British Startup Phasecraft Raises €29 Million In Series B Round

The funding will help Phasecraft bring quantum computing out of the lab and into real-world use, supporting its mission to create practical solutions for real-world challenges.

The round was co-led by Plural, Playground Global, and Novo Holdings’ Quantum Fund, with participation from existing investors LocalGlobe, AlbionVC, and Parkwalk Advisors.

Phasecraft aims to accelerate the adoption of quantum computing in industries such as energy, materials science and telecommunications.

Ashley Montanaro, Co-founder and CEO of Phasecraft, said: "We’re actively creating quantum advantage at Phasecraft. Our algorithms are delivering meaningful results now, whether simulating the physics of complex materials or optimising the structure of an extensive energy network. Meanwhile, our partnerships with the world’s top quantum hardware providers are increasing the impact our algorithms will have on commercial applications.

"We’re delighted to have the backing of our visionary investors such as Plural, Playground Global, and Novo Holdings, to support us on the mission to bring quantum advantage to the world faster."

Founded in 2019, Phasecraft aims to make quantum computing practical by redesigning algorithms for today’s imperfect quantum machines.

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The company was started by quantum experts Toby Cubitt, Ashley Montanaro, and John Morton, who have led research at UCL and the University of Bristol.

Phasecraft collaborates with leading quantum hardware companies, including Google, IBM, Quantinuum and QuEra as well as experts from academia and industry to develop more intelligent algorithms.

These collaborations aim to transform quantum computing from a laboratory experiment into a technology that can solve real-world problems sooner than expected.

Last year, Phasecraft opened a quantum research and development office in Washington, D.C., led by Professor Steve Flammia.

Ian Hogarth, partner at Plural, added: "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 now helping to solve real-world problems, such as material discovery and the optimisation of our energy networks.

"It’s to the credit of the best-in-class team that Ashley and Toby have built that some of the biggest tech companies in the world, including Google and IBM, see Phasecraft as the way to accelerate the impact of their own devices. I’m incredibly excited to continue supporting Phasecraft not just as Chairman, but as an investor as well."

Phasecraft combines quantum and traditional computing to overcome current technology limits enabling today’s imperfect quantum devices to solve complex problems sooner than expected. They’re already working with companies like Johnson Matthey, Oxford PV, the UK’s National Energy System Operator, and BT. With over €42.7 million raised, the new funding will boost research and help create practical solutions for industry.

Peter Barrett, general partner at Playground Global, said: "Today, we are living in a world without quantum materials, oblivious to the unrealised potential and abundance that lie just out of sight. With advancements in quantum algorithms from Phasecraft, we are poised to shift from discovery to design, entering an era of unprecedented dynamism in chemistry, materials science, and medicine."

Phasecraft develops advanced algorithms by combining new ideas from physics and computer science with detailed simulations and a deep understanding of quantum hardware. Their work is making a significant impact—such as speeding up material simulations, aiding drug research for genetic diseases, and enhancing energy network management for greater resilience.

Jeroen Bakker, Partner at Novo Holdings, adds: "The impact quantum computing will have on the world is undeniable, particularly in the life sciences. Quantum algorithms offer tremendous potential for molecular simulation to predict drug efficacy and optimise design. This is why we are excited to make our first quantum software investment from our new Quantum Fund in Phasecraft. We’re excited about Phasecraft’s ability to enable healthcare breakthroughs that could save millions of lives while reducing R&D timelines from decades to years."

About Phasecraft

Phasecraft is a quantum algorithms company creating the math behind real-world quantum computing solutions. Founded by top quantum scientists Toby Cubitt, Ashley Montanaro, and John Morton, the team is dedicated to turning quantum computing from theory into practical tools that solve complex problems across various industries, including insurance.