Sydney-based quantum startup Q-CTRL has announced a Series B fundraise of US$25 million (AU$35 million) led by Airbus Ventures. The capital raise will augment the team’s quantum control efforts, enabling Q-CTRL to realise new data-as-a-service markets powered by quantum sensing for acceleration, gravity, and magnetic fields.
Airbus Ventures is joined by a range of existing syndicate members in leading the investment round, including new investor Ridgeline Partners.
“Airbus Ventures is delighted to lead Q-CTRL’s Series B financing round," Dr Lewis Pinault, Airbus Ventures Partner based in Tokyo, said. "The team’s impressive quantum control software suite enables speed and agility at a moment of rapid acceleration for the entire quantum industry.
“At Airbus Ventures, we’re particularly excited about Q-CTRL’s widening span of advanced applications and solutions, including lunar development, geospatial intelligence, and Earth observation, all increasingly critical in the global effort to address the accelerating planetary system crises we now face.”
The investment follows Q-CTRL’s oversubscribed Series A round in July 2019 and is focused on the company’s addition of quantum sensing to its successful quantum computing business unit, and expansion of its core quantum control infrastructure software efforts.
The company is currently developing space-qualified quantum sensors via the Moon-to-Mars supply chain capability program and through the Seven Sisters Consortium led by Fleet Space. Its quantum sensing client portfolio includes engagements with Advanced Navigation, the Australian Department of Defence, the Air Force Research Lab, and the Australian Space Agency.
“Quantum sensing uses the fragility of quantum hardware as an asset to enable new ways to measure underground water, monitor space weather, and navigate without a global positioning system,” Professor Michael J. Biercuk, founder and CEO of Q-CTRL, said. “However, like quantum computing, interference from the outside world degrades system performance when quantum sensors are taken from the lab out into the field.”
“Combatting this degradation using quantum control is Q-CTRL’s specialty, and the team is now pioneering the development of ‘software-defined’ quantum sensors, leveraging our expertise to boost sensor performance in real field environments by orders of magnitude.
“Q-CTRL’s vision has always been to enable all applications of quantum technology, and this new fundraise accelerates our mission to deliver real value to the space, defence, and commercial sectors."
This financing announcement comes on the heels of technical and product achievements recently announced by Q-CTRL. These include technical demonstrations using core Q-CTRL technology to improve the performance of quantum algorithms executed on real quantum computers by greater than 2500% - results that exceeded projections made at their Series A.
In addition, recognising the critical need to attract new entrants to the field, Q-CTRL recently launched Black Opal, the first interactive quantum technology education program.