Quantum sensing startup Q-CTRL raises another $27.4M
Hey Everyone,
I’m really bullish on the future of Quantum sensing technologies and quantum technology finding real-world applications that may be somewhat unexpected and tethered to space-technologies. The future will require new kinds of software integrations.
Companies that deliver infrastructure software to power the future of quantum computing and sensing might become important.
A Sydney-based startup called Q-CTRL has built quantum-sensing software that helps reduce errors on quantum computers. What I didn’t expect was Salesforce Ventures to invest in them:
Even with the turmoil at Salesforce, and the costly acquisitions of recent times, they are increasingly doing better R&D in A.I. and investing in some emerging tech startups is not a bad idea.
Expansion of Series B.
We are seeing a lot of companies instead of fresh funding, do expansions of their Series A or Series B, it’s a bit weird as valuations plummet in the new normal of the cost of capital.
Seeing more companies and VCs investing in Quantum computing startups like in Australia, shows the collaborative way this industry is evolving. Many of these startups have no real revenue generation optimized for the new real of the startup funding ecosystem.
Their Series B “extension” comes nearly 14 months after the startup raised its $25 million Series B in November 2021. At at when even DARPA is collaborating with the sector, the tech diplomats are going to be busy with National programs running at the pace of the Cold Tech war.
The funding in this case is actually incredibly diversified: The January 31st, 2023 round was led by Salesforce Ventures and saw participation from new investors including Alumni Ventures, ICM Allectus, Mindrock Capital, former General Dynamics Inc. partner Bill Lightfoot and global rugby legend and Australian business leader John Eales. Existing investors such as Airbus Ventures, Data Collective, Horizons, Main Sequence Ventures and Ridgeline Partners also joined in the round.
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