Q-CTRL Leaps Into Top-10 of Global Quantum Startups
(Sydney.au.edu) The quantum technology company started by Professor Michael J. Biercuk from the University of Sydney has today announced a $US15 million venture capital fundraising round, which catapults Q-CTRL into the top-10 of global quantum start-ups. Further, the investment constitutes one of Australia’s largest venture-capital deals for 2019.
Q-CTRL specialises in solving one of the hardest problems in quantum computing – the inherent instability of hardware. That fragility puts at risk the potential promise of quantum computers to revolutionise drug discovery, chemistry, materials science and even computations for finance. Q-CTRL’s web-based suite of infrastructure software is based on a decade of research undertaken at the University of Sydney’s Quantum Control Laboratory run by Professor Biercuk.
Q-CTRL is funded by Horizons Ventures, Square Peg Capital, Sierra Ventures, DCVC and Main Sequence Ventures. The University of Sydney holds no equity in the company. Professor Biercuk holds a joint position with the University and Q-CTRL.