Phasecraft to Accelerate the Development of Quantum Algorithms with $34 Million in Series B Funding

Phasecraft, a market leader in quantum IP, led by Toby Cubitt, Ian Hogarth, Ashley Montanaro, and John Morton, has secured $34 million in Series B funding led by Plural, existing backer Playground Global, and Novo Holdings’ Quantum Fund in its first direct quantum software investment, with additional participation from existing investors LocalGlobe, AlbionVC, and Parkwalk Advisors, bringing the total raised to over $50 million including grant funding.

Phasecraft is accelerating quantum utility with ultra-efficient, hardware-agnostic algorithms developed in partnership with Google Quantum AI, IBM, Quantinuum, and QuEra. Its quantum-enhanced approach combines quantum and classical computing to make today’s NISQ devices solve problems once thought impossible — without waiting for perfect hardware. Already working with Johnson Matthey, Oxford PV, NESO, and BT, Phasecraft is bringing real quantum applications to industry sooner than expected.

Phasecraft is advancing quantum applications across materials science, biological research, and energy resilience. Its algorithms make material simulations millions of times more efficient, apply quantum computing to drug discovery for genetic conditions, and optimize energy networks to strengthen grid resilience.