Two adjacent quantum technologies – quantum sensing (QS) and quantum communication (Qcomm) – are as important as the quantum computing hardware itself, as they help make quantum computers more accurate.
A Sydney-based startup called Q-CTRL has built quantum sensing software that helps reduce errors on quantum computers. Today, the company announced that it has raised another $27.4 million in funding.
The Series B extension comes nearly 14 months after the startup raised its $25 million Series B in November 2021. Q-CTRL CEO Michael Biercuk told TechCrunch that the startup has made discoveries and major demonstrations of its technology almost immediately after its last augmentation.
“We had spent almost four years building basic capabilities and then bringing them together to show how we could improve the performance of an entire quantum algorithm beyond individual hardware components,” Biercuk told TechCrunch. “By March 2022, we had achieved up to about 9,000 times the chance that a quantum algorithm run using our tools would give the correct answer.”
Biercuk explained that this discovery is one of many references that help prove that the startup can transform the performance of quantum computers, providing improved utility for end users.
The major breakthroughs have also resulted in sales growth. Q-CTRL’s sales bookings tripled to more than $15 million in CY 2022, Biercuk said. The startup has over 8,000 users, including US government contracts, defense agencies in Australia, and quantum computing companies like Rigetti, IonQ, IBM, Atom Computing, Alice & Bob, Nord Quantique, and Pasqal, among others. Universities and national laboratories also use Q-CTRL tools; many companies (EY, KPMG, Capgemini, Quanscient, Xerox PARC and Classiq) have commercial partnership agreements with Q-CTRL.
The outfit includes four products: Black Opal, Boulder Opal, Fire Opal and Open Controls. Last October, Q-CTRL, which aimed to make quantum computers useful (earlier), launched a learning platform, Black Opal Enterprise, designed to help companies and organizations understand quantum computing for build quantum-ready teams. This was followed by the release of Black Opal in April 2022 to help individuals learn quantum computing.
Salesforce Ventures, Alumni Ventures, ICM Allectus, Mindrock Capital, Bill Lightfoot (a former General Dynamics partner) and John Eales (an Australian business leader and world rugby legend) participated in the final round. Previous investors include Airbus Ventures, Data Collective, Horizons, Main Sequence Ventures and Ridgeline Partners.
The company did not provide valuation information, but says it will use the product to further develop its quantum technology, focusing on product engineering, sales and marketing capability. It also plans to grow its team from 80 to around 120 this year in offices in Sydney, Los Angeles and Berlin.
Applications of quantum sensors range from bioimaging, spectroscopy, navigation which provides high precision GPS, environmental monitoring (prediction of volcanic disturbances, measurement of CO2 emissions) and more, according to a McKinsey report.
“Hiring teams of specialists can be risky and expensive. Q-CTRL’s frictionless quantum infrastructure software has a shallow learning curve and enables CIOs and CTOs to be quantum-ready today, reducing business risk,” said Heather West. , head of research at IDC, in a statement. “Q-CTRL envisions that with its software, companies will be able to leverage the skills of their current IT developers to easily develop, optimize, and run quantum algorithms and achieve high levels of performance on any given hardware at a low net cost.”
“Q-CTRL’s technology far exceeds the rest of the industry in addressing the most fundamental challenge of quantum computing,” said Robert Keith, Managing Director of Salesforce Ventures. “Q-CTRL’s products are critical for enterprise adoption of quantum computing, and their use of AI provides critical insights into hardware platforms that no one else can match.”