Quantum startup stretches Series B round to $133M, adds Lockheed's venture arm

Q-CTRL, a developer of software for use in quantum computing, has grown its Series B capital raise to $113 million thanks to an additional $59 million injection that extended the round.

Late-stage venture firm GP Bullhound led the Series B-2 all-equity funding round that also saw Lockheed Martin’s venture capital arm join as a new investor in Q-CTRL, an Australia-headquartered startup launched in 2017.

Alpha Edison, NTT Finance, Salus Group and TISI are among the other new backers Q-CTRL announced Tuesday. Existing investors that will continue on include Alumni Ventures, DCVC, John Eales, ICM Allectus, Main Sequence Ventures and Salesforce Ventures.

Q-CTRL focuses much of its time and resources on the sensing aspects of quantum in addition to the computing power piece. The 130-employee company designs its software to reduce errors in quantum systems that can arise from tampering or being blocked, with the idea of making sensors more accurate.

“Our focused view that software can be the key enabler of quantum hardware across all applications has become a key driver of new capabilities in the field, and underpins our major commercial partnerships with leading quantum platform vendors," Q-CTRL’s founder and chief executive Michael Biercuk said in a release.

IBM is one of those large companies that Q-CTRL works with, having deployed a series of functions into Big Blue’s own lineup of quantum offerings. Q-CTRL also is collaborating with Airbus to follow up on field trials that tested the former’s ruggedized technologies on maritime vessels.

Major defense primes, Australia's defense department and the U.K. Navy’s office of the chief technology officer are among Q-CTRL's clients that have ongoing commercial engagements.

For Lockheed Martin Ventures, quantum technologies represents one of a dozen focus areas in its push to identify and invest in companies seen as having technologies and business models of promise.

“Quantum-enabled control technologies have the potential to unlock the future of quantum computing and further enhance our capabilities in delivering resilient, high-performance systems for critical missions,” said Chris Moran, vice president and general manager of Lockheed Martin Ventures.