Phasecraft secures £13m Series A funding to advance quantum algorithm development
Playground Global led the Series A round to support the firm in achieving practical quantum advantage.
Share allotment filed at Companies House
Phasecraft redesigns quantum algorithms to bridge the gap between noisy hardware and practical real world applications.
Phasecraft has secured £13m in a Series A financing round headed by Playground Global. The capital injection includes participation from AlbionVC as well as returning backers Episode1, Parkwalk Advisors, LCIF, and UCL Technology Fund.
The enterprise will direct the proceeds towards advancing its quantum algorithms closer to commercial viability. Founded in 2019 out of University College London and the University of Bristol, the firm works to overcome the limitations of current quantum hardware.
From the founder
"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."
Ashley Montanaro
CEO at Phasecraft
Investor perspective
"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."
Peter Barrett
General Partner, Playground Global
Use of funds
- 01Continue product development
Investors
About the company
Phasecraft
Phasecraft develops high performance algorithms to unlock the practical capabilities of quantum computers.