Cardiff, The UK-based photonics technology company QLM Technology Ltd. closed its Series A round at GBP 12 million. The round took place on August 4, 2022. Schlumberger led the financing for the company. The company also signed a Collaboration Agreement with QLM. Existing investors such as Green Angel Syndicate, Enterprise100 Syndicate, Development Bank of Wales, and Newable Ventures joined in the investment. Meanwhile, several private investors, as well as new investor Quantum Exponential, participated in the round.
Purpose of funding for QLM
With the recent collaboration, the company intends to integrate its Quantum Gas Imaging Lidar technology with Schlumberger’s End-to-end Emissions Solutions offering (SEES) for the oil and gas industry.
Further, Schlumberger can help QLM to introduce and distribute the latter’s quantum cameras across the global oil and gas market. Moreover, the latest capital infusion will go towards developing QLM’s Quantum Gas Imaging Lidar technology.
The funding will be used to develop further QLM’s Quantum Gas Imaging Lidar technology and the new strategic collaboration.
What the CEO has to say
Murray Reed, Chief Executive officer, QLM, said, “The technology is unique in the emissions monitoring marketplace in its potential to achieve the greatest amount of GHG abatement at the lowest cost of ownership. The funding and strategic relationship with our new lead investor, Schlumberger, and expanded backing of initial and new investors will allow us to scale our manufacturing, enabling significant cost reduction, as we launch our solution into the various GHG-intensive industries and markets.”
What the investor has to say
Kahina Abdeli-Galinier, Emissions Business Director, Schlumberger, said, “SEES selects partners following rigorous technical evaluation to identify innovative technology that complements our existing measurement solutions. The unique QLM LiDAR technology will allow operators to monitor their facilities for methane emissions continuously, and the technology is differentiated in its ability to detect even small emissions; quantify emission rates accurately; provide actionable information by locating the emission source precisely, and fit upstream, midstream, and downstream facilities of all sizes.”
About the company
QLM is a UK-based photonics technology company launched in 2017. The company has headquarters in Cardiff. Besides, it has operations in Bristol and San Francisco. The firm also receives support from Bristol University’s Quantum Technology Enterprise Centre. It devised a new type of gas imaging camera based on quantum technology developed at the University of Bristol. It combines lidar and gas absorption spectroscopy with single-photon detection. This novel imaging technology enables to detect, visualize, localize and accurately quantify emission rates of greenhouse gases (GHGs). QLM’s lidar technology is inherently scalable at cheaper rates with high volume, enabling widespread adoption of technology.
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