Google · Japan · China · Datacenter Dynamics
Qolab raises $54.2m to support development of superconducting quantum computing
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Qolab, a quantum computing startup founded by former Google execs, has announced the closing of its Series B Preferred Stock financing round, totaling $54.2 million.
Key facts
- The round, which was led by UC Investments, also comprised $12.6 million in convertible securities and a commitment for $10 million in future convertible securities
- Elsewhere, Chinese quantum computing firm SpinQ has raised $147 million in a Series D funding round, which saw participation from CICC Capital, Shenzhen TopoScend Capital, Shanghai Semiconductor
- The company launched out of stealth in the summer of 2024, having raised $3.5 million that year from the state-owned Development Bank of Japan
- Qolab, a quantum computing startup founded by former Google execs, has announced the closing of its Series B Preferred Stock financing round, totaling $54.2 million
Summary
The round, which was led by UC Investments, also comprised $12.6 million in convertible securities and a commitment for $10 million in future convertible securities. California-based Qolab was founded in 2022 by former Google quantum leaders, CEO Alan Ho was previously at Google, where he was a product and program management lead for the Google Quantum AI team. The company launched out of stealth in the summer of 2024, having raised $3.5 million that year from the state-owned Development Bank of Japan. Qolab is focused on superconducting qubits and enhancing qubit coherence, or how long a quantum bit can maintain its quantum state without errors.