LOS ANGELES, July 25, 2023 — Q-CTRL, a global leader in developing useful quantum technologies through quantum control infrastructure software, today announced the addition of Morpheus Ventures as a new investor in its $54 million Series B funding round.
Morpheus Ventures, known for its expertise in powering disruptive technologies, partners with Q-CTRL to accelerate its growth trajectory and leverage its combined strength to shape the future of quantum technology. Morpheus Ventures has a proven track record of supporting innovative startups in various fields including technology, healthcare, artificial intelligence and biotechnology.
Q-CTRL’s unique value proposition lies in its portfolio of AI-enhanced quantum infrastructure software that stabilizes quantum hardware and overcomes key challenges in the field. The company provides solutions for end-users, researchers and platform vendors to unlock huge opportunities in areas such as materials science, optimization and drug discovery, putting Q-CTRL at the forefront of global innovation.
In quantum computing, these solutions reduce algorithmic errors by more than 1,000x, and IBM announced that Q-CTRL will provide performance management software natively to all cloud-connected quantum computers. But quantum computing is not the only relevant market. The team recently announced that its state-of-the-art, software-tolerant quantum sensor will be adopted by the Australian Department of Defense to provide GPS-denied navigation.
Q-CTRL showed impressive growth and commercial traction despite economic headwinds and the impact on technology investments. The company entered his 2023 with more than $15 million in bookings and ended the first half of 2023 cash flow positive (ignoring equity investments). This is a remarkable achievement for a deep tech business that has grown to over 100 staff members.
Q-CTRL CEO and Founder Michael J. Biercuk said he is proud to actually offer 2x at a time when flats are the new 2x. Our focus on quantum infrastructure software differentiates us within the quantum community and allows us to capture value at every stage of the sector’s growth. It’s great to have experienced investors like Morpheus recognize our unique offerings and help us grow on the world stage.
Morpheus Ventures has a deep understanding of disruptive technologies and recognizes the extraordinary potential of Q-CTRL and its pivotal role in revolutionizing the quantum environment. Damien Petty, partner at Morpheus Ventures, expressed excitement about the investment, saying Q-CTRL’s unparalleled approach and unrivaled software expertise in quantum infrastructure are transforming quantum computing and sensing. The company seeks to drive meaningful utility for multiple providers and customers in the multiple industries they serve. Q-CTRL believes it is uniquely positioned to accelerate its growth and extend its offerings across the quantum software ecosystem.
The investment from Morpheus Ventures further strengthens Q-CTRL’s market position and growth potential, strengthening its role as a leader in driving the quantum revolution. The team has been highly efficient in managing cash, driving revenue growth while maintaining a large cash reserve to strategically expand through economic uncertainty.
The Series B funding will help drive innovation, expand our product portfolio, and grow our business through our world-leading quantum research division, enabling Q-CTRL to continue its mission to make quantum technology useful. Q-CTRL recently announced the opening of new offices in the UK and Berlin, with a 40% annual increase in staff.
Q-CTRL operates the world’s leading quantum sensing division with a focus on software-level innovation for strategic capabilities. This capability is underpinned by Q-CTRL Quantum Control Infrastructure software for R&D professionals and quantum computing end-users, providing the highest performing error correction and suppression technology worldwide, with unique capabilities to accelerate the path to the first useful quantum computers and quantum sensors. Q-CTRL also developed Black Opal, an edtech platform that allows users to quickly learn quantum computing.
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