Q-CTRL Raises $25M Series B Funding Led by Airbus Ventures

Q-CTRL Secures $25 Million in Series B Funding

Q-CTRL, a startup headquartered in Sydney specializing in quantum control engineering solutions, has announced the successful completion of a $25 million Series B funding round.

Airbus Ventures spearheaded the investment, with significant participation from Ridgeline Partners, Main Sequence Ventures, Horizons Ventures, Square Peg Capital, Sierra Ventures, DCVC, Sequoia Capital China, and In-Q-Tel.

Funding Allocation and Future Plans

According to Q-CTRL founder and CEO Michael Biercuk, the newly acquired capital will be strategically allocated to expand the company’s workforce.

Furthermore, it will facilitate the development of new data-as-a-service offerings leveraging quantum sensing technologies. Continued investment will also be directed towards refining quantum control for both quantum computing and quantum sensing applications, specifically for measuring acceleration, gravity, and magnetic fields.

To date, Q-CTRL has amassed over $43 million (60 million AUD) in total funding.

Addressing Core Challenges in Quantum Technology

“Q-CTRL’s overarching goal is to unlock the full potential of quantum technology across all applications,” stated Biercuk. “This funding is a pivotal step towards achieving our mission of delivering tangible benefits to the space, defense, and commercial sectors.”

Q-CTRL delivers essential infrastructure software designed to enhance the performance of quantum computing systems. This is achieved by tackling a fundamental obstacle within the field: hardware error and inherent instability, as Biercuk explained to TechCrunch.

Recent Developments and Technological Advancements

This Series B financing follows a series of significant technical and product milestones recently achieved by Q-CTRL.

Notably, the company has demonstrated the effectiveness of its core technology, quantum logic gates, in improving the performance of quantum algorithms executed on actual quantum computers by an impressive 2,680%.

Expanding into Quantum Sensing and Strategic Partnerships

Q-CTRL is actively engaged in the development of space-qualified quantum sensors and related exploration technologies for use on Earth, the Moon, and Mars. This initiative is being carried out in collaboration with a consortium of Australian companies, led by Fleet Space Technologies.

Clients utilizing Q-CTRL’s quantum sensing capabilities include Advanced Navigation, the Australian Department of Defense, the Air Force Research Lab, and the Australian Space Agency.

Industry Recognition and Market Potential

Lewis Pinault, a partner at Airbus Ventures based in Tokyo, commented, “Q-CTRL’s sophisticated quantum control software suite provides both speed and adaptability within the rapidly evolving quantum industry.”

Pinault further expressed excitement regarding the company’s expanding range of advanced applications and solutions, encompassing lunar development, geospatial intelligence, and Earth observation – all of which are increasingly vital in addressing global planetary system challenges.

Financial Performance and Growth Trajectory

Q-CTRL experienced a threefold increase in revenue during fiscal year 2020-2021. The company also generated over $9 million in sales and bookings for its nascent quantum sensor business, which was launched in late 2020, Biercuk reported.

While acknowledging that the pandemic initially caused a disruption in growth and resulted in losses related to planned international sales and marketing efforts, Biercuk highlighted the company’s substantial expansion. The team has grown from approximately 20 to 60 members since January 2020.

Expertise and Innovation

Biercuk emphasized that Q-CTRL boasts a substantial team of quantum control specialists, including over 30 Ph.D.-level researchers dedicated to advancing research and product development in both quantum computing and quantum sensing.

Educational Initiatives and Company Origins

The company recently introduced Black Opal, an accessible online learning platform designed to democratize quantum computing education. Biercuk noted that the platform exceeded its 10-day sales target within just two and a half days.

Q-CTRL originated as a spin-off from the University of Sydney in 2017, where Biercuk continues to serve as a professor of quantum physics and quantum technology.

Global Expansion and Market Outlook

Currently, Q-CTRL maintains offices in Sydney and Los Angeles. Plans are underway to establish a new office in Berlin, with initial employees expected to begin work next month, Biercuk stated.

According to a report by Boston Consulting Group, the quantum computing industry is projected to reach an annual value exceeding $850 billion by 2040.

Furthermore, the global quantum sensors market is anticipated to grow from $161 million in 2019 to $299.9 million by 2024, as indicated by a report from BCC Research.