Quantum algorithms company Phasecraft has raised £25 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.
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’s 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.
“We’re actively creating quantum advantage at Phasecraft,” said Ashley Montanaro, co-founder and CEO. “Our algorithms are delivering meaningful results now, whether it’s simulating the physics of complex materials or optimising 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.”
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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.
Phasecraft opened a Washington D.C. office for quantum R&D last year, led by Professor Steve Flammia.
Hogarth said: “Phasecraft is revolutionising the quantum landscape in ways that were previously thought impossible.
“It’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.
“I’m incredibly excited to continue supporting Phasecraft not just as chairman, but as an investor as well.”
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