Q-CTRL adds Morpheus Ventures as an investor
Q-CTRL was recently in the news yet again, announcing the addition of veteran technology investment firm Morpheus Ventures as a new investor in the company’s Series B funding round, which has raised $54 million USD.
Not many private start-ups are willing to talk about revenue or bookings numbers, particularly at a time when many have are find the process of achieving sales growth to be such tough sledding, but Q-CTRL claimed to have entered 2023 with more than $15 million in bookings, and closed the first half of 2023 cash-flow positive (ignoring equity investments).
“In a time when flat is the new 2x, we’re proud to actually be delivering 2x,” said Q-CTRL CEO and Founder Michael J. Biercuk. “Our focus on quantum infrastructure software sets us apart in the quantum community, allowing us to capture value at all stages of the sector’s growth. It’s fantastic to see experienced investors like Morpheus recognizing our unique offerings and leaning in to help us grow on the global stage.”
Damien Petty, Partner at Morpheus Ventures, expressed the firm’s excitement about the investment, saying, “Q-CTRL’s unparalleled approach and their unmatched expertise in quantum infrastructure software is transforming quantum computing and quantum sensing. The company is on the cusp of driving meaningful utility for multiple providers and the customers they serve across multiple industries. We believe Q-CTRL is uniquely positioned to accelerate its growth and expand its offerings across the entire quantum software ecosystem.”
The Series B funds will be instrumental in fostering technical innovation through Q-CTRL’s quantum research division, expanding the product portfolio, and scaling operations, enabling the Australian company to continue its mission to make quantum technology useful, Q-CTRL stated.
News of the funding boost comes shortly after Q-CTRL announced a partnership with Oxford Quantum Circuits, and a major quantum sensing partnership with Australia’s Department of Defence.
Los Angeles-based Morpheus is known for its investments in deep tech, and was an early investor in Rigetti Computing.
Dan O’Shea has covered telecommunications and related topics including semiconductors, sensors, retail systems, digital payments and quantum computing/technology for over 25 years.
