Q-CTRL, an Australian company specialising in quantum infrastructure software, has expanded its Series B funding round to a total of $113m (A$166m), with an additional $59m in equity.
The Series B-2 funding round was led by GP Bullhound, a global late-stage venture firm.
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It also attracted new investors such as Alpha Edison, Lockheed Martin Ventures, NTT Finance, Salus Group, and TISI.
They join existing investors including Alumni Ventures, DCVC, John Eales, ICM Allectus, Main Sequence Ventures, Morpheus Ventures, and Salesforce Ventures.
According to the start-up, this marks the largest Series B funding for a quantum software company to date.
Q-CTRL plans to use the new capital to fund quantum control research and development as well as product engineering.
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By GlobalDataIt aims to enhance its offerings to meet the needs of its expanding customer base, which includes Fortune 500 companies, government entities, and quantum platform providers.
Set up in 2017 by Michael Biercuk, Q-CTRL focuses on quantum computing and sensing, emphasising the role of quantum control infrastructure software in practical quantum solutions.
Recently, the company collaborated with entities such as IBM, Diraq, Oxford Quantum Circuits, and Rigetti.
Q-CTRL CEO and founder Michael J Biercuk said: “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.
“This new investment, coupled with our growing portfolio of technical demonstrations, has positioned us for ubiquity and permanence in the industry.”
GP Bullhound founder and managing partner Per Roman said: “We are thrilled to support Q-CTRL in unlocking the full potential of quantum technology.
“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.”
In other quantum technology news, in September 2024, Oxford Ionics, a quantum computing company, set a new benchmark in quantum state preparation and measurement (SPAM), achieving the highest SPAM fidelities of any quantum computing platform at 99.9993%.
