British startup Phasecraft has raised a staggering €15m in quantum funding to further develop its quantum algorithms.
The quantum funding will develop these algorithms to the point of practical advantage – when quantum computers outperform classical computers for useful, real-world applications such as developing new materials.
The new funding brings the total raised by Phasecraft to €20m in venture funding and a further €4.4m in funding from Innovate UK and the European Research Council.
The total raised will continue building the team of world-leading quantum scientists, researchers and engineers and further establish Phasecraft as the world leader in quantum algorithms.
Scaling up current quantum algorithms
Quantum computing promises to revolutionise the way humanity tackles its most complex problems.
However, today’s noisy and unstable quantum computers (known as Noisy Intermediate Scale Quantum, or NISQ, devices) aren’t capable of running the current algorithms to solve them.
This is where the new quantum funding comes in.
Based on the best quantum algorithms known before Phasecraft, a useful calculation like simulating and discovering a new battery material would require billions of operations on a quantum computer. Today’s best-performing hardware can perform at most thousands.
Recent quantum funding has seen these algorithms soar in capacity; however, they have still remained primarily theoretical.
To date, no algorithms have been run on a quantum computer to solve a problem of genuine practical interest.
Ashley Montanaro, co-founder and CEO of Phasecraft, said: “For all the advances that have been made in quantum hardware, and for all quantum computing’s promise, such progress could end up being for nothing if we can’t build the applications needed to make the technology truly useful.
“With our record-breaking algorithms and groundbreaking techniques, we are pushing the boundaries of what is possible in this space.”
How this round of quantum funding will advance real-world applications
Phasecraft’s quantum funding will promote research to reimagine how quantum algorithms are designed.
Its algorithms are based on novel insights from theoretical physics and computer science, coupled with knowledge gained from extensive numerical simulations and a deep understanding of quantum hardware.
The quantum funding will help them develop record-breaking algorithms with significantly superior computational efficiency compared to others in existence. Moreover, their partnerships with the world’s three most advanced superconducting quantum hardware providers – Google, IBM, and Rigetti – help put these algorithms to work in the real world.
“Phasecraft’s team of world-class quantum scientists and engineers bring unmatched expertise and a fresh perspective to one of the biggest challenges facing our quantum future,” explained Peter Barrett, general partner of Playground Global, a company supporting Phasecraft.
He concluded: “At Playground, we’ve always believed that unlocking quantum’s potential requires a very special, dedicated, and experienced team. We believe Phasecraft is uniquely positioned to help deliver our quantum future.”
