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Sydney-based quantum computing group Q-CTRL has expanded its Series B Funding round to a record US$113 million ($167.5 million) after raising an additional US$59 million ($87.5 million) led by British technology advisory and investor GP Bullhound.
The latest Series B-2 round follows a US$27.4 million (AU$38.9 million) Series B-1 top-up early last year with the fresh capital leading to a “dramatic” increase in the company’s valuation and setting what Q-CTRL says is a new record Series B for the quantum computing sector.
GP Bullhound, a late-stage venture firm with more than $1.4 billion in funds under management, has been joined in the latest funding round by new investors Alpha Edison, Lockheed Martin Ventures, NTT Finance, Salus Group, and TISI.
They were backed by existing investors Alumni Ventures, DCVC, rugby legend John Eales, ICM Allectus, Main Sequence Ventures and Salesforce Ventures.
“We’re very excited that GP Bullhound has led this round,” says Q-CTRL CEO Michael J. Biercuk, who founded the company in 2017.
“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.”
With its headquarters in Sydney and offices in Los Angeles, Berlin and Oxford, Q-CTRL is a quantum computing company that is building infrastructure software, working with major corporations, including tech giant IBM, as well as the Australian Defence Force, UK Navy and the NSW Department of Transport.
The latest funding round will help Q-CTRL expand its investment in quantum control R&D and product engineering to deliver on a growing portfolio that includes Fortune 500 clients, government departments and agencies, and quantum platform providers.
“We are thrilled to support Q-CTRL in unlocking the full potential of quantum technology,” says Per Roman, the 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.”
Q-CTRL has more than 130 employees globally and among its recent commercial projects has been the deployment of application-focused Qiskit Functions with IBM, building on its world-first native integration of third-party software into IBM Quantum Services.
Also leading the field-deployment of quantum sensors for defence and commercial applications, Q-CTRL has built commercial engagements with 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.
Q-CTRL is also directly tackling the challenge of quantum workforce development, rolling out its Black Opal quantum education software at national and state levels in the UK and Tamil Nadu in India, as well as major corporate clients.
“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,” says Biercuk.
“This new investment, coupled with our growing portfolio of technical demonstrations, has positioned us for ubiquity and permanence in the industry.”
Lockheed Martin Ventures says its strategic investment in Q-CTRL underscores its commitment to advancing quantum technology solutions for national security applications.
“Quantum-enabled control technologies have the potential to unlock the future of quantum computing and further enhance our capabilities in delivering resilient, high-performance systems for critical missions," says Chris Moran, vice-president and general manager of Lockheed Martin Ventures.
Quantum technology is expected to revolutionise industries such as pharmaceuticals, finance and resources. BCC Research, which forecasts the global sensing market to surpass US$300 billion by 2029, sees quantum sensing capturing significant market share from existing classical technologies due to its enhanced performance and ability to enable critical new missions for defence.
Q-CTRL's capabilities are said to span both quantum computing and quantum sensing through its focus on how quantum control infrastructure software can enable useful field-deployed quantum solutions.
Rugby great John Eales, an early backer of Q-CTRL, describes his stake in the company as a “fascinating investment”.
"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,” says Eales.
“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."
Salus Group describes Q-CTRL as one of Australia's “most mission-driven and respected deep technology companies”.
"We are committed to teaming up with Q-CTRL to support their commercialisation journey and unlock our deep networks to deliver immediate strategic value to potential users of Q-CTRL's software-ruggedised quantum sensing technology,” says Salus Ventures co-founder Dan Bennett.
“Q-CTRL has already delivered significant commercial engagements with major defence primes and allied governments focused on quantum-assured navigation in GPS-denied environments while the majority of quantum companies' solutions remain pre-revenue."
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