Q-Ctrl, an Australia-based quantum computing technology spinout from University of Sydney, has closed its seed round following an extension of undisclosed size from VC firms Data Collective, Sequoia China and Horizon Ventures.
The final tranche follows an a previous close of undisclosed size in October 2017 by Main Sequence Ventures, a VC firm owned by institute Commonwealth Scientific and Industrial Research Organisation. Horizon Ventures had also provided earlier seed funding.
Founded in 2017, Q-Ctrl designs control mechanisms for quantum computing processors, which are anticipated to vastly boost computing speeds but are still to be exploited effectively.
Q-Ctrl believes better control is necessary if stable quantum computers are to be manufactured on a commercial scale.
The spinout advances the work of founder and chief executive Michael Biercuk, who heads the Quantum Control Laboratory Research Group at University of Sydney’s Nano Institute. Phil Morle, partner at Main Sequence Ventures, has joined Q-Ctrl as a board director.
Q-Ctrl is a member of IBM Q Network, a program offering access to technology group IBM’s quantum systems and potential tie-ups with the corporate’s researchers.
Biercuk said: “Looking back at how the Wright brothers transformed aviation, we know that control has helped build an industry before. Q-Ctrl will do the same for quantum technology.
“We are growing rapidly and closing this seed round with such a powerful team is an enormous vote of confidence in what we have built and the potential for Australian companies to operate globally.”
