Qwave Fund announces its first investments

Quantum Wave Fund (Qwave), specializing in venture investments in quantum physics, has announced its first investments. Funding totaling $7M was received by Estonian company Clifton, American Centice and Russian-American Nano-Meta Technologies Company.

The exact amount of investment in each company was not disclosed, but QWave representative Anna Shangina says that the fund became a minority shareholder in each of them.

The fund reported about investing 10M RUR in a Skolkovo resident Nano Meta Technologies Company in early 2013, however, according the QWave representative, the investment was a small part of the $7 recently announced.

Companies that receive investment from QWave must have a finished market product based on quantum technologies, or being about to launch it in the near future, the Fund’s partners explain.

Clifton has developed GaAs diodes - a new type of semiconductor devices used in various areas, from mining to space research. The investment will enable the company to upgrade its laboratory in Tartu (Estonia), adapting it for industrial production, Qwave reports.

The second company - Centice – conducts research in chemical verification and identification. The funds received will be used for the promotion of the system developed.

Nano-Meta Technologies is going to use the money for bringing its development to the commercial stage – a single-photon generator based on a specially designed metamaterials. The money will be also needed to ensure the protection of intellectual property and further development.

The establishment of QWave fund (commonly referred to as Quantum Wave) with its headquarters in Boston became known in December 2012. It was reported that the volume of its funding was $30M with the possibility to increase up to $100M. The fund’s investment in one company ranges from $2M to $10M.

The founders of the fund, in addition to IT investor Sergey Belousov, are his partners Ilya Zubarev and Sergey Kuzmin. Belousov is known as the senior partner of Runa Capital venture fund, co-owner of Parallels, Acronis, Rolsen and Acumatica.