Investment group Plural has co-led a $34m (£25.2m) Series B funding round into Phasecraft, a Bristol-based quantum algorithms company.
Founded in 2019, Phasecraft develops “hardware-agnostic” algorithms in partnership with the likes of Google Quantum AI, IBM, QuEra and Quantinuum – which this week raised over £400m.
The new funding for Phasecraft brings the total amount raised by the company to $50m.
“Our algorithms are delivering meaningful results now, whether it’s simulating the physics of complex materials or optimising the structure of a large energy network, whilst our partnerships with the world’s top quantum hardware providers increase the impact our algorithms will have for commercial applications,” said Ashley Montanaro, co-founder and chief executive of Phasecraft.
Alongside Plural, Phasecraft has been backed by Novo Holdings and Playground Group.
“Phasecraft is revolutionising the quantum landscape in ways that were previously thought impossible,” said Ian Hogarth, a Plural partner and prominent AI advisor to the government.
“Its hardware-agnostic approach means it’s 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 that are now helping to solve real-world problems like material discovery and the optimisation of our energy networks.
“I’m incredibly excited to continue supporting Phasecraft not just as Chairman, but as an investor as well.”
Earlier this year, Phasecraft opened US headquarters in Washington DC.
Read more: The true costs of stalling on quantum funding
