QLM Technology Ltd, a UK-based photonics technology company developed during cohort 1 of the QTEC programme has closed a £12M Series-A Funding round.
The round was led by Schlumberger, which also signed a Collaboration Agreement with the company, with participation from existing investors Green Angel Syndicate, Enterprise100 Syndicate, Development Bank of Wales, Newable Ventures, and several private investors, as well as new investor Quantum Exponential.
Led by Murray Reed, Chief Executive officer, QLM has developed a new type of LiDAR 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. QLM’s LiDAR technology is inherently scalable to low cost at high volume, enabling wide deployment.
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.
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.
The company has headquarters in Cardiff and operations in Bristol and San Francisco.