(Bloomberg) -- Salesforce Ventures-backed quantum technology startup Q-Ctrl raised $59 million from investors including Lockheed Martin Ventures, the latest sign of growing interest in quantum’s possible military applications.
The Sydney-based startup, which makes software designed to suppress errors that occur in quantum computing, said the funds bring its GP Bullhound-led Series B round to $113 million. The startup last year unveiled quantum sensors that can be used for navigation as global positioning systems are increasingly blocked or tampered with. Q-Ctrl also supplies error-suppressing software for the sensors, and licenses technology like lasers to make the sensors more accurate.
“We’ve been working with the Australian Department of Defense on navigation solutions,” said Chief Executive Officer Michael Biercuk, who founded the company in 2017. Quantum computing has yet to prove itself superior to classical computers, but quantum advantage can be seen in the sensor arena, he said.
New investors including NTT Finance and Alpha Edison and existing investors such as Alumni Ventures also participated, it said.
The funding will help build up a sales and marketing team. A big chunk of Q-Ctrl’s staff of around 130 people are scientists and engineers, Biercuk said.
©2024 Bloomberg L.P.
