Phasecraft Raises $34M to Advance Practical Quantum Computing
Bristol,โข UK – September 11, 2024 โ – Quantum software company Phasecraft today announced a $34 million funding round to accelerate theโค development and commercializationโค of its solutions for practical quantumโข computing. The Series B round wasโฃ led by Edition Capital, with participation from existing investors including Mercia, Parkwalk, and Episode 1 Ventures, bringingโข 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 โproblems.Phasecraft distinguishes itselfโข by focusing โฃon the critical layer between quantum hardware and end-user applications – quantum error correction – aโข key hurdle โขto unlocking the technology’s potential. the โคfunding will fuel the expansion of Phasecraft’s team and theโ continued refinement of its โsoftware platform,aimingโข to deliver demonstrable quantum advantage across industries like materials science,drug revelation,and financial modeling.
Founded in 2020 by Ashleyโ 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 โdesigned to be hardware-agnostic, meaning it can adapt to the unique characteristics of different quantum computingโฃ architectures. This versatility isโข crucialโค as the quantum landscape diversifies, with various hardware modalities – superconducting, trapped โion, photonic – vyingโฃ for dominance.
“Quantum computers areโ incrediblyโค sensitive to noise, and correcting errors is essential to get useful results,” explained Ashley montanaro, CEO of Phasecraft. โฃ”Our software dramatically reducesโ 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,” โwhich integrates error correction directly into the quantum algorithm itself, optimizing performanceโ and resource utilization. Phasecraft is actively collaborating with leading quantum hardware providers and end-users to demonstrate the practical benefits of its technology. The companyโข anticipates its software โฃwill be instrumental in achieving quantum advantage – the point at which quantum computers can outperform classical computers on specific tasks – โwithin the next few years.