Quantum computers are machines that use the characteristics of quantum physics to store data and perform computations which makes them exceed even the best of supercomputers.
Several companies, including IBM, Honeywell, Google, and many startups are beginning to explore quantum computers via cloud computing interfaces. However, most of them have not been able to come out with any core solution to simulate these complex systems, such as the modelling of subatomic or molecular level interactions.
Phasecraft and its latest funding
An early-stage startup in the UK aims to achieve new quantum algorithm breakthrough and has recently also raised some seed funding. Founded by academics at the University of Bristol and UCL in 2019, Phasecraft has received £3.7 million in seed funding in an investment round led by LocalGlobe, a London-based VC, with participation from Episode 1, another London VC specialising in early-stage financing. Ian Hogarth, the former co-founder of concert discovery app Songkick and now a prominent angel and seed investor is joining Phasecraft’s board as chairperson.
While the company currently employs around ten officials,
the new investment brings the total Phasecraft has raised, in both venture funding and research grants, since its founding in 2018, to £5.5 million. Before this, Phasecraft received funding from the UCL Technology Fund and Parkwalk Advisors and grants from Innovate UK.
Started by internationally renowned quantum scientists Toby Cubitt, Ashley Montanaro and John Morton, its team of talented quantum theorists have been researching and applying quantum theory for decades, leading some of the top global academic teams and research in the field. Phasecraft has established partnerships with leading quantum hardware companies, including Google and Rigetti (a California-based startup building quantum computers), industry partners, such as Johnson Matthey, and leading academics, to establish a new era of computing. Through deep understanding of quantum theory and the needs of potential end users, Phasecraft applies its quantum computing expertise to bridge the gulf between hardware and applications, speeding up the quantum computing timeline.
Toby Cubitt, Phasecraft Founder said, “In just the first twelve months and with a tiny but talented team, we made breakthroughs that led us to the world’s best algorithms and encodings for all key technologies required for quantum simulation. These types of breakthroughs bring forward by years the date when quantum hardware can first tackle commercial applications that are beyond classical computing technology. Bringing together a bunch of smart people, creating a culture that inspires them to find innovative solutions, and working together to tackle the biggest challenges, it’s amazing what ensues. I can’t wait to see what this team achieves together in the years ahead!”
As a breakthrough, the company has developed an algorithm that significantly reduces the level of quantum computing power needed to run a calculation that could pave the way for the development of exotic new materials.
Commenting on the same, John Morton, Phasecraft Founder said: “Already in the past two years quantum hardware has surpassed expectations, achieving milestones that seemed decades away. By pioneering new advances in quantum software, Phasecraft can take quantum theory from research to reality, faster. With new funding and supporters, we can be part of building the foundations of the quantum computing industry, making useful applications available quicker than ever thought.”