Q-CTRL Secures Series B Funding for Quantum Computing and Sensing

Q-CTRL, a leading quantum technology company, has recently announced the successful expansion of its Series B Funding Round to USD$113M (AUD$166M). This significant milestone includes USD $59M of new capital that will be utilized to further invest in the field of quantum computing. The Series B-2 all-equity funding round was spearheaded by the renowned global late-stage venture firm GP Bullhound and marked a substantial increase in valuation compared to previous financing rounds.

With the infusion of this fresh funding, Q-CTRL is poised to bolster its investment in quantum control research and development, as well as product engineering. The primary objective is to meet the increasing demand from a diverse portfolio of clients, including Fortune 500 companies, government entities, and quantum platform providers. The overarching goal of this funding is to drive advancements in quantum computing and sensing technologies.

Per Roman, the Founder and Managing Partner of GP Bullhound, expressed his optimism about the future of quantum technology, stating, “We believe that quantum sensing and computing will play a pivotal role in the upcoming wave of technological transformation, reshaping industries such as finance, transport, and pharmaceuticals. Our investment underscores our dedication to supporting innovative companies capable of translating this revolution into practical real-world applications.”

The investor syndicate backing Q-CTRL comprises a mix of prominent venture capital firms and strategic global defense technology giants. This diverse group recognizes the immense financial potential offered by Q-CTRL's robust business model and the indispensable nature of its technology in shaping the quantum industry. Notable new investors in this round include Alpha Edison, Lockheed Martin Ventures, NTT Finance, Salus Group, and TISI, alongside continued support from existing investors like Alumni Ventures, DCVC, and Salesforce Ventures.

Chris Moran, Vice President and General Manager of Lockheed Martin Ventures, emphasized the strategic significance of their investment in Q-CTRL, stating, “Lockheed Martin's strategic investment in Q-CTRL underscores our commitment to advancing quantum technology solutions for national security applications. Quantum-enabled control technologies hold the key to unlocking the future of quantum computing and enhancing our capabilities in delivering resilient, high-performance systems for critical missions.”

Q-CTRL has recently collaborated with IBM to deploy application-focused Qiskit Functions, further solidifying its position as a pioneer in the quantum technology space. The company's technology has already demonstrated remarkable performance enhancements for industry clients like Softbank and Mitsubishi Chemical. Additionally, Q-CTRL's performance-management software for quantum computing has been integrated into three major platforms, namely Diraq, Oxford Quantum Circuits, and Rigetti, showcasing its versatility and impact.

Moreover, Q-CTRL has established strategic partnerships with major defense contractors, the Australian Department of Defence, and the UK Navy's Office of the Chief Technology Officer to develop quantum-assured navigation solutions for GPS-denied environments. The successful deployment of "software-ruggedized" quantum gravimeters on maritime vessels highlights the efficacy of Q-CTRL's stabilization technology in ensuring operational continuity. These quantum-navigation capabilities open up new avenues for commercial applications, offering a reliable GPS backup for maritime and airborne vehicles.

For more information about Q-CTRL and its groundbreaking advancements in quantum technology, visit www.q-ctrl.com.