Phasecraft Secures $34 Million to Advance Quantum Computing Applications

Phasecraft, a UK-based startup specializing in quantum algorithms, has successfully raised $34 million in a Series B funding round, co-led by Plural, Playground Global, and Novo Holdings’ Quantum Fund. This investment marks Novo's inaugural direct investment in quantum software and brings Phasecraft's total funding to over $50 million, including previous grants and investments. The new capital will enhance the company's research and development efforts and expand its partnerships with industry leaders.

Top VCs back quantum leader Phasecraft with £25m

Founded in 2019 as a spin-off from University College London and the University of Bristol, Phasecraft aims to bridge the gap between the theoretical potential of quantum computing and its practical applications. The company focuses on developing hardware-agnostic quantum algorithms that can operate on today's noisy quantum machines. One of its notable innovations is the THRIFT algorithm, which significantly reduces the number of quantum operations required for simulations, enabling large-scale quantum chemistry simulations that were previously unattainable.

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Phasecraft has established collaborations with several prominent organizations, including Google Quantum AI, IBM, Quantinuum, and QuEra. These partnerships facilitate the testing and validation of Phasecraft's algorithms on advanced quantum computing devices. The company is also working with end-users such as Johnson Matthey, Oxford PV, the UK’s National Energy System Operator (NESO), and telecommunications provider BT to apply its algorithms to real-world challenges, including material discovery and energy network optimization.

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In addition to the funding, Phasecraft has opened a research center in Washington D.C., led by Professor Steve Flammia, to strengthen its connections with U.S. hardware providers and expand its research capabilities. This move is part of a broader strategy to enhance the company's presence in the quantum computing landscape and accelerate the development of practical solutions for various industries.

Phasecraft Raises $34 Million to Propel Quantum Computing Advancements

Ashley Montanaro, co-founder and CEO of Phasecraft, expressed enthusiasm about the funding, stating, “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.” Ian Hogarth, partner at Plural, noted the revolutionary potential of Phasecraft's work, emphasizing its ability to solve real-world problems efficiently.

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While the advancements in quantum computing are promising, some experts caution that the technology is still in its infancy. Concerns remain regarding the reliability of quantum hardware and the challenges of achieving universally error-free quantum systems. Critics argue that while Phasecraft's algorithms show potential, the broader industry must address these foundational issues before realizing the full benefits of quantum computing.

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With the new funding, Phasecraft plans to expand its team by recruiting experts from academia and industry, further enhancing its capabilities in quantum algorithm development. The company is poised to continue its mission of transforming quantum computing from a theoretical concept into practical applications that can significantly impact fields such as materials science, energy resilience, and healthcare.

Phasecraft Raises $34 Million to Propel Quantum Computing Advancements

• “ Ian Hogarth, partner at Plural “Today, we are living in a world without quantum materials, oblivious to the unrealized potential and abundance that lie just out of sight.” — Peter Barrett, General Partner at Playground Global

Phasecraft: $34 Million Series B Raised For Quantum Algorithms Platform

• “ Jeroen Bakker, Partner at Novo Holdings, added: “The impact quantum computing will have on the world is undeniable, particularly in the life sciences.” — Jeroen Bakker, Partner at Novo Holdings

Phasecraft raises $34M to make quantum computing useful today — TFN

• “ Ashley Montanaro, co-founder and CEO of Phasecraft “Phasecraft is revolutionizing the quantum landscape in ways that were previously thought impossible.” — Ian Hogarth, Partner at Plural

Phasecraft: $34 Million Series B Raised For Quantum Algorithms Platform