Quantum Computing Startup in Santa Barbara Gets $54 Million from UC Investments

Based on UC Santa Barbara professor John Martinis’s Nobel Prize–winning work in physics, Santa Barbara–based startup Qolab Inc. is developing new quantum technologies, making them more scalable and increasing the capabilities of quantum computing while reducing the cost. 

On July 2, Qolab announced that it raised $54.2 million in Series B financing and commitments led by UC Investments to support this work. 

The company was co-founded by Martinis, who won a Nobel Prize in 2025 for paving the way in superconducting quantum computing. He won the award alongside UCSB professor Michel H. Devoret. 

Admittedly, quantum computing is hard to dumb down. It is a type of computing based on quantum mechanics, which exploits quantum phenomena (things that happen on a quantum scale), to perform certain calculations significantly faster than normal computers. A regular computer solves problems using bits that are either zeros and ones. But quantum computing uses qubits, which can almost be a zero and a one at the same time — increasing efficiency. If a regular bit is like a coin on a table, meaning it can either be heads or tails, a qubit is more like a coin spinning in the air, almost allowing both probabilities to exist at the same time (not exactly, but this is a close-enough picture). It can be used for designing new medicines and materials, or breaking encryptions. 

This is what QoLab is doing. Martinis, Qolab’s chief technology officer, started the work that led to his Nobel Prize back in 1985.

As previously reported by the Independent’s Ella Heydenfeldt, after joining UCSB in 2004, Martinis led the university’s Google Quantum AI partnership, where his lab built a 53-qubit processor that achieved “quantum supremacy” — solving a problem no conventional computer could handle. Qolab is advancing the same technology.

“Quantum computing is entering a new era, where decades of scientific research are beginning to translate into technologies capable of addressing real-world challenges,” Martinis said in a statement. “This investment enables Qolab to accelerate development of scalable quantum systems while deepening our collaborations across the University of California ecosystem and the broader scientific community.”

The announcement of the company’s newly secured financing was made during the 75th Lindau Nobel Laureate Meeting, where Martinis joined fellow Nobel Laureates, leading scientists and emerging researchers from around the world, according to a press release from QoLab. 

“The gathering provides a fitting backdrop for Qolab’s next phase of growth at the intersection of breakthrough semiconductor manufacturing and quantum innovation,” the press release states.

It noted that the investment by UC Investments deepens Qolab’s ties to the UC’s research ecosystem. For example, the company collaborates with researchers from UCSB to “explore next-generation quantum algorithms using Qolab technologies.”

Qolab said the Series B financing will build on its existing momentum, advancing its superconducting quantum computing platform and expanding partnerships across the globe. 

“Solving the most difficult challenges in quantum computing requires deep collaboration with the semiconductor industry to effectively scale manufacturing,” said Alan Ho, cofounder and CEO of Qolab, in a statement. “The support of UC Investments, together with our existing financial and semiconductor investors, strengthens our ability to deliver scalable quantum technologies that can transform computing.”