Q-CTRL, a Sydney-based quantum computing company, has raised $39M in an extension of its 2021 Series B. The round was led by Salesforce Ventures and included Main Sequence Ventures, Ridgeline, ICM Partners and Airbus Ventures, among others. The total for the Series B is over $52M USD, a positive sign for the ecosystem as Q-CTRL's valuation increased.
So what is Q-CTRL? The start-up brings the power of quantum computing to everyone. For example, a large enterprise user with huge computational challenges, like a finance company or pharmaceutical company, will see errors in the data due to the sheer volume of calculations. Q-CTRL's technology improves the quantum hardware utility and performance by helping fix these hardware errors. The capital will be used to grow the international team across Sydney, LA and Berlin from 80 to 120. The platform has circa 8,000 users and has ticked over $15M in revenue. Big ticket customers include IBM, Capgemini and Transport NSW.
To democratise quantum computing for all, Q-CRTL has built an EdTech platform specialising in teaching quantum computing called Black Opal. Check it out if you want to take on what could be Australia's next industry. The CSIRO has stated that by 2045 the quantum industry could employ more than oil and gas with a run-rate of $6B a year.