London and Bristol, UK-based quantum algorithms company, Phasecraft announced that had raised £13M in Series A funding.
The round was led by Silicon Valley deeptech VC, Playground Global with participation from AlbionVC and existing investors Episode1, Parkwalk Advisors, LCIF, and UCL Technology Fund.[1]
According to the company, the funding will be redirected into continuing building their team of world-leading quantum scientists, researchers and engineers, and to ultimately develop their breakthrough quantum algorithms to the point of practical advantage – when quantum computers outperform classical computers for useful, real-world applications.
Founded in 2019 as a spinout from UCL and the University of Bristol by Professors Ashley Montanaro (CEO), Toby Cubitt (CTO and Chief Science Officer) and John Morton, Phasecraft is a quantum algorithms company.
Their mission is to accelerate the practical application of quantum computing by redesigning quantum algorithms for the imperfect quantum computers of today.
Phasecraft has partnered with quantum hardware companies, including Google, IBM and Rigetti, academic and industry leaders, to develop algorithms to move quantum computing from experimental demonstrations to useful applications.
Early focus is on applying algorithmic advances to discover the novel materials that will power the clean energy transition.
The new funding brings the total raised by Phasecraft to £17.25M in venture funding, as well as a further £3.75M in grant funding from Innovate UK and the European Research Council.
Cumulatively, the funding will enable it to continue building the team of quantum scientists, researchers and engineers and to further establish Phasecraft as the world leader in quantum algorithms.
References
- Phasecraft, ‘Phasecraft announces £13m Series A funding round to reach practical quantum advantage’, 16 August 2023, https://www.phasecraft.io/news/phasecraft-announces-closing-of-its-13m-series-a-funding[↩]
