Square Peg leads $22m raising for quantum computing start-up Q-CTRL

Quantum computing start-up Q-CTRL has landed a $US15m ($21.87m) Series A funding round.

Sydney-based quantum computing start-up Q-CTRL has landed a $US15m ($21.87m) Series A funding round, as the company moves to double its headcount and expand into the US.

The Series A round was led by Australia’s largest venture capital fund Square Peg Capital and ­joined by Silicon Valley’s Sierra Ventures, as well as existing investors Sequoia Capital, Main Sequence Ventures and Horizons Ventures.

Q-CTRL launched in November 2017, and was the first spin-off company of the Australia Research Council Centre of Excellence for Engineered Quantum Systems (EQuS). It builds ‘‘quantum firmware’’ to help improve the performance of quantum computing hardware and make it more resistant against errors.

Professor Michael Biercuk star­ted the company using a decade of academic research, and now runs a team of 25 quantum engineers and software developers, a headcount he is planning to double.

“Systems obeying the rules of quantum physics are very fragile. We help suppress errors and reduce decoherence in quantum computers with this particular product,” Professor Biercuk said.

The software helps guide users who have to work out how to control the qubits, or the quantum logic gates, in a quantum computer to reduce the error rates and keep the qubits in a coherent state so they can perform operations.

“We help teams decide what the shape of that little burst of microwaves or laser light should be to do an operation in a way that is robust against errors,” Professor Biercuk said. “Being at the vanguard of the birth of a new industry is extraordinary.

“We’re also thrilled to be assembling one of the most impressive investor syndicates in quantum technology. Finding investors who understand and embrace both the promise and the challenge of building quantum computers is almost magical.”

The firm would not disclose its current market capitalisation.

Square Peg Capital investment partner Tushar Roy said the start-up was likely to be instrumental in the future development of quantum computers.

In 2018 it was the only company outside North America included in IBM’s network of start-ups working to advance the quantum computing industry.

“Q-CTRL impressed us with their strategy; by providing infrastructure software to improve quantum computers for R&D teams and end-users, they are able to be a central player in bringing this technology to reality,” Mr Roy said.

Additional reporting:
Tim Dodd