Phasecraft, a quantum algorithms company, announced it has raised $34 million in Series B funding. The round was co-led by Plural, existing investor Playground Global, and Novo Holdings’ Quantum Fund, in its first direct quantum software investment. Existing investors AlbionVC, Latitude, and Parkwalk Advisors also participated in the round. This significant new investment brings the total capital raised to over $50 million, including grant funding, and will be used to accelerate Phasecraft’s research and development and expand its industrial efforts, building real-world solutions for end-users. The company’s core mission is to accelerate the practical application of quantum computing by designing groundbreaking quantum algorithms that are optimized for the imperfect quantum computers of today.
Phasecraft’s unique approach involves developing hardware-agnostic quantum algorithms using a quantum-enhanced method that leverages quantum computing as a partner to standard, classical computing. This hybrid approach enables today’s Noisy Intermediate Scale Quantum (NISQ) devices to address problems that were previously inaccessible, bringing valuable quantum applications to industry sooner than previously anticipated. The company is already working closely with a range of innovative end-users to apply its technology to complex challenges. For instance, Phasecraft is collaborating with specialty materials developer Johnson Matthey and solar cell developer Oxford PV to simulate the physics of complex materials at a level of detail not possible with classical computers. Similarly, the company is working with the UK’s National Energy System Operator (NESO) and leading telecommunications provider BT to optimize large, intricate energy and network systems. These partnerships demonstrate the immediate, tangible value that Phasecraft’s algorithms can provide across diverse sectors.
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“We’re actively creating quantum advantage at Phasecraft,” said Ashley Montanaro, co-founder and CEO of 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 investors who share our vision to build a world-class quantum software company.”
The funding will be instrumental in furthering Phasecraft’s leading research, allowing them to expand their team of world-class quantum scientists and engineers. Their work will focus on tackling even more challenging problems and developing new algorithmic breakthroughs that will unlock the full potential of both current and future quantum hardware. By bridging the gap between today’s hardware and tomorrow’s applications, Phasecraft aims to position itself as a key enabler of the quantum computing revolution.
Source: Phasecraft