A pioneering Bristol business working to bring quantum computing nearer to solving real-world problems has secured $34m in a Series B funding round.
Phasecraft is an algorithms company created by a group of scientists and engineers that is now working with global tech giants including Google and IBM.
The fundraise was co-led by Plural, existing investor Playground Global, and Novo Holdings’ Quantum Fund in its first direct quantum software investment. It also included participation from existing investors AlbionVC, Latitude and Parkwalk Advisors.
The funding brings the total raised to more than $50m including grant funding and will be used for R&D and to expand the firm's industrial efforts, building real-world solutions for end users.
Phasecraft, which was spun out of Bristol University and UCL in 2019, is already working with users such as specialty materials developer Johnson Matthey, solar cell developer Oxford PV, the Ƶ’s National Energy System Operator (NESO), and telecoms provider BT.
Ashley Montanaro, co-founder and chief executive of Phasecraft, said: “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.”
Phasecraft’s co-founders - professors Toby Cubitt, Ashley Montanaro, and John Morton - have spent decades leading top research teams at UCL and the University of Bristol, and have built a team that includes former AWS, Johnson Matthey, and Goldman Sachs staff.
The business opened a Washington DC office for quantum R&D last year, led by professor Steve Flammia.
Ian Hogarth, partner at Plural, said: “Phasecraft is revolutionizing 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 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 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.”
Peter Barrett, general partner at Playground Global, added: “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.”
