Q-CTRL Funding, Investors & Competitors

Q-CTRL has raised $128M across 5 funding rounds, most recently a $59M Series B in October 2024.

Last Q-CTRL funding round

$59M

Series B · Oct 2024

Cumulative funding Q-CTRL raised

$128M

across 5 funding rounds

Key investors in Q-CTRL

  • Main Sequence Ventures
  • Horizons Ventures
  • Alumni Ventures
  • Salesforce Ventures
  • DCVC
  • Sierra Ventures
  • Square Peg Capital
  • Airbus Ventures

Q-CTRL Overview

About Q-CTRL

Q-CTRL is an Australian quantum technology company pioneering AI-powered quantum infrastructure software to accelerate development of useful quantum computers. Its solutions serve universities, national labs, and industry partners while extending to software-defined quantum sensors for defense and intelligence. IBM Quantum integrates Q-CTRL software natively into its computing fleet as of May 2023. Partnerships include Transport for NSW for transport data scientists and the Australian Department of Defence for quantum-assured navigation under AUKUS. Recognitions encompass World Economic Forum Global Innovator status, Quantum Economic Development Consortium membership, US Geospatial Intelligence Foundation affiliation, and Australian Quantum Alliance co-chair role. Gartner named it a 2023 Cool Vendor with features in The New York Times, The Economist, Forbes, Wired, and Gizmodo.


Founded

2017

HQ

AustraliaSydney

Website

q-ctrl.com

Status

Privately held

Customer focus

B2B & B2G

Revenue model

Subscription

Q-CTRL Funding History

Q-CTRL has raised a total of $128M across 5 funding rounds.

Q-CTRL's first fundraising round was a $15M Series A in September 2019. The most recent completed round was a $59M Series B in October 2024.

