Quantum Software Startup Phasecraft Raises £25M, Backed by Playground Global and Plural
This article covers the £25 million Series B funding round on 2 September 2025 for Phasecraft, a UK quantum-software startup that develops algorithms to make noisy quantum computers practically useful, founded by Toby Cubitt, Ashley Montanaro and John Morton.
What does Phasecraft do?
Phasecraft develops quantum algorithms and software that enable today’s noisy quantum computers to run simulations and optimisation tasks. Its THRIFT algorithm reduces the number of quantum operations required for simulations, enabling large-scale quantum chemistry simulations on hardware others cannot use at this scale.
Why is Phasecraft useful?
Phasecraft addresses the challenge that current quantum machines are noisy and unreliable, which makes them difficult to apply to real problems. Its software reduces required quantum operations and is hardware-agnostic, supporting simulations and optimisation tasks such as material discovery, optimisation of energy networks and molecular simulation.
How much did Phasecraft raise?
Phasecraft raised £25 million in a Series B round, co‑led by Playground Global, Plural and Novo Holdings’ Quantum Fund — Novo’s first direct investment in quantum software.
Who invested in Phasecraft?
Key investors include the following.
- Playground Global is a Silicon Valley deep-tech investor known for backing founders building next-generation computing hardware and software.
- Plural, based in London, focuses on deep-tech and enterprise software, investing across the UK and European ecosystems.
- Novo Holdings’ Quantum Fund is part of the Danish investment firm Novo Holdings and targets quantum technologies with a particular interest in life-science applications.
If you're researching potential backers in this space:
- Explore our list of hardware venture capital firms in the UK
- Browse our directory of hardware angel investors in the UK
Who founded Phasecraft?
The founders of Phasecraft are Professors Toby Cubitt, Ashley Montanaro (co-founder and CEO), and John Morton.
Where is Phasecraft based?
Phasecraft is based in Bristol, UK.
What sector is Phasecraft in?
Phasecraft operates in the quantum computing industry, specialising in quantum software. This sector matters now because current hardware is noisy and immature, creating strong demand for software that can deliver practical advantage on today’s machines. Rapid funding and industry partnerships are accelerating commercial adoption.
Key trends are clear and actionable. Hardware remains noisy, so software must bridge capability gaps. Algorithms that cut gate counts and error sensitivity are advancing fast. Collaboration between startups and incumbents is expanding application testing.
- Example: low-gate algorithms such as THRIFT enable larger quantum chemistry simulations on near-term devices.
- Example: partnerships with energy and materials firms test optimisation and simulation use cases.
For a deeper look at innovation in this space, see the hardware startups in the UK.
They've invested in Phasecraft
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| Investors | Investment Focus | Startup Investments | Round Size | Connect |
|---|---|---|---|---|
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 Plural( ) | ||||
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