Quantum sensor and software maker Q-CTRL raises $290M in funding
Q-CTRL Pty Ltd., a provider of quantum sensors and software for managing qubits, today announced that it has raised $290 million in funding. Salesforce Ventures led the oversubscribed Series C deal. It was joined by more than a dozen others, including Bullhound Capital and Affinity Partners, which Q-CTRL says made “significant” contributions, as well as […] The post Quantum sensor and software…
Quantum sensor and software company Q-CTRL has secured $290 million in funding for its quantum navigation systems. Salesforce Ventures led the oversubscribed Series C deal, with participation from over a dozen investors including Bullhound Capital, Affinity Partners, and AMD Ventures. The Australian firm is now valued at over $1 billion.
Q-CTRL's flagship product, Ironstone Opal, is designed to provide a more reliable alternative to GPS in challenging conditions. The system employs quantum magnetometers and quantum gravimeters, which detect variations in the Earth's magnetic field and gravity as navigation cues. Quantum magnetometers use tiny glass structures filled with atoms, while quantum gravimeters operate on a similar principle.
Ironstone Opal's software processes the data generated by these sensors, filtering out erroneous measurements and combining the remaining data with logs from other sensors. The company also offers two software tools, Boulder Opal and Fire Opal, to optimize the performance of quantum computers and reduce errors in quantum algorithms.
The funding will be used to enhance Q-CTRL's software and expand its international presence.
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