Qolab, the Santa Barbara-based quantum computing hardware company co-founded by 2025 Nobel Prize in Physics recipient Dr. John Martinis, announced on July 2 total funding of $54.2 million in its Series B financing. The round, led by UC Investments (the University of California's investment office), includes the conversion of $12.6 million in convertible securities and a commitment for $10 million in future convertibles, with participation from Wisconsin Alumni Research Foundation (WARF), Octave Ventures and Phoenix Venture Partners.
Announced on a Nobel Stage
The news broke during the 75th Lindau Nobel Laureate Meeting, where Martinis — also a distinguished professor at UC Santa Barbara — joined fellow laureates and researchers. "Quantum computing is entering a new era, where decades of scientific research are beginning to translate into technologies capable of addressing real-world challenges," he said. The capital will fund scalable superconducting quantum systems, semiconductor collaborations and the company's roadmap toward fault-tolerant quantum computing.
Betting on Semiconductor-Grade Manufacturing
Qolab's thesis is that solving quantum computing's hardest scaling problems requires deep collaboration with the semiconductor industry. "The support of UC Investments, together with our existing financial and semiconductor investors, strengthens our ability to deliver scalable quantum technologies," said co-founder and CEO Alan Ho. The company works with Lawrence Berkeley National Laboratory through the DOE's Quantum Systems Accelerator and with UC Santa Barbara researchers on next-generation algorithms.
Quantum Capital Keeps Flowing
UC chief investment officer Jagdeep Singh Bachher said the university system seeks "transformative investment opportunities that we believe will speed scientific discovery." The deal extends a strong 2026 for quantum hardware finance, following Quantinuum's $1.68 billion Nasdaq IPO, Quobly's $115M Series A for silicon qubits and QCi's advanced-packaging acquisition — a signal that investors increasingly treat quantum as an extension of the semiconductor stack.
Reporting based on coverage from GlobeNewswire and The Quantum Insider.