Bristol-headquartered quantum algorithms company Phasecraft has been named as a finalist in the $5m (£3.75m) XPRIZE Quantum Applications challenge backed by Google.
The XPRIZE Quantum Applications challenge was launched in March last year as a global competition funded by Google Quantum AI and the Geneva Science and Diplomacy Anticipator (GESDA) to generate quantum computing algorithms that can be put towards solving real-world issues.
Plural-backed Phasecraft has been named as one of seven finalists of the more than 800 teams that applied.
For its submission, the firm proposed two new algorithms for computing properties of materials more accurately. The algorithms enhance the accuracy of existing classical algorithms and compute material properties directly on a quantum computer.
“We’re honoured that Phasecraft’s materials team was selected as finalists in the XPRIZE Quantum Applications grand challenge – one of the most significant global efforts to accelerate real-world quantum impact,” said Prof Toby Cubitt, chief technology and science officer at Phasecraft.
“This competition has brought together some of the world’s leading minds to push the boundaries of what’s possible, and we’re grateful to contribute our work in quantum simulation for materials discovery.”
In September, Phasecraft announced a £25m Series B funding round led by Plural that brought its total funding to $50m (£37.5m).
