Quantum sensor startup Q-CTRL tops up Series B with another $3.8 million
Sydney quantum startup Q-CTRL has landed an additional US$2.6 million (A$3.83m) in VC funding for its long-running Series B round to take the total raised to US$54 million (A$80m).
Joining a cap table that includes Salesforce Ventures, the VC arm of the US software giant, Airbus Ventures, Main Sequence and former Wallabies captain John Eales. is US-Australian VC Morpheus Ventures.
Q–CTRL previously raised $39 million in a top up of its Series B in February this year following on from A$35 in the first tranche in late 2021. Local VC Square Peg led 2019’s $22 million Series A.
Sydney University Professor Michael J. Biercuk founded Q-CTRL in 2017, pioneering the quantum infrastructure software segment, and earlier this month, landed a Dept of Defence deal to build quantum sensors for navigation.
And last week the business announced a partnership with Oxford Quantum Circuits (OQC), a quantum hardware manufacturer, to improve algorithmic performance for quantum developers, researchers, and enterprise end-users. The Sydney startup is also opening new offices in the UK and Berlin alongside 40% annual growth in staff.
The business is also building a new HQ in Sydney in a 1930s Heritage-listed industrial building adjacent to the Tech Central Precinct. It will be Australia’s first standalone commercial quantum technology facility and offer essential infrastructure for quantum sensing research and development.
Prof Biercuk said Q-CTRL’s value proposition is a product lineup of AI-enhanced quantum infrastructure software that stabilises quantum hardware – overcoming the key challenges in the field.
The company began 2023 with over $15 million in bookings and closed the first half of 2023 cash-flow positive (excluding equity investments) while growing to more than 100 staff.
“In a time when flat is the new 2x, we’re proud to actually be delivering 2x,” he said.
“Our focus on quantum infrastructure software sets us apart in the quantum community, allowing us to capture value at all stages of the sector’s growth. It’s fantastic to see experienced investors like Morpheus recognising our unique offerings and leaning in to help us grow on the global stage.”
The solutions his team have developed reduce errors in algorithms by more than 1,000x, leading IBM to announce that Q-CTRL will provide performance management software natively to all of its cloud-connected quantum computers.
Morpheus Ventures partner Damien Petty said Q-CTRL is playing a pivotal role in revolutionising the quantum landscape.
“Q-CTRL’s unparalleled approach and their unmatched expertise in quantum infrastructure software is transforming quantum computing and quantum sensing,” he said.
“The company is on the cusp of driving meaningful utility for multiple providers and the customers they serve across multiple industries. We believe Q-CTRL is uniquely positioned to accelerate its growth and expand its offerings across the entire quantum software ecosystem.”
Prof Biercuk said the funds will help with technical innovation, expanding the product portfolio, and scaling operations.
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