Phasecraft, a quantum algorithms company pioneering the path to practical quantum computing, has raised $34 million in Series B funding to advance its mission of making quantum useful today. The round was co-led by Plural, Playground Global, and Novo Holdings’ Quantum Fund—its first direct investment in quantum software—with continued support from AlbionVC, Latitude, and Parkwalk Advisors.
The funding, which lifts Phasecraft’s total capital raised to more than $50 million, will fuel R&D breakthroughs and expand industrial collaborations, enabling industries to benefit from quantum sooner than anticipated.
Phasecraft’s hardware-agnostic algorithms are designed to maximize the capabilities of today’s Noisy Intermediate-Scale Quantum (NISQ) devices by pairing them with classical computing. Already working with end-users such as Johnson Matthey, Oxford PV, BT, and the UK’s National Energy System Operator, Phasecraft is tackling problems previously out of reach, including material simulation, renewable energy optimization, and next-generation telecommunications.
“We’re actively creating quantum advantage at Phasecraft,” said Ashley Montanaro, co-founder and CEO. “Our algorithms are delivering meaningful results now, whether it’s simulating the physics of complex materials or optimizing the structure of a large energy network. We’re delighted to have the backing of visionary investors such as Plural, Playground Global, and Novo Holdings to bring quantum advantage to the world faster.”
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Founded by Professors Toby Cubitt, Ashley Montanaro, and John Morton, Phasecraft combines expertise in physics, computer science, and quantum hardware. Its global team, with leaders from AWS, Johnson Matthey, and Goldman Sachs, is pushing forward applications in materials science, drug discovery, and energy resilience.
Investors see Phasecraft’s impact as transformative. “Phasecraft is revolutionising the quantum landscape in ways that were previously thought impossible,” said Ian Hogarth, partner at Plural and company chairman. Novo Holdings’ Jeroen Bakker added: “Quantum algorithms offer tremendous potential for molecular simulation to predict drug efficacy and optimise design. We’re excited about Phasecraft’s ability to enable healthcare breakthroughs that could save millions of lives.”
With major partnerships already in place with Google Quantum AI, IBM, Quantinuum, and QuEra, Phasecraft is positioning itself as a catalyst for turning quantum computing’s promise into practical solutions across industries.