Phasecraft, a Bristol-based company developing quantum computing algorithms, announced $34 million in Series B funding, totaling its capital at more than $50 million. The raise, co-led by Plural, Playground Global and Novo Holdings’ Quantum Fund, will help Phasecraft advance its mission to accelerate the practical application of quantum computing.
The company’s algorithms are based on novel insights from theoretical physics and computer science. Combined with Phasecraft’s thorough understanding of quantum hardware and knowledge gained from numerical simulations, the algorithms are designed to help commercial utility hardware and software platforms overcome the limitations of standard computing.
“We’re actively creating quantum advantage at Phasecraft,” Ashley Montanaro, co-founder and CEO of Phasecraft, said in a statement.” 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.
Alongside material discovery and energy networks, Phasecraft’s hardware-agnostic solutions have applications in areas like chemistry and logistics optimization. The fresh capital enables Phasecraft to invest in R&D and expand its industrial efforts following its recent expansion in the U.S.
