Qolab Announces $54.2 Million Series B Financing and Commitments Led by UC Investments to Accelerate the Future of Quantum Computing
Announcement made during the 75th Lindau Nobel Laureate Meeting highlights growing collaboration among Qolab, Nobel Laureate Dr. John Martinis and the University of California innovation ecosystem
SANTA BARBARA, Calif., July 02, 2026 (GLOBE NEWSWIRE) -- Qolab Inc., a leader in quantum computing hardware, today announced the initial closings of its Series B Preferred Stock financing, which, together with the conversion of an aggregate of $12.6 million in convertible securities and a commitment for an aggregate of $10 million in future convertible securities, represents total funding of $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.
The announcement was made during the 75th Lindau Nobel Laureate Meeting, where Qolab co-founder and Chief Technology Officer Dr. John Martinis, recipient of the 2025 Nobel Prize in Physics, joined fellow Nobel Laureates, leading scientists and emerging researchers from around the world. The gathering provides a fitting backdrop for Qolab's next phase of growth at the intersection of breakthrough semiconductor manufacturing and quantum innovation.
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.
"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 Martinis, also 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."
The investment by UC Investments further deepens Qolab's ties across the University of California's world-class research ecosystem. Qolab collaborates 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 announcement also coincides with the seventh year of a highly competitive UC Investments fellowship that supports UC graduate students and post-doctorates’ participation in the Lindau Nobel Laureate Meetings, a collaboration dedicated to fostering scientific excellence, encouraging emerging researchers and advancing breakthrough innovation.
"The Lindau Nobel Laureate Meetings create a unique environment where pioneering scientists, young researchers and visionary institutions come together to exchange ideas and inspire future discoveries and perhaps, future Nobel Laureates," said Bachher. "UC is proud to continue supporting this extraordinary forum and to help cultivate the next generation of scientific leaders."
"Solving the most difficult challenges in quantum computing requires deep collaboration with the semiconductor industry to effectively scale manufacturing," said Alan Ho, co-founder and CEO of Qolab. "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."
The Series B financing builds on significant momentum for Qolab as the company continues advancing its superconducting quantum computing platform and expanding partnerships across the global quantum ecosystem.
About Qolab
Qolab is a hardware company developing utility-scale superconducting quantum computers. By combining deep physics and engineering expertise with strategic semiconductor partnerships, we solve the toughest challenges on the path to fault-tolerant quantum computing.
For more information, visit www.qolab.ai.
Media Contact Gregory Ho Media@Qolab.ai
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