Q-CTRL funding rounds

Q-CTRL funding rounds
DateStageInvestorsRaisedDeal Summary
Oct 2024Series BAlumni Ventures (lead); GP Bullhound (lead); Salesforce Ventures; TISI; Allectus Capital; Main Sequence Ventures; Alpha Edison; NTT Finance; DCVC; John Eales; Salus Ventures; Lockheed Martin Ventures$59MQ-CTRL, headquartered in Sydney, Australia, and founded in 2017 by Professor Michael Biercuk, develops infrastructure software for quantum computers, focusing on quantum control solutions that enhance performance and reliability for quantum hardware platforms, including AI-powered tools like Boulder Opal for automated calibration and optimization. The company serves Fortune 500 clients, government agencies such as the Australian Defence Force, UK Navy, and NSW Department of Transport, and partners with quantum platform providers like IBM, Rigetti, and QuantWare. On October 8, 2024, Q-CTRL announced the expansion of its Series B funding round with a $59 million all-equity injection led by GP Bullhound, bringing the total Series B to a record $113 million (AUD $166 million) for a quantum software company. New investors included Alpha Edison, Lockheed Martin Ventures, NTT Finance, Salus Ventures, and TISI, alongside existing backers like Alumni Ventures, DCVC, John Eales, ICM Partners (noted as ICM Allectus), Main Sequence Ventures, and Salesforce Ventures. The funding will accelerate quantum control R&D, product engineering, and customer engagements, supporting commercial success in quantum computing and sensing applications, including quantum navigation for GPS-denied environments demonstrated with partners like Airbus and Australian Defence. Q-CTRL's technology is positioned for defense and strategic applications, with Lockheed Martin Ventures highlighting its potential for resilient high-performance systems. The company grew to over 130 employees and achieved key milestones like partnerships with Rigetti's Novera QPU program and QuantWare. Q-CTRL's 2024 year-in-review emphasized its industry-leading funding and technical demonstrations, reinforcing its role in enabling quantum hardware ubiquity amid positive investor sentiment.
Jul 2023Series BMorpheus Ventures (lead)$2MQ-CTRL develops quantum control infrastructure software to enable useful quantum technologies in computing and sensing. The company provides AI-enhanced products that stabilize quantum hardware and reduce algorithm errors by over 1,000 times, serving platform vendors like IBM, Rigetti, and IonQ, as well as end-users in materials science, optimization, and drug discovery. Australian Defence adopts its quantum sensors for GPS-denied navigation. Q-CTRL's Series B funding round, announced around July 25, 2023, added Morpheus Ventures as a new investor with $2 million, contributing to a total Series B of $54 million USD across multiple extensions. Morpheus Ventures led this tranche and highlighted Q-CTRL's expertise in transforming quantum computing and sensing. Prior Series B extensions included $27.4 million in January 2023 led by Salesforce Ventures, building on the initial $25 million in November 2021. By mid-2023, Q-CTRL achieved over $15 million in bookings entering the year and closed the first half cash-flow positive, excluding equity investments, with a team exceeding 100 staff. The funding supports expansion in product engineering, sales, marketing, and strategic growth amid economic challenges.
Jan 2023Series BSalesforce Ventures (lead); Allectus Capital; Airbus Ventures; Main Sequence Ventures; Mindrock Capital; Alumni Ventures; Horizons Ventures; Ridgeline; John Eales; Morpheus Ventures; Bill Lightfoot; DataCollective$27MQ-CTRL is a Sydney-based quantum infrastructure software company developing tools to reduce errors in quantum computers and sensors, serving quantum computing firms like Rigetti, IonQ, IBM, and government defense agencies. On January 31, 2023, it announced a Series B-1 extension raising $27.4 million USD with Salesforce Ventures as the largest participant, bringing the total Series B to over $52 million USD. New investors included Alumni Ventures, ICM Allectus (or ICM Partners), Mindrock Capital, Bill Lightfoot (former General Dynamics partner), and John Eales (Australian business leader), alongside continuing backers Airbus Ventures, DCVC (DataCollective), Horizons Ventures, Main Sequence Ventures, and Ridgeline Partners. The funding aimed to expand technology and product engineering, sales, and marketing, growing headcount from 80 to 120 across Sydney, Los Angeles, and Berlin offices. Q-CTRL reported over 8,000 users across its portfolio and more than $15 million in bookings across quantum computing and sensing in 2022, with sales bookings tripling that year. This extension followed an initial Series B of about $25 million led by Airbus Ventures in 2021. The company positioned its AI-driven products as essential for enterprise quantum adoption. Later, in October 2024, Q-CTRL expanded Series B further to $113 million USD led by GP Bullhound with new investors like Lockheed Martin Ventures.
Nov 2021Series BAirbus Ventures (lead); Main Sequence Ventures; Sierra Ventures; Square Peg Capital; Horizons Ventures; Ridgeline; DCVC; IQT; HSG$25MQ-CTRL is an Australia-based company (Sydney headquarters, with offices in Los Angeles and Berlin) developing intuitive and scalable quantum control engineering solutions, including cloud-based software suites to optimize quantum performance for computing and sensing applications. The company announced a $25 million USD Series B financing round on November 30, 2021, led by Airbus Ventures, with participation from existing investors such as DCVC, Horizons Ventures, Main Sequence Ventures, Sierra Ventures, Square Peg Capital, Sequoia Capital China, and In-Q-Tel, plus new investor Ridgeline Partners. The funds aim to support expansion of quantum control infrastructure software, development of quantum sensing for acceleration, gravity, and magnetic fields, and entry into new data-as-a-service markets, including space-qualified sensors via programs like Moon-to-Mars and Seven Sisters Consortium. Q-CTRL's client portfolio at the time included engagements with Advanced Navigation, Australian Department of Defence, Air Force Research Lab, and Australian Space Agency, highlighting applications in space, defense, geospatial intelligence, Earth observation, and lunar development. Recent achievements prior to the round included demonstrations improving quantum algorithm performance on real hardware by over 2500% and the launch of Black Opal, an interactive quantum education program. The round followed an oversubscribed Series A in July 2019. Subsequent expansions of the Series B occurred later, including $27.4M in January 2023 led by Salesforce Ventures and $59M in October 2024 led by GP Bullhound bringing the total to $113M with increased valuation, but these are distinct from the queried November 2021 tranche.
Sep 2019Series ASquare Peg Capital (lead); Main Sequence Ventures; Sierra Ventures; Horizons Ventures; Sequoia Capital$15MQ-CTRL is an Australian quantum technology company founded by Professor Michael J. Biercuk from the University of Sydney that provides quantum control engineering solutions and infrastructure software. The company's flagship product, Firmware, is designed to reduce errors in quantum computing hardware and improve performance on quantum systems. Q-CTRL was selected as an inaugural member of the IBM Q startup network and gained recognition as one of the top 10 quantum computing startups to watch. In September 2019, Q-CTRL announced a $15 million USD Series A funding round led by Square Peg Capital, Australia's largest venture capital fund, with participation from new investor Silicon Valley's Sierra Ventures and existing backers Sequoia Capital, Main Sequence Ventures, and Horizons Ventures. This round positioned Q-CTRL among the top-10 most successful quantum startup fundraisers globally and represented one of Australia's largest venture capital deals of 2019. The company planned to use the capital to expand its team and open a new office in California to be closer to major customers in the quantum computing sector.

