Phasecraft, a UK-based quantum algorithms company, has raised $34 million in Series B funding to accelerate development of quantum software aimed at solving industrial-scale problems. The round was co-led by Plural, existing investor Playground Global, and Novo Holdings’ Quantum Fund, with participation from AlbionVC, Latitude, and Parkwalk Advisors.
The funding brings Phasecraft’s total capital raised to over $50 million, including grant funding. The company said the new investment will support R&D and industrial collaborations, with the aim of making quantum computing useful for real-world applications sooner than expected.
Founded by Professors Toby Cubitt, Ashley Montanaro, and John Morton, Phasecraft focuses on algorithms designed to work on today’s noisy quantum hardware. Its software is hardware-agnostic and developed in partnership with quantum hardware leaders such as Google Quantum AI, IBM, Quantinuum, and QuEra.
CEO Ashley Montanaro said the company is already delivering tangible results. “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” he said.
Phasecraft works with end-users including specialty materials developer Johnson Matthey, solar cell company Oxford PV, the UK’s National Energy System Operator, and BT. The company’s research has targeted applications in material science, biological research, and energy resilience.
The company opened a Washington D.C. office last year, led by Professor Steve Flammia, to expand its quantum R&D presence in the U.S. Its team includes veterans from AWS, Johnson Matthey, and Goldman Sachs.
Ian Hogarth, partner at Plural, praised Phasecraft’s progress. “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” he said.
Novo Holdings is backing Phasecraft through its new Quantum Fund, in what marks its first direct investment in quantum software. “Quantum algorithms offer tremendous potential for molecular simulation to predict drug efficacy and optimise design” said Jeroen Bakker, a partner at Novo. “This is why we are excited to make our first quantum software investment in Phasecraft.”
