Phasecraft, a London-based quantum computing startup, has raised $34 million (~€31.5M) in Series B funding to accelerate development of algorithms that make noisy quantum computers useful for real-world problems.
The round was co-led by Playground Global, Plural, and Novo Holdings’ Quantum Fund, marking Novo’s first direct investment in quantum software.
Including earlier funding and grants, Phasecraft has now raised over $50M. The capital will support team expansion, new research hubs, and industry collaborations.nator for AMR in the BEAM alliance, reinforcing its role in Europe’s collective push against resistant infections.
From academia to applications
Founded in 2019 as a spin-off from UCL and the University of Bristol, Phasecraft was started by leading quantum scientists Toby Cubitt, Ashley Montanaro (CEO), and John Morton. Its mission: to design algorithms that work on today’s imperfect machines, rather than waiting decades for fault-tolerant hardware.
One highlight is its THRIFT algorithm, which slashes the number of quantum operations required for simulations. The breakthrough has enabled large-scale quantum chemistry simulations on hardware that would otherwise be unusable.
“Our algorithms are delivering meaningful results now, from simulating materials physics to optimising energy networks,” said Montanaro. “And by working with the world’s top hardware providers, we’re ensuring maximum commercial impact.”
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Growing industry traction
Phasecraft partners with companies including Johnson Matthey, Oxford PV, the UK’s National Energy System Operator (NESO), and BT to apply its tools to materials discovery, energy optimisation, and telecom challenges. The company also opened a Washington D.C. research centre, headed by Professor Steve Flammia, to deepen US partnerships.
Investors see Phasecraft as pivotal to the sector’s transition from hype to utility.
“Its algorithms are more efficient by factors of millions, already helping solve problems like energy optimisation and materials design,” said Ian Hogarth, partner at Plural.
With the fresh capital, Phasecraft will grow its academic and commercial team and move closer to delivering practical quantum advantage.
