Quantum computing software startup Q-CTRL raises $27.4 million

Jane Lanhee Lee
·2 min read

By Jane Lanhee Lee

OAKLAND, Calif. (Reuters) - Sydney-based startup Q-CTRL, whose software helps run quantum computers more accurately, said on Tuesday it raised $27.4 million with Salesforce Ventures joining as a new investor.

Quantum computers, which run their processes based on the theories of quantum physics, could one day carry out certain calculations millions of times quicker than the fastest super computers today. Billions of dollars have been invested to prepare for the moment quantum computers can outperform classical computers on important tasks as those could be industry changing, experts say.

"Quantum Computers right now almost never give you the right answer," said Q-CTRL CEO and Founder Michael Biercuk, adding that with a small quantum computer with about 16 quantum bits, or qubits, the chances of getting the right answer is one in a million. "We bump that up thousands of times to make it very useful."

The more qubits the machine has, the more powerful the computer is. Several quantum computer makers say they will have over a thousand qubits in the next one to two years. But these atomic level qubits are prone to a lot of interference from the environment, leaving a gap between what they could do and what a user actually experiences.

Biercuk explains it is like the old television sets whose pictures are obscured behind white snow, or interference. Q-CTRL's software helps see through some of that static to increase the chances of reading the right answer from the quantum machine.

He said while the world waits for bigger, more accurate quantum computers, corporations are pouring in money to be ready for the day when a quantum computer can beat a classical one in something useful. Biercuk said chemistry or finance is the area where that could happen first.

"When we talk to end users of quantum computers for one of our products, almost every company that's come to us has been a financial institution," said Biercuk.

Q-CTRL plans to use the funding for sales and marketing and will grow its team to 120 from 80 this year. It said it booked over $15 million in revenue between its quantum computing and quantum sensing divisions last year.

It works with both quantum computer hardware and software makers, including IBM, IONQ, and Classiq.

(Reporting By Jane Lanhee Lee; Editing by Christian Schmollinger)

  • Up next
  • Up next
  • Up next
  • Up next

Latest Stories

  • The 12 best water bottles of 2024, tested and reviewed

    We tested over 100 thermoses and tumblers — these are our top picks from Hydro Flask, Stanley, BrüMate and more.

  • How to protect your hearing from a young age

    According to the World Health Organization (WHO), around 1.1 billion young adults around the world could be at risk of permanent, avoidable hearing loss due to unsafe listening practices. To address these findings, Gordon Harrison, chief audiologist at Specsavers, has explained how you can prevent hearing loss.The 60/60 headphone rule Although headphones are convenient, try not to wear them for more than 60 minutes per day. "Most phones these days have an alert that tells you when you've been listening to your music too loudly for a certain amount of time," Gordon says.

  • Can supplements really help prevent dementia?

    By 2025, it’s estimated that over one million people in the UK will have a diagnosis of dementia. It’s a sobering thought, but new research suggests that 40 per cent of these cases could be delayed or prevented by prioritising a healthy and active lifestyle.

  • Xerox Stock Dives After Swinging to a First-Quarter Loss

    Xerox Holdings stock plummeted Tuesday after the workplace technology company swung to a loss in the first quarter. Xerox reported a first-quarter loss of $113 million, or 94 cents a share, down from year-earlier profit of 43 cents. Adjusted earnings in the period were 6 cents a share on revenue of $1.5 billion, below analysts’s estimates for adjusted earnings of 35 cents a share on revenue of $1.53 billion.

  • Best co-op games to play in 2024 with friends and family on consoles and PC

    With 30 multiplayer games on our list, you’re sure to find something to play

  • PM says investments in weapons companies meet ethical criteria

    Rishi Sunak said the Government will seek to incentivise private sector investment by stating that defence investment counts towards ESG assessments.

  • Google fires 20 more workers after pro-Palestine sit-ins: ‘Clear violation of our policies’

    Staff fired after they staged protests against Google’s $1.2bn contract with Israel

  • What Taylor Swift’s home county in Pennsylvania explains about the 2024 election

    Conservatives love to hate her, while Joe Biden wants her endorsement. Eric Garcia explains how her home county shows the challenges both face

  • 40 Must-See Movies to Watch This Summer Season

    From indies from fresh faces to favorite IP getting a 2024 burnish, here are the movies we're most looking forward to starting this summer, including a few we've seen and love.

