Phasecraft Raises £13M in Series A Funding for Quantum Algorithms
Phasecraft, a London and Bristol-based quantum algorithms company, has raised £13M in Series A funding. The round was led by Playground Global, with participation from AlbionVC and existing investors Episode1, Parkwalk Advisors, LCIF, and UCL Technology Fund. The company plans to use the funds to further develop its quantum algorithms and achieve practical quantum advantage, where quantum computers surpass classical computers for real-world applications such as materials development.
Founded in 2019 as a spinout from UCL and the University of Bristol, Phasecraft is on a mission to accelerate the practical application of quantum computing.
The company focuses on redesigning quantum algorithms to suit the imperfect quantum computers of today, collaborating with hardware companies like Google, IBM, and Rigetti, as well as academic and industry leaders. Their primary goal is to use algorithmic advancements to discover innovative materials that will drive the transition towards clean energy.
This recent funding brings Phasecraft's total capital raised to £17.25M in venture funding, in addition to £3.75M in grant funding from Innovate UK and the European Research Council. These funds will be used to continue expanding the team of quantum experts and engineers, cementing Phasecraft's position as a global leader in the field of quantum algorithms.
They've invested in Phasecraft
Get to know these Hardware investors
| Investor | Sector | Stage | Activity | Team | Connect |
|---|---|---|---|---|---|
 Playground Global | 2 investments investments | more info | |||
 AlbionVC | 53 investments investments | 6 contacts contacts | |||
 Episode 1 Ventures | 46 investments investments | 5 contacts contacts | |||
 Parkwalk Advisors | 21 investments investments | 8 contacts contacts | |||
 LCIF | 1 investment investment | more info |
Click here for a full list of 7,526+ startup investors in the UK