Quantum computing research firm USyd secures venture capital funding

In the race for technology, no challenge is more urgent than developing a viable quantum computer, which has applications in space, defense and just about every other sector of society.

In the race for technology, no challenge is more urgent than developing a viable quantum computer, which has applications in space, defense and just about every other sector of society.

Now, Sydney-based firm Q-CTRL, a spin-off of the University of Sydney’s Quantum Science group, has raised $ 22 million in venture capital to move its work forward.

This investment places Q-CTRL, founded in 2017, in the top 10 of the world’s most successful fundraisers in the emerging quantum technology industry and is one of Australia’s largest venture capital deals for 2019.

“This funding is an exceptional recognition of the value we add to the quantum community and a statement of support for our global ambitions,” said the founder of Q-CTRL. Professor Michael Biercuk.

The new for Q-CTRL is led by Australia’s largest venture capital fund, Square Peg Capital, with new union member Sierra Ventures from Silicon Valley.

The round also includes participation from existing investors Sequoia Capital, Main Sequence Ventures and Horizons Ventures.

Q-CTRL specializes in solving one of the most difficult problems in quantum computing: the instability inherent in computer hardware.

Quantum computers are notoriously fragile. Machines currently developed by companies such as IBM, Rigetti, and Google can only perform operations for very short periods of time before errors appear and programs fail.

Although quantum computers hold great promise, this fragility means that they are not yet viable for general industrial applications.

Q-CTRL’s infrastructure software is based on a decade of research at the University of Sydney’s Quantum Control Laboratory, led by Professor Biercuk.

“This is a wonderful story of long term investment in fundamental science leading to exceptional business outcome for Australia. We congratulate Mike on his continued success, ”said University of Sydney Assistant Vice Chancellor for Research Professor Duncan Ivison.

Q-CTRL’s solutions are featured in peer-reviewed journals to reduce susceptibility to hardware errors by orders of magnitude, thereby accelerating the path to the first commercially relevant quantum computers.

Q-CTRL has Rigetti, Bleximo, Accenture and others as clients. Last year, it was chosen as the first company outside of North America to be included in IBM’s Q network of start-ups working to advance the emerging quantum computing industry.

“This capital increase will support major growth for the company, roughly doubling the 25-member team of quantum engineers and software developers,” said Professor Biercuk.

“It will also support geographic expansion to include a new office in Los Angeles, bringing Q-CTRL staff closer to major customers in the United States. It is an exciting time for the team and this emerging industry.

Quantum computing research firm USyd secures venture capital funding

Last updated: September 12, 2019

Posted: September 13, 2019

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