of California Office of the Chief Investment Officer). The Series B Preferred Stock financing and prior convertible financing included participation from existing financial and strategic semiconductor investors including Wisconsin Alumni Research Foundation (WARF), Octave Ventures, and Phoenix Venture Partners, Qolab said.

Among other things, the Series B Preferred Stock financing will support Qolab’s continued development of scalable superconducting quantum computing technologies, expansion of strategic semiconductor collaborations, and acceleration of the company’s target toward fault-tolerant quantum computing, the company said.

“Quantum computing is entering a new era, where decades of scientific research are beginning to translate into technologies capable of addressing real-world challenges,” said Qolab co-founder and Chief Technology Officer Dr. John Martinis, recipient of the 2025 Nobel Prize in Physics and a distinguished professor at UC Santa Barbara. “This investment enables Qolab to accelerate development of scalable quantum systems while deepening our collaborations across the University of California ecosystem and the broader scientific community.”

Qolab has been collaborating with Lawrence Berkeley National Laboratory through the Quantum Systems Accelerator — a U.S. Department of Energy National Quantum Information Science Research Center led by the Berkeley Lab — and with researchers from UC Santa Barbara to explore next-generation quantum algorithms using Qolab technologies.

“Our mission at UC Investments is to help ensure that our great public research university system continues to thrive for generations to come,” said Jagdeep Singh Bachher, UC’s chief investment officer. “That’s why we seek transformative investment opportunities that we believe will speed scientific discovery and innovation, and, in the end, make the world better.”

“The support of UC Investments, together with our existing financial and semiconductor investors, strengthens our ability to deliver scalable quantum technologies that can transform computing,” said Alan Ho, co-founder and CEO of Qolab.