Q-CTRL secures $59M to advance quantum computing software

Quantum computing breakthrough: Australian quantum computing infrastructure software company Q-CTRL has raised $59 million in a Series B-2 funding round, bringing its total Series B funding to $113 million and overall funding to $133 million.

Funding details and investor landscape: The latest round was led by global late-stage venture firm GP Bullhound, signaling strong confidence in Q-CTRL’s potential to shape the quantum industry.

• New investors include Alpha Edison, Lockheed Martin Ventures, NTT Finance, Salus Group, and TISI, joining existing backers such as Alumni Ventures, DCVC, and Salesforce Ventures.
• The investment round saw a significant increase in Q-CTRL’s valuation, reflecting the company’s strong commercial performance and technological advancements.
• The diverse investor base, including venture capital leaders and strategic defense technology giants, underscores the financial opportunity and critical value of Q-CTRL’s technology.

Q-CTRL’s mission and technology focus: The company aims to enhance the stability of quantum technology, addressing the challenges of errors and noise in quantum systems.

• Q-CTRL develops software solutions for quantum error suppression and correction, improving the reliability of quantum processors.
• The company’s products, such as Fire Opal, provide performance management solutions for cloud-accessible quantum computers.
• Q-CTRL’s technology has been integrated into major quantum cloud platforms, including IBM Quantum Services.

Expanding quantum horizons: Q-CTRL’s work spans both quantum computing and quantum sensing, with a focus on quantum control infrastructure software.

• The company is developing ultrasensitive quantum sensors for measuring gravity, motion, and magnetic fields, with applications in defense, Earth observation, and space exploration.
• Q-CTRL has demonstrated “software-ruggedized” quantum gravimeters in maritime environments, showcasing the potential for quantum-assured navigation in GPS-denied scenarios.
• The company’s technology has powered record-setting performance for industry customers like Softbank and Mitsubishi Chemical.

Strategic partnerships and commercial success: Q-CTRL has secured significant commercial engagements and partnerships across various sectors.

• The company has deployed its technology with major quantum platform providers, including Diraq, Oxford Quantum Circuits, and Rigetti.
• Q-CTRL has established partnerships with defense entities, including the Australian Department of Defence and the UK Navy’s Office of the Chief Technology Officer.
• A collaboration with Airbus is underway, building on Q-CTRL’s successful field trials of quantum navigation capabilities.

Addressing the quantum skills gap: Q-CTRL is actively contributing to the development of the quantum workforce through education initiatives.

• The company’s Black Opal quantum education software has been rolled out at national and state levels in the UK and India, as well as among major corporate clients.
• Black Opal offers an interactive learning experience, making complex quantum mechanics concepts accessible to users from beginners to experts.

Future plans and industry impact: With the new funding, Q-CTRL aims to expand its research and development efforts and product engineering capabilities.

• The investment will support the delivery of a growing portfolio of customer engagements among Fortune 500 clients, government agencies, and quantum platform providers.
• Q-CTRL’s focus on software as a key enabler of quantum hardware positions the company for ubiquity and permanence in the rapidly evolving quantum industry.

Market potential and broader implications: The quantum technology market represents a significant opportunity for growth and innovation across multiple industries.

• McKinsey estimates the quantum technology market could reach $1.2 trillion, with potential to revolutionize sectors such as pharmaceuticals, finance, and resources.
• The global sensing market is projected to surpass $300 billion by 2029, with quantum sensing poised to capture a significant share due to its enhanced performance capabilities.
• Q-CTRL’s success in bridging quantum computing and quantum sensing through its infrastructure software approach highlights the company’s potential to accelerate the development and adoption of practical quantum solutions.