Funding Round attributes
Q-CTRL, a leader in quantum infrastructure software, has successfully raised $113 million in a Series B funding round led by GP Bullhound. This funding round marks the largest of its kind for a quantum software company and will support the continued development of the company’s quantum sensing and computing technologies.
The Australian company was founded in 2017 by quantum physicist Professor Michael J. Biercuk and are pioneers in turning quantum technology into practical industrial tools. Q-CTRL works by enhancing the quality and improving the reliability of quantum computers and sensors.
Per Roman, GP Bullhound Founder and Managing Partner, expressed enthusiasm for the partnership: "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."
Q-CTRL’s founder and CEO, Michael J. Biercuk commented: "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."
The investment is set to bolster both Q-CTRL’s ongoing work in quantum computing but also enhance its efforts in quantum sensing - which is an industry projected to surpass $300 billion in market value by 2029 according to BCC Research.
Quantum sensing technologies, which outperform classical counterparts in key applications like defense and navigation, represent a significant growth opportunity for Q-CTRL. The company has recently demonstrated the practical benefits of its technology through projects such as its Fire Opal software, which improved convoy routing for the Australian Army.
