Quantum computing has long promised to crack problems beyond the reach of classical machines. Now, UK-based Phasecraft wants to prove that promise is closer than many think.
The Bristol, London, and Washington D.C. based startup has raised $34 million in Series B funding to advance its quantum algorithms and push noisy, imperfect hardware into practical territory.
The round was co-led by Plural, existing backer Playground Global, and Novo Holdings’ Quantum Fund. Returning investors AlbionVC, Latitude, and Parkwalk Advisors also participated, bringing Phasecraft’s total funding to more than $50M including grants.
Founded by quantum researchers Toby Cubitt, Ashley Montanaro, and John Morton, Phasecraft focuses on ultra-efficient algorithms designed to unlock near-term applications on today’s NISQ (Noisy Intermediate-Scale Quantum) devices.
Instead of waiting for fault-tolerant quantum machines, Phasecraft is pairing quantum with classical computing to solve problems in industries like materials science, energy, and telecoms. It already counts Johnson Matthey, Oxford PV, the UK’s National Energy System Operator (NESO), and BT as collaborators.
The fresh capital will allow Phasecraft to scale its R&D, expand its U.S. presence, and build out industrial use cases. Its work includes simulating materials millions of times more efficiently for new solar cells, modeling biochemical processes relevant to drug discovery, and optimizing energy grids for resilience.
Phasecraft’s team includes veterans from AWS, Johnson Matthey, and Goldman Sachs, alongside leading academics. The company opened a Washington D.C. research hub last year, led by quantum scientist Steve Flammia.
