Phasecraft's Quantum Leap: £13M funding for real-world applications

Phasecraft, a spin-out of University College London and the University of Bristol, raises £13 million in funding to develop quantum algorithms for practical real-world applications
Phasecraft's Quantum Leap: £13M funding for real-world applications

Spun out of University College London and the University of Bristol, quantum tech start-up Phasecraft is in the race to realise the advantages of quantum. Already claiming its quantum algorithms are primed for the imperfect quantum computers of today, the UK start-up has bagged itself £13 million in Series A funding to keep its nose out in front while further developing its quantum algorithms ‘to the point of practical quantum advantage – when quantum computers outperform classical computers for useful real-world applications like developing new materials’.

The start-up was founded in 2019 by Professors Ashley Montanaro (CEO), Toby Cubitt (CTO and Chief Science Officer) and John Morton, bringing twenty years of quantum computing research to the table.

The funding round was led by Playground Global and includes AlbionVC and existing investors Episode1, Parkwalk Advisors, LCIF, and UCL Technology Fund. 

“For all the advances that have been made in quantum hardware, and for all quantum computing’s promise, such progress could end up being for nothing if we can’t build the applications needed to make the technology truly useful. With our record-breaking algorithms and groundbreaking techniques, we are pushing the boundaries of what is possible in this space. With support from such a renowned deep-tech visionary as Playground, we think practical quantum advantage is achievable in years, not decades," says Montanaro. 

“Phasecraft's team of world-class quantum scientists and engineers bring an unmatched expertise and a fresh perspective to one of the biggest challenges facing our quantum future – bridging the gap between quantum hardware capacity and real-world applications. At Playground, we've always believed that unlocking quantum's potential requires a very special, dedicated and experienced team and we believe Phasecraft is uniquely positioned to help deliver our quantum future," says Peter Barrett, general partner, Playground Global. 

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