Quantum computing startup Q-CTRL raises $27.4M in funding to power the future with its quantum sensing technology
A lot has been written about quantum computers. But what is getting less attention is its simpler cousin technology—quantum sensing. Unlike quantum computing, quantum Sensing is an advanced sensor technology that uses the smallest amounts of energy and matter to detect and measure tiny changes in time, gravity, temperature, pressure, rotation, acceleration, frequency, and magnetic and electric fields.
Quantum sensors vastly greatly improve the accuracy of how we see, measure, navigate, explore, study, and interact with the world around us by sensing changes in motion, and electric and magnetic fields. The analyzed data is collected by these sensors at the atomic level. One of the leading startups in this field is Q-CTRL, a Sydney-based quantum sensing startup whose software helps run quantum computers more accurately.
Today, Q-CTRL announced it has raised $27.4 million in Series B extension to double down on the development of its quantum technology, concentrating on product engineering, sales, and marketing capacity. The startup will also use part of the new capital infusion to grow its team from 80 to approximately 120 this year across Berlin, Los Angeles, and Sydney Berlin offices.
Salesforce Ventures joined as a new investor in the latest round, with participation from previous investors and Alumni Ventures, ICM Allectus, Mindrock Capital, Bill Lightfoot (a former partner at General Dynamics), and John Eales (an Australian business leader and global rugby legend).
The Series B extension comes nearly 14 months after the startup raised its $25 million Series B in November 2021. The startup said it has made major discoveries and demonstrations of its technology after its last fundraise.
Unlike conventional computers that store information using bits represented by 0s or 1s, quantum computers use quantum bits, or qubits, to encode information as 0s, 1s, or both at the same time. Additionally, scientists say quantum computers could one day make some complex mathematical calculations millions of times faster than the fastest supercomputers today.
“Quantum Computers right now almost never give you the right answer,” said Q-CTRL CEO and Founder Michael Biercuk, adding that with a small quantum computer with about 16 quantum bits, or qubits, the chances of getting the right answer is one in a million. “We bump that up thousands of times to make it very useful.”
Today’s computers still use integrated circuits or semiconductors (also known as chips) which are based on bits in the form of binary 1s and 0s. Integrated circuits are microchip wafers that contain millions of tiny resistors, capacitors, and other components. However, with computational demands from technologies like robotics and generative AI, the current microchips are beginning to reach their limits, especially with their power consumption. As such, a new type of chip is needed to meet these challenges and that’s where quantum computer comes in.