Q-CTRL sets global quantum technology fund raising record

Australian quantum computing business Q-CTRL has announced the successful expansion of its Series B Funding Round to $166 million (USD$113 million) with $87.5 million of new capital.

The Series B-2 all-equity funding round was led by global global late-stage venture firm GP Bullhound and saw a dramatic increase in valuation from earlier financing.

Q-CTRL CEO and Founder Michael J. Biercuk said: “We’re very excited that GP Bullhound has led this round.

“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.”

New investors include Alpha Edison, Lockheed Martin Ventures, NTT Finance, Salus Group, and TISI; they are joined by repeat contributions from existing investors Alumni Ventures, DCVC, John Eales, ICM Allectus, Main Sequence Ventures, and Salesforce Ventures.

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.”

With this funding, Q-CTRL will expand its investment in quantum control R&D and product engineering to deliver on a growing portfolio of customer engagements among Fortune 500 clients, government departments and agencies, and quantum platform providers.

Picture: Q-CTRL/UAV mounted optical magnetometer