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Sydney's Q-CTRL scores $85 million to grow global quantum business

The startup, which develops software to make quantum computers more reliable, has raised a total of $166 million during its extended Series B.

Daniel Van Boom
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Michael Biercuk came to Australia as a professor to build a quantum technology research team after being educated in the US. Q-CTRL.

Sydney startup Q-CTRL has raised an additional USD59 million (A$85 million) as part of an extended Series B, bringing the round to a total of $166 million.

The newly announced funding exceeds the first two parts of Q-CTRL’s Series B. The company raised USD25 million in November 2021 and another USD27 million in early 2023.

"We did a funding round that was modest, believing that we would be in a very strong position a short while later," Q-CTRL founder Michael Biercuk said of the $39 million Series B1, "and that's where we found ourselves."

"We originally only set out to raise about USD30 million as that's what we thought was appropriate based on how much runway we had and how much revenue we were generating... but the demand from the investor base was very, very high."