Quantum algorithm company Phasecraft Ltd. has successfully secured $34 million in new funding, aimed at enhancing its pioneering efforts to turn the theoretical capabilities of quantum computing into practical applications. Established in 2019, Phasecraft is dedicated to accelerating the accessibility of quantum computing through its innovative algorithms, which are designed to operate effectively on today’s noisy, intermediate-scale quantum machines. Unlike other firms that await the development of fault-tolerant quantum systems, Phasecraft’s approach is to leverage existing imperfect technologies for immediate real-world benefits.
Adopting a hardware-agnostic methodology, Phasecraft ensures compatibility across various platforms, increasing the likelihood of early commercial adoption. The company focuses on industries where quantum computing can make a measurable impact, such as materials discovery, chemistry, energy systems, and logistics optimization.
Phasecraft’s hybrid solutions combine quantum devices with classical computing, enabling simulations of complex materials and optimization of energy grids. Their algorithms have already demonstrated the capacity to enhance material simulations by millions of times, potentially expediting the design of new solar cells, catalysts, and medicines.
Collaborating with leading hardware providers such as Google LLC’s Quantum AI, IBM Corp., Quantinuum Ltd., and QuEra Computing Inc., Phasecraft tests and refines its algorithms on cutting-edge machines, driving forward its goal of practical applications. Strategic partnerships with organizations like Johnson Matthey plc, Oxford Photovoltaics Ltd., National Energy System Operator Ltd., and BT Group plc further enhance tailored solutions for specific industry needs.
Phasecraft’s research and development are grounded in insights from theoretical physics, computer science, and extensive numerical simulations. Key areas of exploration include drug discovery, where quantum simulations can shorten the understanding of molecular interactions, and enhancing energy resilience through optimized network efficiencies.
“Our algorithms are already producing significant results, from simulating the complexities of materials to optimizing large-scale energy networks. Collaborating with the leading quantum hardware providers enhances the practical impact of our work,” stated Ashley Montanaro, co-founder and CEO of Phasecraft.
The recent Series B funding round saw participation from notable investors, including Plural Platform, Playground Global, and Novo Holdings A/S Quantum Fund, alongside LocalGlobe Management Ltd., Albion Capital Group LLP, and Parkwalk Advisors Ltd. According to Ian Hogarth, a partner at Plural, “Phasecraft is transforming the quantum landscape in ways previously regarded as impossible, creating algorithms that are significantly more efficient and addressing urgent real-world challenges like material discovery and energy optimization.”
