Phasecraft, a UK-based startup focused on quantum computing, has raised £13m in a Series A funding round led by Playground Global.
The round was also joined by AlbionVC along with participation from returning investors LCIF, Episode1, UCL Technology Fund and Parkwalk Advisors.
Set up in 2019, Phasecraft is engaged in developing quantum algorithms to harness the power of exiting quantum computers to solve “a problem of genuine practical interest”.
Despite recent major investment in quantum technology, its capacity has increased but that the algorithms required to take advantage of these advancements are still mostly theoretical, Phasecraft stated.
Playground Global general partner Peter Barrett said: “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.”
Phasecraft plans to use the proceeds to hire quantum scientists, researchers and engineers, and to develop its quantum algorithms to the point where quantum computers outperform classical ones in useful, practical applications.
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Initially, the company will focus on deploying these algorithms to discover new materials to support clean energy transition.
The company has partnered with Google, IBM and Rigetti for advanced superconducting quantum hardware and with solar cell developer Oxford PV and speciality materials company Johnson Matthey.
Phasecraft co-founder and CEO Ashley Montanaro said: “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.”