INSIGHTS / News

SETsquared Bristol and Scale-Up member, QLM, has announced the closing of a seed funding round, securing a total of £3.1m 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 share 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.

The investment comes hot on the heels of QLM being named among the twelve 2021 BNEF Pioneers, identifying it as one of the most impactful and original technology innovations for advancing the low-carbon economy.

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.”