Phasecraft raises $34M to advance quantum computing solutions
The new funding, which brings the total raised to over USD 50 million 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.
UK-based quantum computing company Phasecraft has announced it has raised USD 34 million in Series B funding to accelerate its 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 said in a media release.
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 USD 50 million 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, it said.
“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,” Ashley Montanaro, co-founder and CEO of Phasecraft, said. “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.”
“Phasecraft is revolutionising the quantum landscape in ways that were previously thought impossible,” Ian Hogarth, partner at Plural, said. “Its hardware-agnostic approach means it’s been able to work with several of the world’s most powerful computing devices, creating algorithms that are more efficient by factors of millions and that are now helping to solve real-world problems like material discovery and the optimization of our energy networks.”
“With advancements in quantum algorithms from Phasecraft, we are poised to shift from discovery to design, entering an era of unprecedented dynamism in chemistry, materials science and medicine,” Peter Barrett, general partner at Playground Global, said.
