Plural co-leads Phasecraft's $34M Series B round
Phasecraft, the world's leading quantum algorithms company, has raised $34 million in Series B funding to accelerate its breakthrough work to transform quantum computing's theoretical promise into practical applications. The funding round was co-led by Plural, Playground Global, and Novo Holdings' Quantum Fund. The round also included participation from existing investors LocalGlobe, AlbionVC, and Parkwalk Advisors.
Ian Hogarth, Partner at Plural, said: "Phasecraft is revolutionizing the quantum landscape in ways that were previously thought impossible. Its hardware-agnostic approach means it has been able to work with several of the world's most powerful computing devices, creating algorithms that are more efficient by factors of millions and now helping to solve real-world problems, such as material discovery and the optimization of our energy networks. It's to the credit of the best-in-class team that Ashley and Toby have built that some of the biggest tech companies in the world, including Google and IBM, see Phasecraft as the way to accelerate the impact of their own devices. I'm incredibly excited to continue supporting Phasecraft not just as Chairman, but as an investor as well."
The new funding, which brings the total raised to over $50 million, including grant funding, will enable the company to double down on its R&D breakthroughs and expand its industrial efforts, building real-world solutions for end-users.
Ashley Montanaro, co-founder and CEO of Phasecraft, said: "We're actively creating quantum advantage at Phasecraft. Our algorithms are delivering meaningful results now, whether it's simulating the physics of complex materials or optimizing the structure of a large energy network, whilst our partnerships with the world's top quantum hardware providers increase the impact our algorithms will have for commercial applications. We're delighted to have the backing of our visionary investors, such as Plural, Playground Global, and Novo Holdings, to support us on the mission to bring quantum advantage to the world faster."
For more information, please visit The Times.
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