The six-year-old UK-based company has a well-defined strategy, supported by timely funding for U.S. expansion and collaborations with global tech leaders to pioneer the integration of quantum computing hardware and software for commercial applications.
Phasecraft, a leader in quantum algorithm development, has secured $34 million in Series B funding to advance the near-term adoption of quantum computing through the innovative development of ultra-efficient algorithms.
Plural, Playground Global, and Novo Holdings’ Quantum Fund co-led the funding round, with continued support from AlbionVC, Latitude, and Parkwalk Advisors.
The company’s total funding now exceeds $50 million, including previous grants, and will support research, development, and industry collaborations in materials science, chemistry, energy, and telecommunications.
Building Quantum Advantage Today
Although quantum computing is often seen as a long-term solution, Phasecraft aims to bring its advantages to industry sooner by developing hardware-agnostic quantum algorithms that connect current quantum devices with future large-scale systems.
Problems once thought to be insurmountable are no longer considered out of reach, as they now deliver measurable results, especially in areas like next-generation solar cells and drug development for genetic conditions.
World-Leading Team of Scientists
Founded in 2019 by Professors Toby Cubitt, Ashley Montanaro, and John Morton, Phasecraft has assembled a team of seasoned scientists and engineers skilled in theoretical physics, computer science, and quantum hardware. They lay a multidisciplinary foundation to tackle quantum computing challenges.
The team features professionals with backgrounds at Amazon Web Services, Johnson Matthey, and Goldman Sachs.
With growth funding being secured, Phasecraft opened a Washington, D.C. office, led by Professor Steve Flammia, an expert in quantum research.
Partnering with Global Tech Leaders
Leading technology companies, including Google Quantum AI, IBM, Quantinuum, and QuEra, are collaborating with Phasecraft, enabling Phasecraft to test and refine its algorithms on advanced quantum devices.
Ian Hogarth, partner at Plural and chairman of Phasecraft, noted, “Some of the biggest tech companies in the world, including Google and IBM, see Phasecraft as the way to accelerate the impact of their own devices. Its hardware-agnostic approach has enabled breakthroughs that were previously thought impossible.”
Phasecraft’s collaborations also include industrial end-users Johnson Matthey, Oxford PV, the UK’s National Energy System Operator (NESO), and BT. They utilize practical applications of Phasecraft’s work in the areas of energy resilience, sustainable technology, and communications networks.
Ashley Montanaro, Phasecraft’s co-founder and CEO, emphasized the company’s progress and the value of collaborating with tech leaders, stating, “Our algorithms are delivering meaningful results now, whether it’s simulating materials or optimizing energy networks. Partnerships with the world’s top quantum hardware providers only increase the impact of our work for commercial applications.”
Investor Backing
Novo Holdings’ Quantum Fund made its first direct investment in quantum software, foreseeing the impact of algorithms on the life sciences, particularly in drug design.
“Quantum algorithms offer tremendous potential for molecular simulation to predict drug efficacy and optimize design,” said Jeroen Bakker, Partner at Novo Holdings. “We are excited about Phasecraft’s ability to enable healthcare breakthroughs that could save millions of lives.”
Playground Global, an early investor with a track record in deep tech, underscored the company’s role in unlocking an entirely new design paradigm for chemistry and materials science. General Partner Peter Barrett described Phasecraft’s advancements as the beginning of a shift from discovery to design, with the potential to reshape entire industries.
By partnering with industry and academia, Phasecraft is showing that quantum computing can augment traditional computing to provide value today. The gap between scientific theory and commercial utility is closing with the progress of quantum technology.
Looking Ahead
With $34 million in new funding, Phasecraft will expand its U.S. presence and research, strengthen industrial collaborations, and further develop algorithms to make quantum computing a practical tool for complex problem-solving—with near-term advancements in energy optimization and drug discovery.
