Phasecraft, Inc. announced on September 2, 2025, that it has raised $34 million in a Series B funding round to advance the development of quantum algorithms compatible with today’s noisy intermediate scale quantum (NISQ) devices. The round was co led by Plural, Playground Global, and Novo Holdings’ new Quantum Fund, with participation from existing investors LocalGlobe, AlbionVC, and Parkwalk Advisors, bringing Phasecraft’s total funding, including grants, to over $50 million.

The funding will support Phasecraft’s hardware agnostic strategy, optimizing quantum algorithms to run efficiently on NISQ machines from Google, IBM, Quantinuum, and QuEra. CEO Ashley Montanaro highlighted that the company’s quantum enhanced approach leverages quantum computing alongside classical computing to solve previously intractable problems, including simulating complex materials and optimizing large energy networks. The investment will also fuel the expansion of U.S. operations and industrial collaborations with partners like Johnson Matthey, Oxford PV, the UK’s NESO, and BT.

Figure 1. Phasecraft Secures $34M Series B to Boost Quantum Algorithm Development

Investors highlighted Phasecraft’s transformative potential across multiple industries. Ian Hogarth of Plural emphasized the company’s remarkable efficiency gains, noting its algorithms are “more efficient by factors of millions” and already addressing real world challenges in material discovery and energy network optimization. Peter Barrett of Playground Global pointed to the broad impact on chemistry, materials science, and medicine, while Jeroen Bakker of Novo Holdings called the Quantum Fund’s investment—their first in quantum software—a step toward shortening life sciences R&D timelines from decades to years. Collectively, the investors reinforced Phasecraft’s mission to deliver practical quantum advantage by using NISQ algorithms to translate theoretical promise into industrial applications. Figure 1 shows Phasecraft Secures $34M Series B to Boost Quantum Algorithms.

Hardware Agnostic Quantum Algorithms Drive NISQ Solutions for Materials and Energy Networks

Phasecraft, a quantum algorithm company founded in 2019 by Toby Cubitt, Ashley Montanaro, and John Morton, announced on September 2, 2025, that it has raised $34 million in a Series B round. The funding was co led by Plural, Playground Global, and Novo Holdings’ Quantum Fund—Novo’s first direct investment in quantum software—with participation from existing investors LocalGlobe, AlbionVC, and Parkwalk Advisors, bringing total capital raised, including grants, to over $50 million.

The company specializes in hardware agnostic quantum algorithms designed for today’s noisy intermediate scale quantum (NISQ) devices. Leveraging research from University College London and the University of Bristol, Phasecraft optimizes algorithms to reduce gate depth and error rates, enabling practical simulations of complex materials and large-scale energy network optimization without requiring fault-tolerant hardware. Its approach integrates quantum processors with classical computing to deliver measurable gains in accuracy and efficiency.

Phasecraft works with industrial partners in the UK—including Johnson Matthey, Oxford PV, the National Energy System Operator (NESO), and BT—and is expanding operations in the US to accelerate material discovery and energy-network optimization. Collaborations with leading quantum-hardware providers like Google, IBM, Quantinuum, and QuEra ensure that its algorithms run efficiently across a range of NISQ machines.

The new funding will accelerate Phasecraft’s research and development, enabling the company to expand industrial collaborations and strengthen partnerships with quantum-hardware providers. A significant portion of the capital will support the growth of its U.S. operations, bringing expertise closer to key end-users and speeding the deployment of quantum-enhanced solutions in practical settings.

Investors emphasized the transformative potential of Phasecraft’s hardware agnostic approach. Ian Hogarth of Plural noted the company’s algorithms are “orders of magnitude more efficient” and already addressing real-world challenges in materials science and energy optimization. Peter Barrett of Playground Global highlighted its potential to shift innovation from discovery to design, impacting chemistry, materials science, and medicine, while Jeroen Bakker of Novo Holdings called the Quantum Fund’s investment—a first in quantum software—an opportunity to dramatically shorten drug development timelines.

As quantum hardware and software advance toward commercial readiness, Phasecraft’s efficient, hardware-agnostic algorithms place the company at the forefront of this transition. Leveraging NISQ quantum algorithms, Phasecraft is transforming theoretical promise into actionable solutions, enabling industries to solve previously intractable problems in material discovery and energy-network optimization.

Key Investors Plural, Playground Global, and Novo Holdings Back Quantum Software with Strong Confidence

Phasecraft, founded in 2019, has closed a $34 million Series B round co-led by Plural and Playground Global, with Novo Holdings making its first direct quantum-software investment. Existing investors LocalGlobe, AlbionVC, and Parkwalk Advisors also participated, bringing total funding, including grants, to over $50 million.

The company develops ultra-efficient, hardware-agnostic quantum algorithms for NISQ devices, enabling simulations of complex materials, energy-grid optimization, and logistics at scales beyond classical computing. Investors highlighted the real-world impact of Phasecraft’s technology, from material discovery to life-science applications, including potentially shortening drug-development timelines.

The new funding will accelerate R&D, expand U.S. operations, and deepen industrial collaborations, positioning Phasecraft to translate quantum algorithms into practical, near-term solutions and reinforcing confidence in the growing quantum software market.

Google, IBM, and Industry Partners Like Johnson Matthey, Oxford PV, BT Propel Early Quantum Adoption

Phasecraft develops ultra-efficient, hardware agnostic quantum algorithms that pair quantum processors with classical computing to tackle tasks like material simulation, chemical optimization, and energy-grid design on NISQ devices. Validated on hardware from Google, IBM, Quantinuum, and QuEra, the algorithms achieve speed-ups “by factors of millions,” according to Plural’s Ian Hogarth.

The Series B funding will expand industrial collaborations with partners such as Johnson Matthey, Oxford PV, BT, and the UK’s NESO, translating quantum algorithms into practical, deployable solutions. Investors highlight Phasecraft’s transformative potential across chemistry, materials science, medicine, and life sciences, emphasizing accelerated R&D timelines and real-world impact.

With support from leading quantum hardware providers and industrial partners, Phasecraft is positioned to bring the first wave of quantum-enhanced solutions to market, scaling research and deployment across high-impact sectors.

Phasecraft Innovations Aim to Accelerate Drug Development and Revolutionize Energy Systems

Phasecraft is leveraging NISQ quantum algorithms to accelerate innovation across life sciences, energy, and industrial sectors. In life sciences, Novo Holdings uses Phasecraft’s technology to shorten drug-development timelines from decades to years by enabling faster molecular simulation and predictive modeling. In energy, the company partners with the UK’s NESO to optimize large-scale grids, improving reliability, cutting costs, and supporting renewable deployment.

Phasecraft also collaborates with Johnson Matthey, Oxford PV, and BT to enhance materials discovery, solar-cell efficiency, and network routing [1]. Founded in 2019 by Toby Cubitt, Ashley Montanaro, and John Morton, the company works with hardware providers including Google, IBM, Quantinuum, and QuEra, translating quantum computing theory into practical applications and accelerating development cycles across high-impact industries.

References:

1. https://quantumzeitgeist.com/phasecraft-raises-34-million-series-b-to-accelerate-quantum-algorithms/

Cite this article:

Janani R (2025), Phasecraft Secures $34M Series B to Boost Quantum Algorithm Development, AnaTechMaz, pp.130