Meet Mission 2: QLM17th January 2019
The Oil and Gas industry loses between $6-30B from methane leaks every year. Moreover, methane is highly flammable – proving a safety risk to those working around it – and when left un-burned it contributes in a major way to the global greenhouse effect. Current methane detection is either an incredibly large operation, often helicopter mounted, that incurs significant cost. Or it is an analogue operation – largely handheld – that is simply not accurate enough. Clearly, it is something that radically needs to be addressed.
QLM – or Quantum Light Metrology – are a Bristol University spin-out who have managed to build a quantum optical methane sensor. By using a single photon detector, the technology is small enough to be drone mounted and provides resolution of below 0.5m from a distance of 100m and operates at one tenth of the cost of current helicopter mounted LIDAR sensors.
For QLM’s CEO Yuri Andersson, Seraphim Space Camp was their ticket to gaining exposure in the right places and develop further commercial traction:
“Space Camp gave us a really good exposure to the Aerospace Industry - what they did well was bring in a lot of industry players – it was really quite amazing.”
When asked as to why Space Camp in particular, it was evident that it’s VC led approach held a large degree of sway:
“Space Camp came at a perfect time. We were looking for a further round of investment. We were attracted to Space Camp in order to explore the possibility of using our technology in a number of different verticals, yet the programme also offered a platform to reach out to a large number of suitable investors. Whilst the constant refinement of our company’s narrative was a challenge, the Seraphim team’s ‘tough love’ provided real rewards when it came to Investor Day”
With a $3.4B addressable Methane Detection market, QLM’s initial offering could go a long way to solving a real-world problem; not only saving Oil and Gas companies a great deal of money but ensuring that they can go one more step towards protecting the environment.