en.Wedoany.com Reported - Quantum computing hardware company Qolab Inc. announced the initial closing of its Series B preferred stock financing, which, combined with a total of $12.6 million in convertible note conversions and $10 million in future convertible note commitments, brings the total funding round to $54.2 million.
The round was led by the University of California Office of the Chief Investment Officer (UC Investments), with existing financial and strategic semiconductor investors also participating in the Series B preferred stock financing and prior convertible financing, including the Wisconsin Alumni Research Foundation (WARF), Octave Ventures, and Phoenix Venture Partners.
The announcement was made at the 75th Lindau Nobel Laureate Meeting. Dr. John Martinis, co-founder and Chief Technology Officer of Qolab and winner of the 2025 Nobel Prize in Physics, attended the meeting alongside Nobel laureates, scientists, and researchers from around the world. The Series B preferred stock financing will be used to support Qolab's continued development of scalable superconducting quantum computing technology, expand strategic semiconductor partnerships, and accelerate the company's progress toward fault-tolerant quantum computing goals.
Martinis stated that quantum computing is entering a new era, where decades of scientific research are beginning to translate into technologies capable of addressing real-world challenges. This investment enables Qolab to accelerate the development of scalable quantum systems while deepening collaborations within the UC ecosystem and the broader scientific community. Martinis also serves as a Distinguished Professor at the University of California, Santa Barbara.
UC Investments' investment further strengthens Qolab's ties to the University of California research ecosystem. Qolab collaborates with Lawrence Berkeley National Laboratory through the Quantum Systems Accelerator and works with researchers at UC Santa Barbara to explore next-generation quantum algorithms using its technology.
Jagdeep Singh Bachher, Chief Investment Officer of the University of California, stated that UC Investments' mission is to help ensure the long-term prosperity of the public research university system. The organization seeks transformative investment opportunities that can accelerate scientific discovery and innovation, ultimately making the world a better place.
The announcement also coincides with the seventh year of the UC Investments Fellowship Program, which supports UC graduate students and postdoctoral researchers in attending the Lindau Nobel Laureate Meeting. Bachher noted that the Lindau Nobel Laureate Meeting creates an environment for scientists, young researchers, and visionary institutions to exchange ideas, and UC is proud to continue supporting this forum to help cultivate the next generation of scientific leaders.
Alan Ho, co-founder and CEO of Qolab, stated that solving the most difficult challenges in quantum computing requires deep collaboration with the semiconductor industry to effectively scale manufacturing. The support from UC Investments and existing investors enhances the company's ability to deliver scalable quantum technology. The Series B financing builds on Qolab's momentum in advancing its superconducting quantum computing platform and expanding partnerships within the global quantum ecosystem.
