Sydney, October 8, 2024 –- Q-CTRL, the global leader in quantum infrastructure software, today announced the successful expansion of its Series B Funding Round to USD $113M (AUD $166M), with USD $59M of new capital. The Series B-2 all-equity funding round was led by global late-stage venture firm GP Bullhound and saw a dramatic increase in valuation from earlier financing. This represents the largest aggregate Series B for a quantum software company to date.

“We’re very excited that GP Bullhound has led this round,” said Q-CTRL CEO and Founder Michael J. Biercuk. “Their experience and international presence will support us as we continue our expansion, and we look forward to working closely with them as a shareholder and board member.”

The investor syndicate includes venture capital leaders and strategic global defense technology giants reflecting the financial opportunity presented by Q-CTRL’s strong commercials and the critical value of its technology in shaping the quantum industry. New investors include Alpha Edison, Lockheed Martin Ventures, NTT Finance, Salus Group, and TISI; they are joined by repeat contributions from existing investors Alumni Ventures, DCVC, John Eales, ICM Allectus, Main Sequence Ventures, and Salesforce Ventures.

“We are thrilled to support Q-CTRL in unlocking the full potential of quantum technology,” said Per Roman, GP Bullhound Founder and Managing Partner. “At GP Bullhound, we believe that quantum computing and sensing will be central to the next wave of technological transformation, reshaping industries such as finance, transport, and pharmaceuticals. Our investment reflects our commitment to backing visionary companies capable of bringing this revolution from the lab to real-world applications.”

"Lockheed Martin's strategic investment in Q-CTRL underscores our commitment to advancing quantum technology solutions for national security applications,” said Chris Moran, Vice President and General Manager of Lockheed Martin Ventures. “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."

“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," Biercuk added. “This new investment, coupled with our growing portfolio of technical demonstrations, has positioned us for ubiquity and permanence in the industry.”

With this funding, Q-CTRL will expand its investment in quantum control R&D and product engineering to deliver on a growing portfolio of customer engagements among Fortune 500 clients, government departments and agencies, and quantum platform providers. The company of 130+ employees has already achieved extraordinary commercial success, indicating tremendous opportunity for value capture and growth with new investment.