Q-CTRL received a further US$59 million (AU$88 million) capital injection, bolstering its latest funding round led by late-stage venture capital firm, GP Bullhound.
Australian company Q-CTRL says it’s set a global quantum technology fundraising record thanks to its Series B extension, where it banked a further US$59 million (AU$88 million) to bolster its overall raise to US$113 million (AU$168 million).
The company, which was founded by Michael Biercuk in 2017 and has headquarters across Sydney, LA, Berlin and Oxford, operates in the relatively new category of quantum infrastructure software (as opposed to super-computing hardware). It’s also behind Black Opal, an education-tech platform that helps users learn about quantum computing. It was spun out of the University of Sydney’s Quantum Science group by Professor Biercuk, after his research efforts found reducing and controlling qubit errors would be essential for quantum devices to become useful.
New investors in the raise include Alpha Edison, Lockheed Martin Ventures, NTT Finance, Salus Group, and TISI, alongside repeat contributions from existing investors Alumni Ventures, DCVC, John Eales, ICM Allectus, Main Sequence Ventures, and Salesforce Ventures.
“Our focused view that software can be the key enabler of quantum hardware across all applications has become a key driver of new capabilities in the field, and underpins our major commercial partnerships with leading quantum platform vendors,” Biercuk says.
“This new investment, coupled with our growing portfolio of technical demonstrations, has positioned us for ubiquity and permanence in the industry.”
The company’s also at the forefront of developing quantum sensors for defense and commercial applications. (These sensors help stabilise quantum technology – like the kind in GPS receivers – by detecting and measuring magnetic fields with precision).
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This kind of tech has the potential to guide military equipment like submarines and spacecraft, with minimal risk of directional error. According to Q-CTRL, a recent world-first deployment of its sensing tech on maritime vessels showed its software was the difference between complete loss-of-signal, and useful performance.
It’s since built commercial engagements with major defence primes, including the Australian Department of Defence and the UK Navy’s Office of the Chief Technology Officer.
“As an investor, you seek both validation and challenge to your rationale, and seeing many large global enterprises and government departments partner with Q-CTRL to unlock the potential of quantum innovation reinforces that validation,” John Eales, investor in Q-CTRL, says.
Q-CTRL, which has more than 130 employees, says it’ll use the new capital to expand its investment in quantum control research and development and product engineering. And it’s an opportune time: the global quantum technology market represents a $1.2 trillion opportunity, according to McKinsey.
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