Quantum software developer Q-CTRL has topped up its Series B for a fourth time with an extra $88 million (US$59m) with the Sydney startup’s valuation jumping dramatically in the process.
The raise takes the Series B, spanning three years, to $166 million (US$113m) in total and was led by UK late-stage venture firm GP Bullhound.
Q–CTRL first raised $35 million in the first tranche in late 2021, then $39 million extension in February 2023, before garnishing five months later with another $3.8m.
New investors for the latest replenishment include Alpha Edison, Lockheed Martin Ventures, NTT Finance, Salus Group, and TISI; alongside more from existing investors Alumni Ventures, DCVC, former Wallabies captain John Eales, ICM Allectus, Main Sequence Ventures, and Salesforce Ventures. Local VC Square Peg led 2019’s $22 million Series A.
Eales said Q-CTRL has been “a fascinating investment” for the rugby legend and business leader.
“As an investor, you seek both validation and challenge to your rationale, and seeing many large global enterprises and government departments partner with Q-CTRL to unlock the potential of quantum innovation reinforces that validation,” he said.
“Over the years, my journey in business has led me to back advanced technologies that have the potential to transform industries, and I’m excited to help guide Q-CTRL toward sustainable growth, profit, and global impact.”
Sydney University quantum physicist Prof Michael J. Biercuk launched Q-CTRL in late 2017, pioneering quantum infrastructure software that enhances the stability and reliability of quantum computers and sensors.
Q-CTRL has played a key role in quantum technology development through its quantum infrastructure software.
The new funds will see the company investing in R&D, product engineering, and scaling its global reach. The startup recent joined IBM’s quantum software ecosystem as part of its Qiskit Functions Catalog.
Prof Biercuk, the CEO said the latest raise investments by strategic global defence technology giants reflected the financial opportunity presented by Q-CTRL.
“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, ” he said.
“This new investment, coupled with our growing portfolio of technical demonstrations, has positioned us for ubiquity and permanence in the industry.”
Q-CTRL’s customer base includes Fortune 500 companies, startups, national research labs, and academic institutions, as well as Australian Dept of Defence, which engaged the startup to build quantum sensors for navigation. It’s also being used by Softbank and Mitsubishi Chemical
GP Bullhound founder Per Roman they “believe that quantum computing and sensing will be central to the next wave of technological transformation, reshaping industries such as finance, transport, and pharmaceuticals”.
The company now has offices in Sydney, Los Angeles, Berlin, and Oxford, UK. And developed Black Opal, an award-winning edtech program that enables users to quickly learn quantum computing. It’s available through TAFE in Australia, and US, and is now rolling out in the UK, Tamil Nadu in India, and among major corporate clients.
In 2023, Q-CTRL was named Australia’s Most Innovative Startup in the Startup Daily Best in Tech awards.
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