Phasecraft raises $34M to bring quantum computing closer to real-world impact
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Phasecraft, the world’s leading quantum algorithms company, today announced it has raised $34 million in Series B funding to accelerate its breakthrough work to transform quantum computing’s theoretical promise into practical applications. Co-led by Plural, existing investor Playground Global, and Novo Holdings’ Quantum Fund in its first direct quantum software investment, the round also included participation from existing investors AlbionVC, Latitude and Parkwalk Advisors.
Tackling inaccessible problems
Quantum computing hardware and software are converging towards commercial utility, which is only possible by leveraging ultra-efficient algorithms, like Phasecraft’s.Its unique algorithms are hardware-agnostic, and partnerships with leaders such as Google Quantum AI, IBM, Quantinuum, and QuEra are enabling the company to push even faster towards quantum advantage.
The company’s quantum-enhanced approach uses quantum computing as a partner to standard computing to overcome its limitations and enables today’s Noisy Intermediate Scale Quantum devices (NISQ) to tackle previously inaccessible problems, rather than waiting for perfect hardware. This brings quantum applications to industry sooner than anticipated. Phasecraft is already working with end-users such as specialty materials developer Johnson Matthey, solar cell developer Oxford PV, the UK’s National Energy System Operator (NESO), and leading telecommunications provider BT.
The new funding, which brings the total raised to over $50M including grant funding, will allow the company to double down on its R&D breakthroughs and expand industrial efforts, building real-world solutions for end users.
“We’re actively creating quantum advantage at Phasecraft. Our algorithms are delivering meaningful results now, whether it’s simulating the physics of complex materials or optimizing the structure of a large energy network, whilst our partnerships with the world’s top quantum hardware providers increase the impact our algorithms will have for commercial applications. We’re delighted to have the backing of our visionary investors such as Plural, Playground Global, and Novo Holdings, to support us on the mission to bring quantum advantage to the world faster.”
Ashley Montanaro, co-founder and CEO of Phasecraft
Novel insights driving quantum developments
By designing algorithms based on novel insights from theoretical physics and computer science, coupled with knowledge gained from extensive numerical simulations and a deep understanding of quantum hardware, Phasecraft’s work is already gaining momentum. Its work is addressing areas such as material science, by making simulating materials millions of times more efficient; biological research by applying quantum computing to key biochemical processes relevant to drug development for genetic conditions; and energy resilience by optimizing energy networks.
A world-leading team driving innovation
Phasecraft’s cofounders, Professors Toby Cubitt, Ashley Montanaro, and John Morton, have world-leading records in quantum computing including decades leading top research teams at UCL and the University of Bristol and have built an unrivaled team featuring leaders formerly at AWS, Johnson Matthey, and Goldman Sachs. Phasecraft opened a Washington D.C. office for quantum R&D last year, led by Professor Steve Flammia.
More in The Times here.