• Wed. Nov 29th, 2023

    Critical Thought

    Critical thoughts on quantum technologies

    New Quantum Software Company, Phasecraft, Secures £13 Million in Series A Funding

    ByThemba Hadebe

    Nov 21, 2023
    New Quantum Software Company, Phasecraft, Secures £13 Million in Series A Funding

    Quantum software company Phasecraft has successfully raised £13 million ($16.5 million USD) in their recent Series A funding round. Led by Playground Global, the funding also saw participation from AlbionVC, Episode1, Parkwalk Advisors, LCIF, and the UCL Technology Fund. The UK-based company, founded in 2018, specializes in the development of efficient algorithms for materials discovery.

    Phasecraft has gained significant recognition in the industry, having already published 17 technical papers. Their software boasts a remarkable 1,000,000 times improvement in modeling materials compared to existing quantum algorithms. This achievement has caught the attention of influential industry players, as the company partners with renowned quantum hardware providers like Google, IBM, and Rigetti. Additionally, Phasecraft collaborates with notable end users such as Johnson Matthey, a specialty materials developer, and Oxford PV, a solar cell developer.

    With this new injection of funds, Phasecraft plans to expand their technical staff and further enhance their capabilities. The company aims to offer their customers the opportunity to gain an early commercial quantum advantage by leveraging their more efficient algorithms.

    This Series A funding round brings Phasecraft’s total venture investment to an impressive £17.25 million ($22 million USD). Furthermore, the company has also been awarded grants totaling £3.75 million ($4.7 million USD) from Innovate UK and the European Research Council.

    For more information on this latest funding round, Phasecraft has issued a comprehensive press release available on their website [Phasecraft.com].