Quantum algorithms company Phasecraft has raised 拢25 million in Series B funding to accelerate its breakthrough work to transform quantum computing鈥檚 theoretical promise into practical applications.
Co-led by Plural, existing investor Playground Global, and Novo Holdings鈥� Quantum Fund in its first direct quantum software investment, the round also included participation from existing investors AlbionVC, Latitude and Parkwalk Advisors.
Phasecraft has also appointed Plural partner Ian Hogarth as chair.
Quantum computing hardware and software are converging towards commercial utility, which Phasecraft says is only possible by leveraging ultra-efficient algorithms. Its algorithms are hardware-agnostic and it has developed partnerships with the likes of Google Quantum AI, IBM, Quantinuum and QuEra.
Phasecraft is already working with end-users such as specialty materials developer Johnson Matthey, solar cell developer Oxford PV, the UK鈥檚 National Energy System Operator (NESO) and 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.
鈥淲e鈥檙e actively creating quantum advantage at Phasecraft,鈥� said Ashley Montanaro, co-founder and CEO. 鈥淥ur algorithms are delivering meaningful results now, whether it鈥檚 simulating the physics of complex materials or optimising the structure of a large energy network, whilst our partnerships with the world鈥檚 top quantum hardware providers increase the impact our algorithms will have for commercial applications.聽
鈥淲e鈥檙e 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.鈥�
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Phasecraft says its work is already gaining momentum, addressing areas such as material science, by making simulating materials millions of times more efficient Phasecraft; biological research by applying quantum computing to key biochemical processes relevant to drug development for genetic conditions; and energy resilience by optimising energy networks.
Co-founders and 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 a team featuring leaders formerly at AWS, Johnson Matthey and Goldman Sachs.聽
Phasecraft opened a Washington D.C. office for quantum R&D last year, led by Professor Steve Flammia.
Hogarth said: 鈥淧hasecraft is revolutionising the quantum landscape in ways that were previously thought impossible.聽
鈥淚t’s to the credit of the best-in-class team that Ashley and Toby have built that some of the biggest tech companies in the world, including Google and IBM, see Phasecraft as the way to accelerate the impact of their own devices.聽
鈥淚鈥檓 incredibly excited to continue supporting Phasecraft not just as chairman, but as an investor as well.鈥�
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