Quantum computing is still rough around the edges. The machines we have today are noisy and far from reliable, making it challenging to apply them to real problems. Phasecraft, a UK startup, is taking a different route. Instead of waiting for flawless hardware, they’re focusing on software that can make the quantum computers we have right now actually useful.
The company just announced a $34 million Series B funding round, co-led by Playground Global, Plural, and Novo Holdings’ Quantum Fund. This marks Novo’s first direct investment in quantum software.
Combined with an earlier £13 million raise, Phasecraft has now secured over $50 million total, including grants. This fresh capital will enable the company to advance its research and expand partnerships with industry leaders.
A startup born from quantum expertise
Phasecraft was founded in 2019 as a spin-off from the University College London and the University of Bristol. It was founded by three leading quantum scientists: Professors Toby Cubitt, Ashley Montanaro (who also serves as CEO), and John Morton. Together, they bring decades of experience and a clear goal: to design quantum algorithms that actually work on today’s noisy quantum machines.
One breakthrough is their THRIFT algorithm, which dramatically reduces the number of quantum operations needed to run simulations. This enables Phasecraft to run large-scale quantum chemistry simulations on hardware that others cannot use at this scale. They’ve also shown that some quantum optimisation techniques currently available can outperform classical methods in real-world tasks, a significant step toward achieving practical quantum advantage.
Ashley Montanaro, co-founder and CEO of Phasecraft, said: “Our algorithms are delivering meaningful results now, whether it’s simulating the physics of complex materials or optimising the structure of an extensive energy network, whilst our partnerships with the world’s top quantum hardware providers increase the impact our algorithms will have for commercial applications.”
What’s next for Phasecraft?
Phasecraft is collaborating closely with companies such as Johnson Matthey, Oxford PV, the UK’s National Energy System Operator (NESO), and telecom giant BT to test their algorithms on real-world problems. The company recently opened a research centre in Washington D.C., headed by Professor Steve Flammia, to deepen connections with U.S. hardware providers and expand research efforts.
Ian Hogarth, partner at Plural, said: “Phasecraft is revolutionising the quantum landscape in ways that were previously thought impossible. 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 like material discovery and the optimisation of our energy networks.”
Peter Barrett, general partner at Playground Global, noted: “Today, we are living in a world without quantum materials, oblivious to the unrealised potential and abundance that lie just out of sight. With advancements in quantum algorithms from Phasecraft, we are poised to shift from discovery to design, entering an era of unprecedented dynamism in chemistry, materials science, and medicine.”
Jeroen Bakker, Partner at Novo Holdings, added: “The impact quantum computing will have on the world is undeniable, particularly in the life sciences. Quantum algorithms offer tremendous potential for molecular simulation to predict drug efficacy and optimise design.”
With this funding, Phasecraft plans to expand its team by bringing in experts from academia and industry, including Glenn Jones, formerly of Johnson Matthey, and accelerate the development of real-world applications.