Who has invested in Q-CTRL?

24 investors have backed Q-CTRL across its funding rounds, including Main Sequence Ventures, Horizons Ventures, Alumni Ventures, Salesforce Ventures, DCVC and Sierra Ventures.

Lead investors include Alumni Ventures, GP Bullhound, Morpheus Ventures, Salesforce Ventures, Airbus Ventures and 1 other investor.


Q-CTRL Investors

Investors in Q-CTRL by funding rounds participated
InvestorHQRoundsRoleFirst check
Main Sequence VenturesAustraliaAustralia4ParticipantSep 2019
Horizons VenturesHong KongHong Kong3ParticipantSep 2019
Salesforce VenturesUnited StatesSan Francisco, CA2LeadJan 2023
Allectus CapitalBermudaHamilton2ParticipantJan 2023
Airbus VenturesUnited StatesSan Francisco, CA2LeadNov 2021
Sierra VenturesUnited StatesSan Francisco, CA2ParticipantSep 2019
Square Peg CapitalAustraliaSydney2LeadSep 2019
Alumni VenturesUnited StatesUnited States2LeadJan 2023
RidgelineUnited StatesMemphis, TN2ParticipantNov 2021
DCVCUnited StatesUnited States2ParticipantNov 2021
John EalesAustraliaSydney2ParticipantJan 2023
Morpheus VenturesUnited StatesLos Angeles, CA2LeadJan 2023
TISIUnited StatesHouston, TX1ParticipantOct 2024

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Q-CTRL Competitors

Q-CTRL competitors include listed companies like Snowflake and TRS Information Technology, and private ones like SandboxAQ, Anthropic, OpenAI and Databricks.

Public and private companies comparable to Q-CTRL
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
SnowflakeUnited StatesUnited StatesPublicly listed$4.7B($1.3B)$119B21.0x
TRS Information TechnologyChinaChinaPublicly listed$76M($20M)$1.7B19.7x
SandboxAQUnited StatesSan Francisco, CAPrivate--$5.8B-
AnthropicUnited StatesSan Francisco, CAPrivate$47B-$965B20.5x
OpenAIUnited StatesSan Francisco, CAPrivate$25B-$852B34.1x
DatabricksUnited StatesSan Francisco, CAPrivate$7B-$190B27.1x

Q-CTRL Public Comps

Q-CTRL is still privately-owned, but its public comps include Oracle, Palantir, CrowdStrike, SAP, Salesforce, ServiceNow, Snowflake, Adobe, Datadog and Moody's.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Oracle$67B$33B8.6x7.8x17.7x13.9x
Palantir$4.5B$1.5B92.6x58.1x285.0x97.4x
CrowdStrike$4.8B($12M)51.4x44.5x(19816.2x)151.0x
SAP$42B$13B5.8x5.4x18.4x17.1x
Salesforce$42B$13B5.5x5.2x17.8x12.2x
ServiceNow$13B$2.6B11.1x9.6x57.2x25.0x
Snowflake$4.7B($1.3B)25.6x21.0x(94.1x)121.7x
Adobe$24B$9.3B4.3x3.9x10.9x8.2x

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Common questions about Q-CTRL

When was Q-CTRL founded?Q-CTRL was founded in 2017.
Where is Q-CTRL headquartered?Q-CTRL is headquartered in Sydney, Australia.
Is Q-CTRL publicly listed?No, Q-CTRL is a private, VC-backed company.
How much funding has Q-CTRL raised?Q-CTRL has raised $128M across 5 funding rounds.
What was Q-CTRL's last funding round?Q-CTRL's last funding round was a $59M Series B in October 2024, led by Alumni Ventures and GP Bullhound.
Who are Q-CTRL's investors?Q-CTRL's investors include Main Sequence Ventures, Horizons Ventures, Salesforce Ventures, Allectus Capital, Airbus Ventures, Sierra Ventures, Square Peg Capital, Alumni Ventures, Ridgeline, DCVC and 14 others.
Which companies are comparable to Q-CTRL?Companies comparable to Q-CTRL include Snowflake, TRS Information Technology, SandboxAQ, Anthropic, OpenAI and Databricks.

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