Phasecraft, a London-based enterprise specializing in quantum algorithms, has successfully secured $34 million in Series B funding. The capital inflow highlights investor confidence in the potential of quantum computing solutions. Phasecraft aims to enhance its quantum computing applications, capitalizing on its collaborations with technology giants. The advancement of both quantum hardware and software indicates a growing commercial viability, with Phasecraft at the forefront of this technological frontier.
In 2020, Phasecraft’s strategic collaborations with companies like Google (NASDAQ:GOOGL) Quantum AI and IBM marked its commitment to leveraging quantum technology for industry application. The new funding further reinforces this trajectory, enabling the company to expand its research and development capacities. Phasecraft’s approach of integrating quantum and classical computing remains innovative, enabling current quantum devices to tackle complex challenges traditionally beyond the reach of conventional computing.
How is Phasecraft shaping quantum applications?
Targeting broad spectrum hardware compatibility, Phasecraft develops algorithms tailored for various platforms. The company’s effort includes forming alliances with preeminent hardware leaders, accelerating progress towards achieving quantum advantage in industry applications. This involves bringing practical quantum computing solutions to fields like materials development, solar technology, and energy systems.
What do the new funds mean for Phasecraft?
The successful funding round takes Phasecraft’s total capital raised to over $50 million. These funds are earmarked for ramping up R&D initiatives and strengthening partnerships with industries. By focusing on the development of impactful quantum solutions, Phasecraft is poised to bridge the gap between current technology capabilities and its potential applications.
“We’re actively creating quantum advantage at Phasecraft. 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,” Ashley Montanaro, co-founder and CEO, noted.
The team at Phasecraft, built by co-founders Toby Cubitt, Ashley Montanaro, and John Morton in 2019, boasts members with experience from major firms like AWS and Goldman Sachs (NYSE:GS). With a dedicated office in Washington D.C. led by quantum expert Professor Steve Flammia, Phasecraft is reinforcing its global presence, focusing on expanding quantum computing research and development.
Phasecraft’s alliances with tech companies such as Google and IBM underline its significant influence in the realm of quantum algorithms. These collaborations are key to testing and validating the efficiency of its algorithms on advanced quantum computing devices.
“We’re delighted to have the backing of our visionary investors to support us on the mission to bring quantum advantage to the world faster,” Montanaro further expressed.
Closing the gap between quantum theory and practical application remains Phasecraft’s operational focus. The company’s progress is integral in fields like material science and energy optimization, potentially leading to new solutions for complex global issues. Quantum computing’s capability to analyze and solve problems will redefine various industries, yet substantial work remains to achieve universally error-free quantum hardware. Continued investment, collaboration, and research are pivotal in realizing the full potential of quantum technologies.
