Bristol-based Phasecraft, a quantum algorithms company, today announced it has raised €29 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 LocalGlobe, AlbionVC, and Parkwalk Advisors.
Ashley Montanaro, Co-founder and CEO of Phasecraft, said: “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 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.”
Founded in 2019, Phasecraft’s mission is to accelerate the practical application of quantum computing by redesigning quantum algorithms for the imperfect quantum computers of today.
Phasecraft was founded by Toby Cubitt, Ashley Montanaro, and John Morton, expert quantum scientists who have led top research teams at UCL and the University of Bristol. Phasecraft works in partnership with leading quantum hardware companies, including Google, IBM, Quantinuum, and QuEra, academic and industry leaders, to develop high-efficiency algorithms to move quantum computing from experimental demonstrations to useful applications.
Phasecraft opened a Washington D.C. office for quantum R&D last year, led by Professor Steve Flammia.
Ian Hogarth, partner at Plural, added: “Phasecraft is revolutionising the quantum landscape in ways that were previously thought impossible. 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 optimisation of our energy networks.
“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.”