Q-CTRL, a global leader in quantum technology, has raised $54 million in a Series B funding round, setting a potential new record for the quantum software industry. The round included new investor Morpheus Ventures, known for backing disruptive technologies. Q-CTRL’s AI-enhanced quantum infrastructure software stabilises quantum hardware, reducing algorithm errors by over 1,000 times.
This has led IBM to announce that Q-CTRL will provide performance management software to all of its cloud-connected quantum computers. Q-CTRL’s quantum sensors are also being adopted by the Australian Defence for GPS-denied navigation. The company was founded by Michael J. Biercuk in 2017.
Q-CTRL Raises $54 Million in Series B Funding Round
Q-CTRL’s product lineup includes AI-enhanced quantum infrastructure software that stabilises quantum hardware, addressing key challenges in the field. The company provides solutions to end-users, researchers, and platform vendors, unlocking opportunities in fields such as materials science, optimisation, and drug discovery. In quantum computing, these solutions reduce errors in algorithms by over 1,000 times. This has led IBM to announce that Q-CTRL will provide performance management software natively to all of its cloud-connected quantum computers.
Despite economic challenges and the impact on tech investments, Q-CTRL has demonstrated significant growth and commercial traction. The company entered 2023 with over $15M in bookings and closed the first half of the year cash-flow positive, a noteworthy achievement for a deep tech business that has grown to over 100 staff. Q-CTRL CEO and Founder Michael J. Biercuk stated that their focus on quantum infrastructure software sets them apart in the quantum community, allowing them to capture value at all stages of the sector’s growth.
Morpheus Ventures’ Investment in Q-CTRL
Morpheus Ventures, with its deep understanding of disruptive technologies, recognises Q-CTRL’s potential and its pivotal role in revolutionising the quantum landscape. Damien Petty, Partner at Morpheus Ventures, expressed their excitement about the investment, stating that Q-CTRL’s approach and expertise in quantum infrastructure software is transforming quantum computing and quantum sensing. The investment from Morpheus Ventures further solidifies Q-CTRL’s market position and growth potential.
Use of Series B Funds
The Series B funds will be instrumental in fostering technical innovation through Q-CTRL’s quantum research division, expanding the product portfolio, and scaling operations. This will enable Q-CTRL to continue its mission to make quantum technology useful. Q-CTRL recently announced new offices in the UK and Berlin with a 40% annual growth in staff.
Q-CTRL operates a globally recognised quantum sensing division focused on software-level innovation for strategic capability. The company was founded by Michael J. Biercuk in 2017 and has become a leading product-focused software company in the broader quantum sector. Q-CTRL has international headquarters in Sydney, Los Angeles, Berlin, and London.
Morpheus Ventures, founded in 2016, is one of the largest early-stage investors based in Los Angeles. The firm invests in the disruption of large markets across the technology landscape from consumer to enterprise technologies including data analytics, machine learning, robotics, transportation, and SaaS. The firm is headquartered in Los Angeles and backs entrepreneurs worldwide.
“In a time when flat is the new 2x, we’re proud to actually be delivering 2x,” said Q-CTRL CEO and Founder Michael J. Biercuk. “Our focus on quantum infrastructure software sets us apart in the quantum community, allowing us to capture value at all stages of the sector’s growth. It’s fantastic to see experienced investors like Morpheus recognizing our unique offerings and leaning in to help us grow on the global stage.”
Damien Petty, Partner at Morpheus Ventures, expressed their excitement about the investment, saying, “Q-CTRL’s unparalleled approach and their unmatched expertise in quantum infrastructure software is transforming quantum computing and quantum sensing. The company is on the cusp of driving meaningful utility for multiple providers and the customers they serve across multiple industries. We believe Q-CTRL is uniquely positioned to accelerate its growth and expand its offerings across the entire quantum software ecosystem.”
Quick Summary
Q-CTRL, a global leader in quantum technology, has secured $54 million USD in a Series B funding round, setting a new record for quantum software industry capital raises. The investment will be used to foster technical innovation, expand the product portfolio, and scale operations, with a focus on their AI-enhanced quantum infrastructure software that stabilises quantum hardware and reduces errors in algorithms by over 1,000x.
- Q-CTRL, a global leader in quantum technology, has secured $54 million USD in a Series B funding round, setting a new record for quantum software industry capital raises.
- Morpheus Ventures, known for backing disruptive technologies, has joined as a new investor.
- Q-CTRL’s unique product lineup includes AI-enhanced quantum infrastructure software that stabilises quantum hardware, reducing errors in algorithms by over 1,000 times.
- IBM has announced that Q-CTRL will provide performance management software natively to all of its cloud-connected quantum computers.
- Q-CTRL’s quantum sensors are being adopted by Australian Defence for GPS-denied navigation.
- Despite economic challenges, Q-CTRL has shown significant growth, entering 2023 with over $15M in bookings and closing the first half of the year cash-flow positive.
- Q-CTRL CEO and Founder Michael J. Biercuk highlighted the company’s focus on quantum infrastructure software as a key differentiator.
- Damien Petty, Partner at Morpheus Ventures, praised Q-CTRL’s approach and expertise in quantum infrastructure software.
- The Series B funds will be used to foster technical innovation, expand the product portfolio, and scale operations. Q-CTRL recently announced new offices in the UK and Berlin with 40% annual growth in staff.
