Octave Ventures Leads New Round for Qolab

Qolab, a company focused on superconducting quantum computing, has raised over $16 million in its Series A financing round. The round was led by Octave Ventures and included co-investments from the Development Bank of Japan, the Wisconsin Alumni Research Foundation, and Phoenix Venture Partners.

Qolab specializes in superconducting quantum processors designed to perform tasks such as quantum simulations for drug discovery, optimization algorithms for logistics and manufacturing, and secure quantum encryption for financial institutions.

These processors, powered by high-coherence qubits, are engineered to model molecular interactions, optimize supply chain logistics, and perform cryptographic tasks. High-coherence qubits maintain their quantum state for longer periods, enabling more reliable and accurate quantum computations. This stability is essential for reducing errors and advancing practical quantum computing applications.

The new funding will help Qolab develop utility-scale quantum computing, enhance its qubit systems, grow its research team, speed up product development, and collaborate with semiconductor manufacturers to integrate superconducting processors into commercial 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,” said Alan Ho, the CEO of Qolab.

“Qolab is led by a team of visionary leaders who are focused on shaping the future of quantum computing,” said Michael Kim, the founder of Octave Ventures. “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.”

Octave Ventures is a global venture capital firm with expertise in deep tech investments. Established in 2010, Octave focuses on early to late-stage startups and has invested in transformative technologies including quantum computing, AI, and advanced robotics. Octave Ventures is headquartered in Palo Alto, California, and its most recent fund raised $500 million in 2022.

“Qolab’s focus on precision and quality in quantum computing is impressive,” said Yuki Takemori, the general manager of the Innovation Promotion Office at the Development Bank of Japan. “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.”

Development Bank of Japan, founded in 1951 and headquartered in Tokyo, is a financial institution promoting Japan’s economic growth and innovation. Through strategic financing and partnerships, DBJ supports companies driving advancements in fields such as technology, renewable energy, and infrastructure.

The Wisconsin Alumni Research Foundation transforms research from the University of Wisconsin–Madison into market-ready technologies. Founded in 1925 and based in Madison, WARF secures patents, licenses discoveries, and bridges the gap between academia and industry.

Phoenix Venture Partners  (PVP) focuses on advanced materials, novel devices, and cutting-edge manufacturing processes. Based in Menlo Park, California, PVP supports startups by integrating strategic business development with technical expertise.