Q-CTRL announces expansion of industry-leading Series B for quantum infrastructure software
SYDNEY, Jan 31, 2023 – Q-CTRL, a global leader in developing useful quantum technologies through quantum infrastructure software, today announced its Series B-1 fundraise of $27.4 million USD, with participation from Salesforce Ventures. This Series B extension brings Q-CTRL’s total Series B raise to over $52 million USD, the largest among quantum software companies, according to Pitchbook data.
Q-CTRL plans to use the funding to double down on its globally leading technology and product engineering and invest in sales and marketing capacity. The company anticipates growing its team from 80 to approximately 120 in 2023 across offices in Sydney, Los Angeles and Berlin.
Q-CTRL has over 8,000 users across its product portfolio and achieved over $15M in bookings between its quantum computing and quantum sensing divisions in 2022. With some of the most robust revenue in the industry and a track record of exceptional capital efficiency, this funding round will further expand Q-CTRL’s healthy cash reserves as the team eyes new strategic initiatives.
In addition to Salesforce Ventures, new investors include Alumni Ventures, ICM Allectus, Mindrock Capital, former General Dynamics Vice President Bill Lightfoot, and global rugby legend and Australian business leader John Eales. Continuing investors include Airbus Ventures, DCVC, Horizons, Main Sequence Ventures, and Ridgeline Partners.
“Q-CTRL’s technology stands head-and-shoulders above the rest of the industry in tackling the most foundational challenge in quantum computing. Q-CTRL’s products are essential for enterprise adoption of quantum computing, and their use of AI is delivering critical insights across hardware platforms that no one else can match. With their additional leadership in pioneering quantum sensors, we came to see Q-CTRL as one of the most consequential businesses in the sector for their ability to deliver value through quantum technology.”
Robert Keith, Managing Director, Salesforce Ventures
Q-CTRL is a category-defining business in quantum infrastructure software, focused on making quantum computers useful, sooner, for Enterprise customers. The company’s combined emphasis on expanding performance and utility without the need to invest heavily in understanding new, complex software was recognized by IDC in a recent analysis.
“Hiring teams of specialists can be risky and expensive. Q-CTRL’s frictionless quantum infrastructure software has a shallow learning curve and allows CIOs and CTOs to become quantum ready today reducing enterprise risk. Q-CTRL anticipates that with its software, enterprises will be able to leverage the skills of their current IT developers to easily develop, optimize, and execute quantum algorithms, and obtain high levels of performance on any given hardware at a low net cost.”
Heather West, IDC Research Manager
Capgemini worked directly with Q-CTRL and discovered how quantum infrastructure software could open new opportunities that were previously impossible.
“In the years ahead, as we move closer to quantum advantage, [Q-CTRL’s products] will enable real applications to deliver value sooner."
Julian van Velzen, CTIO & Head of Capgemini’s Quantum Lab
“Our technical and product achievements are exceptional, and it’s thrilling to see such broad adoption of our products from some of the largest and most important technical and enterprise customers. With the world’s largest team of experts in quantum control and error suppression, we’ve established ourselves as the leading provider of some of the most important technology in this sector. Today’s additional validation from the investor community - especially while capital raises have been difficult to assemble - is a huge boost for our mission and ambition to truly make quantum technology useful.”
Michael J. Biercuk, Q-CTRL CEO and Founder.
Major consultancies McKinsey and the Boston Consulting Group have identified outsized impacts from Enterprise adoption of quantum computing and sensing, with estimates approaching $850 billion USD in projected value creation. This is driving major investor activity in quantum technology; McKinsey cites over $3 billion USD in venture capital investment into quantum computing as of June 2022, and has identified that quantum technology is the second largest sector for tech investment into Australia.
About Q-CTRL
Quantum computers promise huge strategic benefits to enterprise users struggling with difficult computational challenges - from finance to pharma. However, quantum computers are unable to deliver on their promise because the hardware is susceptible to error and instability, making this the Achilles Heel of the field. Q-CTRL has developed a unique technology that improves quantum hardware utility and performance by addressing the existential problem of hardware error.
Founded by Michael J. Biercuk in 2017, Q-CTRL has pioneered the quantum infrastructure software segment, and has become the leading product-focused software company in the broad quantum sector. In 2022, Q-CTRL augmented its product leadership, bringing in deeptech executive Aravind Ratnam as Chief Strategy Officer and Silicon Valley veteran Alex Shih as Head of Product.
Q-CTRL’s quantum control infrastructure software for R&D professionals and quantum computing end users delivers the highest performance error-correcting and suppressing techniques globally, and provides a unique capability accelerating the pathway to the first useful quantum computers and quantum sensors. The company’s products are applied outside of quantum computing as well, and Q-CTRL operates a globally leading quantum sensing division focused on software-level innovation for strategic capability. In an effort to bring quantum tech to as many users as possible, Q-CTRL has also built the world’s leading edtech platform for quantum computing, Black Opal, which can help anyone go from zero to programming real quantum computers in minutes a day.
Q-CTRL has been an inaugural member of the IBM Quantum Startup network since 2018, and recently announced partnerships with quantum industry partner Classiq and end-users Xerox PARC, Capgemini, and Transport for NSW. The company has international headquarters in Sydney, Los Angeles, and Berlin.
