• Swindon & Wiltshire Tech
• Wednesday September 3 2025

World-leading quantum company secures $34 million in funding

The Bristol-based world leader in quantum algorithms company has secured $34 million in funding.

The funding will allow Phasecraft, a pioneering quantum computing company co-founded by academics from the University of Bristol and University College London, to accelerate its breakthrough work to transform quantum computing’s theoretical promise into practical applications.

Phasecraft’s co-founders, professors Toby Cubitt, Ashley Montanaro, and John Morton, have world-leading records in quantum computing including decades leading top research teams at the University of Bristol and UCL.

The team is developing hardware-agnostic quantum algorithms for material discovery, chemistry applications, energy networks, and logistics optimization, providing quantum solutions suitable for adoption in the near future.

Phasecraft’s latest round of funding was co-led by Plural, existing investor Playground Global, and Novo Holdings’ Quantum Fund in its first direct quantum software investment, the Series B round also included participation from existing investors AlbionVC, Latitude and Parkwalk Advisors.

Quantum computing hardware and software are converging towards commercial utility, which is only possible by leveraging ultra-efficient algorithms, like Phasecraft’s.

Its unique algorithms are hardware-agnostic, and partnerships with leaders such as Google Quantum AI, IBM, Quantinuum, and QuEra are enabling the company to push even faster towards quantum advantage.

Ashley, CEO of Phasecraft, and professor of Quantum Computation in the School of Mathematics at the University of Bristol, 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.”