Phasecraft Raises €29M Series B for Quantum Computing Algorithms

Phasecraft, a Bristol-based quantum algorithms company, secured €29 million in Series B funding. Plural, existing investor Playground Global, and Novo Holdings' Quantum Fund co-led the round. This investment accelerates its work transforming quantum computing into practical applications.

The 2019-founded startup focuses on redesigning quantum algorithms for current imperfect quantum computers. This approach enables today's Noisy Intermediate Scale Quantum (NISQ) devices to address complex problems. The new capital will further R&D breakthroughs and expand industrial efforts.

Accelerating Real-World Quantum Applications

Phasecraft collaborates with leading quantum hardware companies, including Google, IBM, and Quantinuum. Furthermore, it partners with end-users like Johnson Matthey, Oxford PV, and the UK’s National Energy System Operator. The company applies its technology to material science, biological research, and energy network optimization.

Consequently, the company's quantum-enhanced methods bring quantum applications to industry sooner. Total funding, including grants, now exceeds €42.7 million.

Toby Cubitt, Ashley Montanaro, and John Morton, expert quantum scientists, founded Phasecraft. They previously led research teams at UCL and the University of Bristol. Last year, Phasecraft opened a Washington D.C. office for quantum R&D.