QLM raises £12M in Series A funding and strategic collaboration
9 August 2022
QLM announces £12M Series A funding and strategic collaboration to advance detection of greenhouse gas emissions
QTIC member, QLM Technology, has announced the closing of Series A funding and the signing of a Collaboration Agreement with Schlumberger.
With support from Innovate UK, QLM has developed a new type of LiDAR (laser imaging, detection, and ranging) camera based on quantum technology that can see and accurately quantify greenhouse gas emissions. The gas imager enables customers to monitor, detect and accurately locate and quantify Greenhouse Gas (GHG) emission sources for rapid repair. A related version of the product enables remote quantification of flare efficiency.
“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,” said Murray Reed, Chief Executive officer, QLM.
“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.”
Through the strategic collaboration, QLM’s technology will be part of the new Schlumberger End-to-end Emissions Solutions (SEES) business offering for the oil and gas industry. SEES’s methane monitoring offering is based on previous investments in satellite-, airplane-, and drone-mounted sensors, along with additional sensors developed internally. QLM’s differentiated LiDAR technology complements those mobile monitors by providing accurate and sensitive measurements where continuous monitoring is required. The ability to quantify flare efficiency will ensure optimal efficiency for flares that cannot yet be eliminated.
Beyond emissions monitoring for the oil and gas market, the QLM solution is well-suited for use in tracking and reducing methane emissions in other applications such as in biogas production, at landfills, at wastewater treatment plants, and in coal mines.
In addition to lead investment from Schlumberger, existing investors Green Angel Syndicate, Enterprise100 Syndicate, Development Bank of Wales, Newable Ventures, and several private investors joined in this round of funding, as well as new investor Quantum Exponential.
QLM is a UK-based photonics technology and analytics company with headquarters in Cardiff and operations in Bristol and San Francisco, formed in 2017 with support from Bristol University’s Quantum Technology Enterprise Centre (QTEC).
For more information, please visit: https://qlmtec.com/