Phasecraft secures £3.7m seed funding led by LocalGlobe to accelerate quantum software development.
LocalGlobe has led a £3.7m seed round for quantum software developer Phasecraft, with participation from Episode1 and previous backers.
Phasecraft develops hardware agnostic quantum algorithms designed to bridge the gap between noisy current hardware and practical commercial applications. The company focuses on solving complex problems in material science, biology, and energy networks.
Phasecraft has secured £3.7m in a seed funding round led by LocalGlobe, with participation from Episode1 as well as returning backers UCL Technology Fund and Parkwalk Advisors. The capital will support the company as it advances its quantum algorithms and expands its efforts to bring quantum simulation out of the laboratory and into commercial use.
Founded by leading quantum scientists, the London based business has established key partnerships with hardware developers such as Google and Rigetti, alongside industry collaborators like Johnson Matthey. This latest injection brings the firm's total equity and grant financing to more than £5.5m, following an earlier pre-seed raise and support from InnovateUK.
From the founder
"Already in the past two years quantum hardware has surpassed expectations, achieving milestones that seemed decades away. By pioneering new advances in quantum software, Phasecraft can take quantum theory from research to reality, faster. With new funding and supporters, we can be part of building the foundations of the quantum computing industry, making useful applications available quicker than ever thought."
John Morton
at Phasecraft
Investor perspective
"Sooner or later, quantum computing is coming. Developing the algorithms and technology to power the first commercial applications of early quantum computing hardware is the toughest challenge facing the field, which few are willing to take on. We are proud to be partners with Phasecraft, a team that are developing advances in quantum software that could shorten that timeframe by years."
Hartmut Neven
Head of Quantum Artificial Intelligence Lab, Google
Investors
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About the company
Phasecraft
Phasecraft builds high efficiency quantum algorithms for material discovery and energy optimisation.