Australia-based quantum technology start-up Q-CTRL, backed by venture capital firms including Li Ka-shing's private investment arm Horizons Ventures, has raised US$15 million (HK$117 million) to fuel its US expansion.
The new Series A round was led by Australia's largest venture capital fund Square Peg Capital and it includes new investor Sierra Ventures as well as Sequoia Capital, Main Sequence Ventures and Horizons Ventures.
The start-up is building software to help reduce noise and errors on quantum computing machines.
Quantum computers and sensors are able to perform computations that go well beyond what can be done by normal computers today, with the applications for such technology including cryptography, biosciences, advanced geological exploration. But quantum computing machines are known to be unstable, in part because of the fragility of the quantum state, which introduces a lot of noise and subsequent errors, which results in crashes.
Founded in 2017, Q-CTRL's customers include Rigetti, Bleximo and Accenture.