Quantum algorithm company Phasecraft Ltd. announced today that it has raised $34 million in new funding to accelerate its work to transform quantum computing’s theoretical promise into practical applications.

Founded in 2019, Phasecraft focuses on making quantum computing useful sooner by bridging the gap between today’s noisy, intermediate-scale quantum devices and future large-scale systems. Differing from other firms that rely on the eventual arrival of fault-tolerant quantum computers, Phasecraft says, it’s developing ultra-efficient algorithms that allow current imperfect machines to deliver meaningful results in real-world settings.

The company doesn’t focus on one platform or possible solution but instead takes a hardware-agnostic approach. Doing so, it says, delivers compatibility with multiple platforms and maximizes the chances of early commercial adoption. It works across different industries where quantum computing has the potential to deliver a measurable impact, such as materials discovery, chemistry, energy systems and logistics optimization.

Phasecraft methodology — pairing quantum devices with classical computing — delivers hybrid solutions that can simulate complex materials, optimize energy grids and even tackle problems in biological research. The algorithms are already showing promise in making material simulations millions of times more efficient, which could accelerate the design of new solar cells, catalysts or medicines.

The company works with various hardware providers, including Google LLC’s Quantum AI, IBM Corp., Quantinuum Ltd. and QuEra Computing Inc., which allows it to test and refine its algorithms on advanced machines and push towards practical applications. Phasecraft also works with partners such as Johnson Matthey plc, Oxford Photovoltaics Ltd., National Energy System Operator Ltd. and BT Group plc to co-develop solutions tailored to their needs.

The company’s research-and-development approach draws on novel insights from theoretical physics, computer science and extensive numerical simulations. Areas of exploration include drug discovery, where quantum simulations could shorten the process of understanding molecular interactions and energy resilience, where optimized networks could improve efficiency and sustainability.

“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, while our partnerships with the world’s top quantum hardware providers increase the impact our algorithms will have for commercial applications,” said co-founder and Chief Executive Ashley Montanaro.

The Series B round was co-led by Plural Platform, Playground Global and Novo Holdings A/S Quantum Fund, with LocalGlobe Management Ltd., Albion Capital Group LLP and Parkwalk Advisors Ltd. also participating.

“Phasecraft is revolutionizing the quantum landscape in ways that were previously thought impossible,” said Ian Hogarth, a partner at Plural. “Its hardware-agnostic approach means it’s 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 that are now helping to solve real-world problems like material discovery and the optimization of our energy networks.”

Image: Phasecraft