Q-CTRL raised US$290 million in Series C funding. Salesforce Ventures led the round. The company builds AI-powered infrastructure software for quantum computers and sensors.
Round details
The round was oversubscribed and expanded twice to meet investor demand. Bullhound Capital and Affinity Partners joined as major participants. New backers include AMD Ventures, EDGE Group, MPower Partners, and Australia's National Reconstruction Fund Corporation.
Company context
Q-CTRL was founded in 2017 by Michael J. Biercuk. It operates from Sydney, Los Angeles, San Francisco, Huntsville, Berlin, and Oxford. Investors describe Q-CTRL as one of the few quantum companies with real customers and real revenue.
Quantum navigation system
Ironstone Opal is an unjammable, unspoofable, and undetectable quantum navigation system. It works when GPS is unavailable or denied. The system is being deployed on commercial aircraft with Airbus and autonomous platforms with Lockheed Martin.
Q-CTRL plans to scale globally and expand its customer base in finance and energy. It will continue work on aerospace and autonomy programs. Investor MPower Partners also said it aims to support the company's footprint in Japan.