Q-CTRL Raises $25 Million, Led by Airbus Ventures

A $25 million Series B has been announced by Australian firm Q-CTRL, which offers quantum control engineering solutions and is based in Sydney. The funding was led by Airbus Ventures, with Ridgeline Partners, Main Sequence Ventures, Horizons Ventures, SquarePeg Capital, Sierra Ventures, DCVC , Sequoia Capital China and InQTel participating.

The company’s founder and CEO, Michael Biercuk, said the latest cash will be used to hire staff and launch new data-as-a-service markets based on quantum sensing. It will also continue to develop its quantum control for quantum computing and quantum sensing for acceleration, gravity, and magnetic fields. To date, Q-CTRL has raised more than $43 million (60 million AUD) in total funding.

“Q-CTRL’s vision has always been to enable all applications of quantum technology. This new fundraising is critical in realizing our mission to deliver real value to the space, defense, and commercial sectors,” said Biercuk.

According to Biercuk, Q-CTRL is a software package that improves quantum computing performance by addressing the most pressing problem in the field – hardware failure and instabilty.

Q-CTRL has announced the start of a Series B financing effort after announcing a substantial technical and product improvement. It will showcase cutting-edge engineering utilizing core Q-CTRL technology, known as quantum logic gates, to improve the efficacy of real quantum computer applications running on conventional computers by 2680%.

The firm is creating space-qualified quantum sensors and exploration technologies for Earth, the Moon, and Mars with a group of Australian investors led by Fleet Space Technologies. The Australian Department of Defense, Air Force Research Lab, and the Australian Space Agency are among its quantum sensing clients.

“The team’s impressive quantum control software suite enables speed and agility at a moment of rapid acceleration for the entire quantum industry,” said Lewis Pinault, Partner of Airbus Ventures based in Tokyo. “We’re particularly excited about Q-CTRL’s widening span of advanced applications and solutions, including lunar development, geospatial intelligence and Earth observation, all increasingly critical in the global effort to address the accelerating planetary system crises we now face.”

The firm’s revenue in FY2020/21 was up three times year on year, and it earned over $9 million in sales and bookings for its new quantum sensor business, which launched in late 2020, according to Biercuk.

According to Biercuk, the epidemic, like other enterprises, had a substantial dip in development that resulted in significant losses in its planned international marketing and sales engagement. Since February 2020, the company has grown from 20 to 60 people, according to Biercuk.

CEO and Co-founder of D-Wave Systems Ltd, Dr. Geordie Rose, emphasized that the firm employs a large team of quantum control experts with nearly 30 PhD-level researchers at the forefront of its research and product development in quantum computing and sensing.

The firm recently introduced Black Opal, an interactive and accessible online learning platform that allows anybody to master quantum computing. According to Biercuk, the firm met its ten-day sales goal in just 2.5 days.

Q-CTRL was founded in 2017 after being spun off from the University of Sydney, where Biercuk is a Quantum Physics and Quantum Technology professor.

The firm, which was founded in 2014 and has offices in Sydney and Los Angeles, will establish a location in Berlin on April 1 with the initial employees beginning their employment.

By 2040, the global quantum computing industry is expected to be worth more than $850 billion in annual value, according to a Boston Consulting Group report. According to a BCC Research study, the worldwide market for quantum sensors will reach $299.9 million by 2024 from $161 million in 2019.