Japanese Bank Invests $3.5M in US Quantum Startup

Qolab, a U.S. quantum computing startup focused on advancing utility-scale superconducting quantum computers, has secured a $3.5 million investment from the Development Bank of Japan (DBJ).

This represents the first venture investment DBJ, a government-owned development bank, has made in a U.S. quantum computing company. The move comes as Japan aims to position itself as a global leader in the quantum sector.

Headquartered in Madison, Wisconsin, Qolab develops quantum computers with superconducting qubits. It aims to enhance qubit quality, particularly by improving qubit coherence, which is vital for reliable quantum processing.

The company formed a partnership with semiconductor manufacturer Applied Materials to develop innovative fabrication methods to improve the stability and performance of superconducting qubits.

This strategic focus on superconducting qubits aligns with Qolab's mission to move quantum technology closer to practical, large-scale applications.

The advancements could impact various industries, including cryptography, pharmaceuticals and logistics.

Qolab was founded in August by notable figures in quantum computing including Google Quantum AI alumni. CEO Alan Ho contributed to Google's quantum computing and machine learning initiatives.

Related:AI Drug Discovery Looks for Boost from Quantum

The company’s chief technology officer is John Martinis, who led Google’s Quantum AI team, notably achieving the "quantum supremacy" milestone the company claimed in 2019, where a quantum computer completed a task faster than classical computers.

Qolab’s head of hardware is Robert McDermott, a distinguished physicist from the University of Wisconsin-Madison. 

As well as supporting Qolab’s technical growth, the funding is expected to strengthen its ties to Japanese markets, potentially giving the startup a foothold in Asia as quantum technology adoption expands.