Quantum Exponential Group, an investor in quantum computing and technology recently announced its investment of £450,000 in QLM Technology, part of a £12,000,000 Series A funding round. Cardiff-based QLM is a photonics hardware and technology company that has developed gas imaging technology based on quantum technology. The company’s Quantum Gas Imaging Lidar technology is a part of the Schlumberger End-to-end Emissions Solutions a business working to eliminate methane and flaring emissions carried out by the fossil fuel industry.
Commenting on the investment, CEO of Quantum Exponential Group, Steven Metcalfe said: “QLM is our fourth investment into the Quantum sector and brings with it further diversification to the company’s investments. With QLM’s focus being on the detection and prevention of leaks from the oil & gas industry it contributes to our efforts to create a well-rounded portfolio of promising companies using quantum technology in different sectors.
“With the events of COP-26, the UK’s goal of reaching net zero by 2050, and methane having more than 80 times the warming power of carbon dioxide over the first 20 years, this innovative technology couldn’t come at a better time. It will enable companies to quickly identify and stop any leaks, in a quicker and more reliable manner than the methods currently utilised and will assist organisations and governments to achieve the aim of reaching net zero.”
Development of this technology will is expected to allow customers to accurately attest to their Responsibly Sourced Gas and increase the speed at which they execute their Environmental Social Governance goals. The technology is predicted to be ground-breaking in the emissions control marketplace in its prospect to achieve the most significant amount of GHG abatement at the lowest cost of ownership, the lidar technology is inherently high-performance and scalable to low cost at high volume, enabling wide deployment. The round of funding was spearheaded by Schlumberger and included new investment from existing investors Green Angel Syndicate, Enterprise 100 Syndicate, the Development Bank of Wales, Newable, BritBots, and BPEC.