Phasecraft closes largest UK quantum computing seed round of $5m

By Sunniva Kolostyak

London-based quantum technology start-up Phasecraft has raised $5 million in seed funding, the largest round for a UK quantum computing company.

Phasecraft, which works in partnership with quantum hardware companies such as Google and Rigetti, was founded by quantum scientists to develop high-efficiency software and applications from the technology.

LocalGlobe led the $5 million (£3.7 million) round with Episode1 and previous investors UCL Technology Fund and Parkwalk Advisors. Having previously raised a £750,000 pre-seed round, and earned several grants facilitated by InnovateUK, Phasecraft now has a total equity and grant funding of over £5.5 million.

Phasecraft is aiming to take quantum theory from research to reality and has in a year made major advances in underpinning technologies required for quantum simulation of materials and chemistry.

The start-up is also developing new algorithms that maximise the capabilities of today’s quantum hardware to evolve quantum computing from experimental demonstrations to useful applications. The advances have also been published in a peer-reviewed research paper.

Toby Cubitt, Founder of Phasecraft, said the breakthroughs it has achieved so far 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!”

John Morton, another Founder of Phasecraft, added: “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.”

In the statement, Phasecraft also noted that former Songkick founder and prominent angel investor Ian Hogarth has joined as board chair for Phasecraft.