SANTA BARBARA, Calif., July 02, 2026 (GLOBE NEWSWIRE) — Qolab Inc., a frontrunner in quantum computing hardware, has revealed the initial closings of its Series B Preferred Stock financing. Combined with the conversion of $12.6 million in aggregate convertible securities and a commitment for an additional $10 million in future convertible securities, this brings total funding for the company to $54.2 million.
Leading the round was UC Investments (the University of California Office of the Chief Investment Officer). The Series B Preferred Stock financing, along with the prior convertible financing, saw participation from existing financial and strategic semiconductor backers such as the Wisconsin Alumni Research Foundation (WARF), Octave Ventures, and Phoenix Venture Partners.
This news was unveiled during the 75th Lindau Nobel Laureate Meeting. At this event, Qolab co-founder and Chief Technology Officer Dr. John Martinis, who received the 2025 Nobel Prize in Physics, gathered with fellow Nobel Laureates, top-tier scientists, and emerging researchers from across the globe. This assembly offers a fitting context for Qolab’s upcoming growth phase at the crossroads of groundbreaking semiconductor manufacturing and quantum innovation.
Among its uses, the Series B Preferred Stock financing will aid Qolab’s ongoing development of scalable superconducting quantum computing technologies, broaden strategic semiconductor partnerships, and speed up the company’s push 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, who is 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.”
UC Investments’ involvement further strengthens Qolab’s connections within the University of California’s world-class research network. Through the Quantum Systems Accelerator—a U.S. Department of Energy National Quantum Information Science Research Center overseen by the Berkeley Lab—Qolab works with Lawrence Berkeley National Laboratory, and also partners with researchers from UC Santa Barbara to investigate next-generation quantum algorithms using Qolab’s 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 marks the seventh year of a highly competitive UC Investments fellowship. This program supports UC graduate students and post-doctorates in attending the Lindau Nobel Laureate Meetings, a partnership devoted to promoting 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.”
This Series B financing builds on considerable momentum for Qolab as the firm continues to advance its superconducting quantum computing platform and broaden partnerships throughout 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.
