Quantum Computing

Q-CTRL Adds Morpheus Ventures to Series B Funding Round for a Total of $54 million USD


Insider Summary

  • Q-CTRL announced the addition of Morpheus Ventures as a new investor.
  • Morpheus Ventures joins the startup’s Series B funding round, which has raised $54 million USD.
  • Q-CTRL is a leader in developing useful quantum technologies through quantum control infrastructure software.

PRESS RELEASE — Q-CTRL, a global leader in the development of useful quantum technologies through quantum control infrastructure software, today announced the addition of Morpheus Ventures as a new investor in its record-breaking Series B funding round, which has raised $54 million USD.

Morpheus Ventures, known for its expertise in supporting disruptive technologies, have joined forces with Q-CTRL to accelerate their growth trajectory and leverage their collective strengths in shaping the future of quantum technology. Morpheus Ventures has a track record of supporting innovative startups in a variety of sectors, including technology, healthcare, artificial intelligence, biotechnology and more.

Q-CTRL’s unique value proposition lies in its line of AI-enhanced quantum infrastructure software products that stabilize quantum hardware – addressing key challenges in the field. The company provides solutions to end users, researchers and platform vendors to unlock massive opportunities in fields such as materials science, optimization and drug discovery, propelling Q-CTRL to the forefront of the global innovation landscape.

In quantum computing, this solution reduces errors in the algorithm excessively 1,000x, leading IBM to announce that Q-CTRL will provide performance management software natively for all cloud-connected quantum computers. But quantum computing isn’t the only relevant market – the team recently announced their advanced “software-ruggedized” quantum sensors are being adopted by Defense Australia to provide GPS-denied navigation.

Despite the economic headwinds and their impact on technology investment, Q-CTRL has shown tremendous growth and commercial appeal. The company entered 2023 with over $15 million in bookings and closed the first half of 2023 cash flow positive (disregarding equity investments) which is a notable milestone for a deep technology business that has grown to over 100 staff.

“At a time when flat was the new 2x, we were proud to actually deliver 2x,” said Q-CTRL CEO and Founder Michael J. Biercuk. “Our focus on quantum infrastructure software sets us apart in the quantum community, enabling us to capture value at all stages of the sector’s growth. It’s been great to see an experienced investor like Morpheus recognize our unique offering and lean on it to help us grow on the global stage.”

Morpheus Ventures, with its deep understanding of disruptive technologies, recognizes the extraordinary potential of Q-CTRL and its pivotal role in revolutionizing the quantum landscape. Damien Petty, Partner at Morpheus Ventures, expressed their excitement about the investment, saying, “Q-CTRL’s unparalleled approach and their unparalleled expertise in quantum infrastructure software is transforming quantum computing and quantum sensing. Companies are on the cusp of driving meaningful utility for the many providers and customers they serve across a variety of industries. We believe Q-CTRL is uniquely positioned to accelerate its growth and broaden its offerings across the quantum software ecosystem.”

The investment from Morpheus Ventures further strengthens Q-CTRL’s market position and growth potential and strengthens their leadership role in driving the quantum revolution. The team was highly efficient in cash management, driving revenue growth while maintaining large cash reserves to weather economic uncertainties and develop strategically.

The Series B Fund will be instrumental in driving technical innovation through their world-leading quantum research division, expanding product portfolio, and scaling operations, enabling Q-CTRL to continue their mission to make quantum technology useful. Q-CTRL recently announced new offices in the UK and Berlin with annual staff growth of 40%.


Source link

Related Articles

Back to top button