December 14, 2012—Boston-based venture capital (VC) firm Quantum Wave Fund (QWave) announed this week the launch of the first fund focused exclusively on emerging quantum technologies. The new fund has raised US$30 million in capitol and expects it could raise up to $70 million more to support companies with novel quantum technology, such as quantum materials, quantum encryption security and quantum devices.
The fund targets early-stage companies with unique quantum-based products, investing from $2 million to $10 million to improve processes in engineering, production and marketing for preparation to enter the global market. The fund will help companies with the knowledge and funds to scale up to multimillion-dollar technology businesses.
Vladimir M. Shalaev, a member of QWave’s scientific advisory board is a multi-titled professor at Purdue University, U.S.A., including scientific director of nanophotonics, Bob and Anne Burnett distinguished professor of electrical and eomputer engineering, professor of biomedical engineering, and professor of physics. Other QWave team members include Serguei Kouzmine, managing partner, and Serguei Beloussov, venture partner.
Said Shalaev: "It's indeed fantastically good that there is a venture fund, QWave, which is focused on supporting and commercializing the quantum technology, which no doubt will be a basis for the next technology revolution comparable to what happened after personal computers and transistors became the every-day reality."