  • Apple event announced: New iPads and Vision Pro updates expected at major live launch

    First event of 2024 will be streamed live

  • Voyager-1 sends readable data again from deep space

    Nasa says its most distant probe is once again sending usable information back to Earth.

  • Yee-Haw!: Cowgirl Seen Riding Horse on California Highway

    A woman on horseback was seen trotting alongside traffic on California Route 24 on April 22.Footage filmed by Maureen Balogh shows the horse and rider — carrying a lasso — passing by her car while she was traveling on the highway.Posting the video to Facebook, Balogh wrote: “Nothing like cowgirls lassoing cows on Highway 24 during commute in Orinda.” Credit: Maureen Balogh via Storyful

  • Susan Hall campaigns at Sadiq Khan's childhood home without realising

    The Tory London mayoral candidate said that she is the ‘underdog’ in the race, but is ‘fighting extremely hard’

  • US has 'structural shortage' of millions of homes, PulteGroup CEO says

    The comments came as the company reported first quarter results that beat Wall Street estimates, sending its stock up as much as 4%.

  • Happy Birthday John Cena!

    Happy Birthday John Cena! John Felix Anthony Cena Jr. turns 47 years old today. Here are five fun facts about the professional wrestler. 1. He is a 16-time WWE World Champion.2. Cena loves collecting cars. 3. He trained to be a bodybuilder before he became a wrestler. 4. Cena's debut rap album, 'You Can't See Me,' went platinum. 5. He holds the record for the most wishes granted by a single individual with the Make-A-Wish-Foundation. Happy Birthday John Cena!

  • Russian court rejects jailed US journalist Gershkovich's detention appeal

    A Moscow court on Tuesday denied US journalist Evan Gershkovich's appeal against the extension of his pre-trial detention in the espionage case that he and American authorities have rejected as false. Gershkovich, 32, a reporter for the Wall Street Journal, has been in Moscow's notorious Lefortovo prison for more than a year after he was arrested while on a reporting trip to Russia.He is the first Western journalist since the Soviet era to be arrested by Moscow on spying charges – accusations th

  • Dean’s List: Public mostly voiced disapproval of UNC System action on DEI, records show

    “How dare this decision be made,” one comment said.

  • Armenia seeks to be Western ally in Putin’s backyard

    Prime minister Nikol Pashinyan says his country needs support to avoid war with heavily armed neighbour Azerbaijan – and is clear about the importance of close ties with the EU and other Western nations

  • Boeing's problems are good for GE Aerospace: Analyst explains

    GE Aerospace (GE) has reported its first quarterly results since becoming an independent company after its spin-off from General Electric. The aerospace developer raised its 2024 profit forecast, buoyed by strong sales for jet engine parts and services. GE Aerospace shares are boosted in Tuesday's trading session after topping first-quarter earnings and revenue estimates. Argus Research President John Eade joins the Morning Brief to provide insights into GE Aerospace's performance. Eade describes the current period as "a good time right now for GE Aerospace" citing multiple tailwinds in the aviation industry — namely Boeing's (BA) production backlog and assembly concerns — coupled with the company's outstanding quarterly report, painting "a great story" for its future. Eade highlights that the separation into an independent entity allowed investors to "capture value" that was previously missing under GE's original broad business model. Shifting his focus to Lockheed Martin (LMT), Eade mentions that the aerospace manufacturer and defense contractor lacks "commercial exposure" and cannot grow as rapidly as GE Aerospace "despite the good news out of Washington" surrounding potential foreign aid packages to Israel and Ukraine. Eade ultimately recommends Lockheed Martin to investors looking for value. For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Angel Smith

  • Strictly's Fleur East needs time to "get over" birth of baby daughter

    Strictly Come Dancing star Fleur East has admitted she needs time to "get over" the birth of her baby daughter.