University of Sydney's quantum error-correction spinout Q-Ctrl has added $15m from investors including Main Sequence Ventures and plans to double its headcount and open a US office.
Q-Ctrl, an Australia-based quantum error-correction technology spinout of University of Sydney, has raised $15m in a round featuring Main Sequence Ventures, the VC firm owned by research institute Commonwealth Scientific and Industrial Research Organisation.
The round was led by venture capital fund Square Peg Capital and also involved VC firms Sierra Ventures, Sequoia Capital and Horizons Ventures.
Founded in 2017, Q-Ctrl has devised a suite of web-based software tools that would compensate for errors on quantum computers, which quickly destabilise during computations due to the fragility of their processing components.
The spinout advances a decade’s research championed by Michael Biercuk, director of University of Sydney’s Quantum Control Laboratory.
Q-Ctrl will put the fresh capital into growth objectives including doubling its 25-person headcount and the opening of an LA-based office to target customers in the US. The company joined technology firm IBM’s Q Network last year, gaining access to the corporate’s quantum computing ecosystem.
Sequoia Capital China joined fellow VC firms Data Collective and Horizon Ventures in July 2018 to back Q-Ctrl’s seed round of undisclosed size with an extension that followed earlier contributions from Main Sequence Ventures and Horizon Ventures.
Michael Biercuk said: “This funding is an exceptional acknowledgement of the value we are adding to the quantum community and a statement of support for our global ambitions.”
