Q-CTRL Secures $59 Million in New Funding for Quantum Computing Solutions
Sydney-based Q-CTRL has successfully raised $59 million in its latest funding round, bringing its Series B total to $113 million and overall funding to $133 million.
The all-equity Series B-2 round was led by global late-stage venture firm GP Bullhound, significantly increasing the company's valuation from previous financing rounds.
“We’re thrilled to have GP Bullhound lead this round,” said Q-CTRL CEO Michael Biercuk. “Their expertise and global presence will be invaluable as we expand, and we look forward to collaborating closely with them."
This funding round attracted a syndicate of investors, including prominent venture capital firms and global defense technology leaders, highlighting the financial potential and critical importance of Q-CTRL’s technology in advancing quantum computing.
New investors in this round feature Alpha Edison, Lockheed Martin Ventures, NTT Finance, Salus Group, and TISI. They join returning investors such as Alumni Ventures, DCVC, John Eales, ICM Allectus, Main Sequence Ventures, and Salesforce Ventures.
“We are excited to support Q-CTRL in realizing the full potential of quantum technology,” stated Per Roman, GP Bullhound Founder and Managing Partner. “We believe that quantum computing and sensing will play a pivotal role in the next wave of technological transformation across sectors like finance, transport, and pharmaceuticals. Our investment underscores our commitment to visionary companies that can transition these advancements from research to real-world applications.”
“Our conviction that software can significantly enhance quantum hardware across various applications is now a driving force behind our major commercial partnerships,” Biercuk noted. “This new investment, along with our growing portfolio of technical demonstrations, positions us for lasting impact in the industry.”
With this funding, Q-CTRL aims to bolster its research and development in quantum control software, catering to Fortune 500 clients, government agencies, and quantum platform providers. The company's impressive commercial success indicates substantial opportunities for growth and value creation.
Significant Market Potential
Q-CTRL’s innovative strapdown 3-axis quantum inertial measurement unit offers advanced navigation capabilities when GPS is compromised. The firm envisions that quantum technology could transform fields like pharmaceuticals, finance, and resource management, representing a projected $1.2 trillion market opportunity per McKinsey. With BCC Research forecasting the global sensing market to exceed $300 billion by 2029, quantum sensing is set to capture significant market share from classical technologies due to its superior performance.
Q-CTRL's unique approach integrates quantum computing and sensing, focusing on how quantum control infrastructure software can enable practical field-deployed solutions.
The current funding round illustrates both the commercial viability and technological triumph of Q-CTRL in the burgeoning quantum industry. GP Bullhound’s leadership in this financing underscores Q-CTRL’s role as a key accelerant in the development of quantum technology through robust software solutions.
Investment from NTT Finance and TISI demonstrates the expanding quantum market opportunity in Japan, aligning with the country's emerging partnership under the AUKUS technology-sharing agreement. The inclusion of Salus Group and Lockheed Martin Ventures reinforces the strategic value of Q-CTRL's robust quantum sensing technologies for defense applications.
Notable recent successes include the deployment of Q-CTRL’s performance-management infrastructure software into major quantum cloud platforms, furthering a trend of de-verticalization in the quantum industry.
Q-CTRL has implemented application-focused Qiskit Functions with IBM, following its groundbreaking native integration of third-party software into IBM Quantum Services. Its technology has driven record performances for industry leaders such as Softbank and Mitsubishi Chemical. This follows the announcement that its performance-management software is now operational on new platforms: Diraq, Oxford Quantum Circuits, and Rigetti.
Innovative Technology and Workforce Development
Q-CTRL’s UAV-mountable optical magnetometer is cutting-edge, measuring Earth’s magnetic field to identify subsurface features like metal objects and geological structures. The company also addresses quantum workforce needs by rolling out its Black Opal educational software, enhancing quantum education across various regions and corporate clients.
In defense and commercial grounds, Q-CTRL develops field-deployed quantum sensors. Partnerships with major defense firms and government departments focus on quantum-assured navigation in GPS-denied environments. This year, Q-CTRL achieved a world-first deployment of “software-ruggedized” quantum gravimeters on maritime vessels, showcasing its technology's vital contribution to stability in challenging conditions.
Founded in November 2017 by Michael J. Biercuk, Q-CTRL has grown to a team of 135, employing control strategies to tackle significant challenges in quantum technology. The company's mission is to enhance the stability and practical applications of quantum technologies, making them more accessible and reliable.
Enhancing Quantum Computing Reliability
Quantum computers are inherently error-prone, and Q-CTRL's software is designed to minimize these errors. Solutions like quantum error suppression and correction enhance the reliability of quantum algorithms. Q-CTRL’s Fire Opal software, for instance, automatically reduces errors while increasing algorithm success rates on cloud-accessible quantum computers, seamlessly integrating with existing hardware—a feature adopted by firms like IBM.
In quantum sensing, Q-CTRL is pushing boundaries with ultra-sensitive sensors that measure physical quantities such as gravity and magnetic fields. Applicable in defense, Earth observation, and space exploration, their technology is currently being utilized by the Australian Defence Force for GPS-denied navigation.
Through its pioneering work in quantum control, Q-CTRL is setting the stage for future advancements in the quantum sector, driving both technological breakthroughs and market growth.
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