QLM Gains $14.5M in Financing, Launches Collaboration with Schlumberger

Lidar imaging company QLM Technology closed a £12 million ($14.5 million) series A financing round and signed a collaboration agreement with Schlumberger, an oilfield services company. QLM’s lidar camera is able to monitor, detect, locate, and quantify greenhouse gas emissions. A related version of the product enables remote quantification. The technology is inherently scalable due to low-cost manufacturing at high volume.

QLM quantum lidar gas imaging camera visualization and quantification of an emission source. Courtesy of QLM Technology.

Through the strategic collaboration, QLM’s technology will be part of the Schlumberger End-to-End Emissions Solutions (SEES) business offering for the oil and gas industry. SEES’ methane monitoring offering is based on previous investments in satellite-, airplane-, and drone-mounted sensors, along with additional internally developed sensors.

Beyond emissions monitoring for the oil and gas market, the QLM solution can be used in tracking and reducing methane emissions in biogas production and in coal mines, as well as at landfills and wastewater treatment plants.

In addition to lead investment from Schlumberger, existing investors Green Angel Syndicate, Enterprise100 Syndicate, Development Bank of Wales, Newable Ventures, and several private investors participated in the funding round, as well as new investor Quantum Exponential.