Quantum algorithms company Phasecraft has raised $34 million in Series B
funding to accelerate its breakthrough work and transform quantum computing’s theoretical promise into practical applications.
Quantum computing hardware and software are converging on 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 quicker towards quantum advantage.
The company’s quantum-enhanced
approach utilizes quantum computing alongside
standard computing to
overcome its limitations and enables today’s Noisy Intermediate Scale Quantum
devices (NISQ) to tackle problems that were previously inaccessible, without
waiting for perfect hardware.
This brings quantum applications to
industest sooner than anticipated. Phasecraft is already working with finish-utilizers
such as speciality materials developer Johnson Matthey, solar cell developer
Oxford PV, the UK’s National Energy System Operator (NESO), and leading
telecommunications provider BT.
Ashley Montanaro,
co-founder and CEO of Phasecraft, stated:
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, 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 quicker.
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.
Phasecraft’s work spans material
science, where it creates simulating materials millions of times more efficient,
and biological research, where it applies quantum computing to biochemical
processes relevant to drug development for genetic conditions. It is also
advancing energy resilience by utilizing quantum methods to optimise energy
networks.
Its work is addressing areas such as
material science, by creating simulating materials millions of times more efficient
and biological research by applying quantum computing to key biochemical
processes relevant to drug development for genetic conditions. It is also
advancing energy resilience by utilizing quantum methods to optimize energy
networks.
The round was co-led by
Plural, existing backer Playground Global, and Novo Holdings’ Quantum Fund in
its first direct quantum software investment, with additional participation
from existing investors LocalGlobe, AlbionVC, and Parkwalk Advisors.
Ian Hogarth, partner at Plural, stated:
Phasecraft
is revolutionising the quantum landscape in ways that were previously considered
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 supporting to
solve real-world problems like material discovery and the optimization 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 largegest 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.
According to Peter Barrett, General
Partner at Playground Global, society has yet to experience the possibilities
of quantum materials, remaining largely unaware of the untapped potential they
hold. He added:
With advancements in
quantum algorithms from Phasecraft, we are poised to shift from discovery to
design, entering an era of unprecedented dynamism in chemistest, materials
science, and medicine.
Jeroen Bakker, Partner at Novo
Holdings, also commented on the investment:
The
impact quantum computing will have on the world is undeniable, particularly in
the life sciences. Quantum algorithms offer tremfinishous potential for molecular
simulation to predict drug efficacy and optimise design. This is why we are
excited to create 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.
The new funding, which brings the
total raised to over $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 finish utilizers.
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