Q-CTRL raises $59M for quantum computing software

Q-CTRL has raised $59 million in additional funding for its latest round for building quantum computing infrastructure software.

Sydney, Australia-based Q-CTRL has now raised $113 million in funding in its Series B funding round, and it has raised a total of $133 million to date.

The Series B-2 all-equity funding round was led by global late-stage venture firm GP Bullhound and saw a dramatic increase in valuation from earlier financing.

“We’re very excited that GP Bullhound has led this round,” said Q-CTRL CEO Michael Biercuk, in a statement. “Their experience and international presence will support us as we continue our expansion, and we look forward to working closely with them as a shareholder and board member.”

The investor syndicate includes venture capital leaders and strategic global defense technology giants reflecting the financial opportunity presented by Q-CTRL’s strong commercials and the critical value of its technology in shaping the quantum industry.

New investors include Alpha Edison, Lockheed Martin Ventures, NTT Finance, Salus Group, and TISI; they are joined by repeat contributions from existing investors Alumni Ventures, DCVC, John Eales, ICM Allectus, Main Sequence Ventures, and Salesforce Ventures.

“We are thrilled to support Q-CTRL in unlocking the full potential of quantum technology,” said Per Roman, GP Bullhound Founder and Managing Partner. “At GP Bullhound, we believe that quantum computing and sensing will be central to the next wave of technological transformation, reshaping industries such as finance, transport, and pharmaceuticals. Our investment reflects our commitment to backing visionary companies capable of bringing this revolution from the lab to real-world applications.”

“Our focused view that software can be the key enabler of quantum hardware across all applications has become a key driver of new capabilities in the field, and underpins our major commercial partnerships with leading quantum platform vendors, Biercuk added. “This new investment, coupled with our growing portfolio of technical demonstrations, has positioned us for ubiquity and permanence in the industry.”

With this funding, Q-CTRL will expand its investment in quantum control R&D and product engineering to deliver on a growing portfolio of customer engagements among Fortune 500 clients, government departments and agencies, and quantum platform providers. The company has already achieved extraordinary commercial success, indicating tremendous opportunity for value capture and growth with new investment.

A big opportunity

The company believes quantum technology could revolutionize industries like pharmaceuticals, finance, and resources, representing a $1.2 trillion opportunity, according to McKinsey. With BCC Research projecting the global sensing market to surpass $300 billion by 2029, quantum sensing is poised to capture a significant market share from existing classical technologies due to its enhanced performance and ability to enable critical new missions for defense.

Q-CTRL uniquely spans both quantum computing and quantum sensing through its focus on how quantum control infrastructure software can enable useful field-deployed quantum solutions.

The current funding round highlights the commercial and technological success of Q-CTRL in the emerging quantum industry. GP Bullhound’s role in leading the equity financing round highlights the way Q-CTRL has become a key accelerant of quantum technology development and uptake through its quantum infrastructure software business.

Investment from NTT Finance and TISI highlights a growing quantum opportunity in the Japanese market, coinciding with Japan’s emerging role as a partner to the AUKUS technology sharing agreement. Q-CTRL also adds national-resilience financial investor Salus Group and strategic investor Lockheed Martin Ventures to previous support from Airbus Ventures, showcasing the strategic value of Q-CTRL’s “software-ruggedized” quantum sensing technology for defense.

Recent major commercial outcomes include deploying its unique performance-management infrastructure software into major quantum cloud platforms, pioneering a trend of quantum-industry
deverticalization.

Q-CTRL recently deployed application-focused Qiskit Functions with IBM, building on its world-first native integration of third-party software into IBM Quantum Services. Its technology has powered the record-setting performance achieved by industry customers such as Softbank and Mitsubishi Chemical. This expansion followed the recent announcement that its performance-management software for quantum
computing was being deployed into three new major platforms: Diraq, Oxford Quantum Circuits, and Rigetti.

Behind the tech

The company said it is building the quantum workforce of the future. Q-CTRL has directly tackled the
challenge of quantum workforce development, rolling out its Black Opal quantum education software at national and state levels in the UK, Tamil Nadu in India, and among major corporate clients.

And it is leading the field-deployment of quantum sensors for defense and commercial applications. Q-CTRL has built commercial engagements with major defense primes, the Australian Department of Defence, and the UK Navy’s Office of the Chief Technology Officer focused on quantum-assured navigation in GPS-denied environments. This year, Q-CTRL performed a world-first deployment of “software-ruggedized” quantum gravimeters on maritime vessels, showing its software stabilization
technology made the difference between complete loss-of-signal and useful performance.

And the company announced a partnership with Airbus building on these field trials. These quantum-navigation capabilities underpin new commercial opportunities providing a GPS backup in maritime and airborne vehicles.

Founded by Michael J. Biercuk in November 2017, Q-CTRL has assembled a team of 135 people. Q-CTRL is using control to solve the hardest problems facing quantum technology, improving hardware performance and accelerating pathways to useful quantum computers and other technologies. Through our professionally developed tools, we put our deep expertise in quantum control into your hands. Q-CTRL’s mission is to enhance the stability of quantum technology to unlock its full potential.

Quantum computers are highly sensitive to errors due to their fragile nature. Q-CTRL provides software that reduces errors and noise in quantum algorithms. Their products use techniques such as quantum error suppression and error correction, which help quantum processors operate more reliably. This enables researchers and companies to use quantum computers to solve complex problems more effectively.

For example, Q-CTRL’s Fire Opal software is designed to automatically reduce errors and boost algorithmic success on cloud-accessible quantum computers. The software works by providing performance management solutions that can be integrated with existing quantum hardware, making it easier for end-users to execute algorithms successfully. It has even been adopted by companies like IBM, where Q-CTRL’s software runs natively on IBM’s cloud quantum computing systems.

And it is also focused on quantum sensing, which leverages quantum systems to detect and measure physical quantities with high precision. Q-CTRL’s quantum sensing technology involves using quantum control to enhance the performance of sensors. Their software “ruggedizes” quantum sensors, improving their resilience to environmental noise and increasing their sensitivity.

Q-CTRL recently expanded its efforts in quantum sensing by developing ultrasensitive sensors that can measure gravity, motion, and magnetic fields. These advancements have practical applications in areas such as defense, Earth observation, and space exploration. For example, their technology has been adopted by the Australian Defence Force for GPS-denied navigation, showcasing how quantum sensors can function effectively in challenging environments​.

Q-CTRL’s technology revolves around quantum control, which is crucial in stabilizing and improving the performance of quantum systems.

Black Opal is Q-CTRL’s educational platform for quantum computing. It provides an interactive learning experience for users to understand and work with quantum computing concepts. Black Opal offers a series of intuitive lessons that include visualizations, animations, and hands-on exercises, helping users from beginners to experts understand complex quantum mechanics in a digestible way. The goal of Black Opal is to reduce the barriers to entry in the field of quantum computing, equipping users with the knowledge they need to engage with quantum technologies effectively.

Q-CTRL was founded to address the significant challenges facing quantum technology, particularly the instability and errors in quantum hardware. Biercuk, a professor of quantum physics and quantum tech, founded the company to use quantum control techniques to make quantum computing and sensing more practical and reliable. After noticing an increased industry interest in quantum technology, he saw an opportunity to use his decade of research to address quantum hardware issues, which were hindering progress across various applications.