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QLM announces successful completion of seed round of funding


rafa joseph
Investment Executive
Published:
qlm

We share relevant third party stories on our website. This release was written and issued by QLM.

Following being named among the twelve 2021 BNEF Pioneers last week1, identifying it as one of the most impactful and original technology innovations for advancing the low-carbon economy, QLM is pleased to announce the close of its Seed funding round, securing a total of £3.1 million of investment. 

The investment is led by the Green Angel Syndicate and includes the Enterprise100 syndicate, the Newable Venture Fund, the Development Bank of Wales, the Bristol Private Equity Club, the Britbots Seed Fund, and Houston-based oilfield technology solutions provider ChampionX. The multidisciplinary consortium of green investors, technology accelerators and oil and gas industry professionals shares QLM’s vision of enabling organisations to achieve Net Zero through mitigation of greenhouse gas emissions. The investment will drive the expansion of QLM’s technical and commercial capability, secure industrial validation of the unique quantum TDLidar technique, and provide a roadmap to commercial readiness of the revolutionary quantum gas camera.

Dr Murray Reed, CEO at QLM, says: “This funding round will enable us to scale up our development and launch our business providing next-generation greenhouse gas monitoring. Our unique quantum Lidar is the right solution for the challenge of how to effectively measure industrial methane emissions, and meet the major commitments that the oil and gas majors have made to control their greenhouse gas emissions.”

Dr Bernard Bulkin, leader of the Green Angel investment and incoming QLM Chairman adds: “QLM has technology with great potential to substantially change what we know about industrial and environmental greenhouse emissions and help enable NetZero. I feel confident this seed round will allow the company to progress rapidly to the next level.”

Rafe Joseph, Investment Executive, Development Bank of Wales said:  “This investment will see ourselves and a strong syndicate of experienced investors working with QLM to help them revolutionise the greenhouse gas detection industry. QLM’s work will support international ambitions to achieve net-zero emissions by 2050, safeguarding our environment and planet for future generations. We are also delighted that following this funding round QLM has made the strategic decision to move to South Wales and take advantage of the region’s compound semiconductor cluster.”

(1) https://about.bnef.com/bnefpioneers/