Quantum algorithms specialist Phasecraft has closed a $34m (£25.5m) Series B funding round aimed at advancing its work in quantum computing.  

The UK-based company seeks to bridge the gap between the theoretical potential of quantum computing and its real-world applications. 

Its new funding, which elevates the total capital to more than $50m, will enable the expansion of research and development initiatives and the creation of practical solutions for industrial partners. 

The funding round was co-led by Plural, Playground Global, and Novo Holdings’ Quantum Fund, marking its inaugural direct investment in quantum software.  

Additional contributions came from existing investors, including AlbionVC, Latitude, and Parkwalk Advisors. 

Phasecraft is focused on “ultra-efficient”, hardware-agnostic algorithms as quantum computing hardware and software begin to align towards practical utility.  

Collaborations with entities such as Google Quantum AI, IBM, Quantinuum, and QuEra are facilitating the company’s progress towards achieving quantum advantage. 

The company’s quantum-enhanced methodology integrates quantum computing with traditional computing to surpass current limitations.  

Phasecraft said that its approach enables Noisy Intermediate Scale Quantum (NISQ) devices to address challenges previously deemed unsolvable, accelerating the timeline for quantum applications in industry. 

Phasecraft co-founder and CEO Ashley Montanaro said: “We are actively creating quantum advantage at Phasecraft. Our algorithms are delivering meaningful results now, whether it is simulating the physics of complex materials or optimising 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.”  

Plural partner Ian Hogarth said: “Phasecraft is revolutionising the quantum landscape in ways that were previously thought impossible. Its hardware-agnostic approach means it has 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 optimization of our energy networks.” 

In 2023, the UK-based company raised £13m ($17.4m) in its Series A funding round, with Playground Global at the helm and support from AlbionVC, LCIF, Episode1, UCL Technology Fund, and Parkwalk Advisors.