Phasecraft raises £25m Series B led by Plural, Playground Global and Novo Holdings to help quantum computing solve real-world challenges

Phasecraft, the world’s leading quantum algorithms company, today announced it has raised £25m 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.

Quantum computing hardware and software are converging towards commercial utility, which is only possible by leveraging ultra-efficient algorithms, like Phasecraft’s. Its unique algorithms are hardware-agnostic, and partnerships with leaders such as Google Quantum AI, IBM, Quantinuum, and QuEra are enabling the company to push even faster towards quantum advantage.

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 £37m 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.

By designing algorithms based on novel insights from theoretical physics and computer science, coupled with knowledge gained from extensive numerical simulations and a deep understanding of quantum hardware, Phasecraft’s work is already gaining momentum. Its work is addressing areas such as material science, by making simulating materials millions of times more efficient; biological research by applying quantum computing to key biochemical processes relevant to drug development for genetic conditions; and energy resilience by optimizing energy networks.

Phasecraft’s cofounders, 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 an unrivaled 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.

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.

Ashley Montanaro, Co-founder & CEO

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.

Ian Hogarth, Partner at Plural

Today, we are living in a world without quantum materials, oblivious to the unrealised potential and abundance that lie just out of sight. 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, Partner at Playground Global

The impact quantum computing will have on the world is undeniable, particularly in the life sciences. Quantum algorithms offer tremendous potential for molecular simulation to predict drug efficacy and optimize design. This is why we are excited to make our first quantum software investment from our new Quantum Fund in Phasecraft. We’re excited about Phasecraft's ability to enable healthcare breakthroughs that could save millions of lives while reducing R&D timelines from decades to years.

Jeroen Bakker, Partner at Novo Holdings

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