Australian quantum technology startup Q-Ctrl raised $59 million from investors including Lockheed Martin Ventures, the venture arm of Lockheed Martin (LMT.US), the latest sign of growing interest in the potential military applications of quantum technology.
Q-Ctrl, which has also received funding from Salesforce Ventures, the venture arm of Salesforce (CRM.US), develops software to suppress errors in quantum computing. The company last year launched a quantum sensor for navigation, along with error-suppression software for the sensor, and licensed technologies such as lasers to make the sensor more precise.
“We've been working with the Australian Department of Defence to develop solutions. Quantum computing hasn't proven itself better than classical computers, but you can see the advantage in the sensor space,” said Q-Ctrl Chief Executive Michael Biercuk.
Q-Ctrl said the funding from investors including Lockheed Martin Ventures brings its B round, led by GP bullhound, to $113 million. The money will help build a sales and marketing team. Biercuk said the company has about 130 employees, mostly scientists and engineers.