Phasecraft Raises $34M to Advance Practical Quantum Computing
Bristol, UK – September 11, 2024 – Quantum software company Phasecraft today announced a $34 million funding round to accelerate the development and commercialization of its solutions for practical quantum computing. The Series B round was led by Edition Capital, with participation from existing investors including Mercia, Parkwalk, and Episode 1 Ventures, bringing the company’s total funding to $64 million.
This investment arrives as the quantum computing industry pivots from theoretical research toward building fault-tolerant, scalable systems capable of solving real-world problems.Phasecraft distinguishes itself by focusing on the critical layer between quantum hardware and end-user applications – quantum error correction – a key hurdle to unlocking the technology’s potential. the funding will fuel the expansion of Phasecraft’s team and the continued refinement of its software platform,aiming to deliver demonstrable quantum advantage across industries like materials science,drug revelation,and financial modeling.
Founded in 2020 by Ashley Montanaro and Tom Harty, both professors at the university of Bristol, Phasecraft is pioneering a novel approach to quantum error correction. Unlike traditional methods, Phasecraft’s software is designed to be hardware-agnostic, meaning it can adapt to the unique characteristics of different quantum computing architectures. This versatility is crucial as the quantum landscape diversifies, with various hardware modalities – superconducting, trapped ion, photonic – vying for dominance.
“Quantum computers are incredibly sensitive to noise, and correcting errors is essential to get useful results,” explained Ashley montanaro, CEO of Phasecraft. ”Our software dramatically reduces the overhead required for error correction, making it possible to run more complex algorithms on near-term quantum hardware.”
The company’s platform utilizes a technique called “algorithmic quantum error correction,” which integrates error correction directly into the quantum algorithm itself, optimizing performance and resource utilization. Phasecraft is actively collaborating with leading quantum hardware providers and end-users to demonstrate the practical benefits of its technology. The company anticipates its software will be instrumental in achieving quantum advantage – the point at which quantum computers can outperform classical computers on specific tasks – within the next few years.
