London and Bristol, United Kingdom-based quantum algorithms company, Phasecraft raises EUR 15 million (GBP 13 million) in Series A financing. The round took place on August 16, 2023. Silicon Valley deeptech VC Playground Global led the financing for the firm. Meanwhile, AlbionVC also joined the round. Existing investors such as Episode1, Parkwalk Advisors, LCIF, and UCL Technology Fund participated in the funding.
Purpose of financing for Phasecraft
With the latest proceeds from the Series A round, Phasecraft seeks to further develop its quantum algorithms to the point of practical quantum advantage when quantum computers outperform classical computers for useful real-world applications such as developing new materials.
So far, the total funds raised by Phasecraft amounts to EUR 20 million, as well as a further EUR 4.4 million in grant funding. Innovate UK and the European Research Council awarded the grant to the company.
Phasecraft intends to continue building a team of world-leading quantum scientists, researchers and engineers. It also seeks to further establish Phasecraft as the world leader in quantum algorithms.
What the company’s official has to say
Ashley Montanaro, co-founder and CEO of Phasecraft, said, “For all the advances that have been made in quantum hardware, and for all quantum computing’s promise, such progress could end up being for nothing if we can’t build the applications needed to make the technology truly useful. With our record-breaking algorithms and groundbreaking techniques, we are pushing the boundaries of what is possible in this space. With support from such a renowned deep-tech visionary as Playground, we think the practical quantum advantage is achievable in years, not decades.”
What the investors have to comment
Peter Barrett, general partner of Playground Global, further added, “Phasecraft’s team of world-class quantum scientists and engineers bring unmatched expertise and a fresh perspective to one of the biggest challenges facing our quantum future – bridging the gap between quantum hardware capacity and real-world applications. At Playground, we’ve always believed that unlocking quantum’s potential requires a very special, dedicated and experienced team, and we believe Phasecraft is uniquely positioned to help deliver our quantum future.”
About the company
Professors Ashley Montanaro, Toby Cubitt and John Morton launched the company in 2019. Phasecraft is a spin-off of UCL and the University of Bristol. The company’s algorithms leverage novel insights from theoretical physics and computer science, combined with knowledge gained from extensive numerical simulations as well as a deep understanding of quantum hardware.
This, in turn, aids the company in developing record-breaking algorithms with significantly superior computational efficiency. Meanwhile, the company enjoys partnerships with the three most advanced superconducting quantum hardware providers in the world, Google, IBM and Rigetti – the only quantum algorithms company to work with all three – to help put these algorithms to work in the real world.
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