Seed Money for Quantum-Level Algorithms and Software
Phasecraft computes $950,000
Full release ~
Phasecraft, a UK-based quantum computing software developer based on research from University College London (UCL) and University of Bristol, has procured £750,000 ($950,000) in pre-seed funding from investors co-led by the UCL Technology Fund.
Parkwalk Advisors, the fund management arm of commercialisation firm IP Group, co-led the round, which also included the publicly-owned London Co-Investment Fund.
UCL Technology Fund is managed by Albion VC, the venture capital arm of Albion Capital, on behalf of UCL’s tech transfer office, UCL Business.
Founded in February 2018, Phasecraft is working on quantum-level algorithms and software to execute advanced computational tasks in fields including materials, energy, industrial and chemistry.
The spinout has previously been described as being focused on smaller-scale quantum computers known as “near-term intermediate-scale” models.
Phasecraft will design products catered to the problems faced by specific industry clients, before teaming up with quantum hardware developers to finalise these applications.
The capital will help expand the development team as the company works towards attaining proof-of-concept of quantum computing applications.
Phasecraft previously received an undisclosed sum from Parkwalk’s Opportunities EIS Fund in March 2019, and is a member of the UK government-backed Prosperity Partnership collaboration, which is focused on delivering quantum software technologies.
The company’s co-founders are John Morton, professor of nanoelectronics and nanophotonics at UCL’s Faculty of Maths and Physical Sciences, Tony Cubitt, reader in quantum information at UCL’s Department of Computer Science and Faculty of Engineering Science, and Ashley Montanaro, reader in quantum computation at University of Bristol’s School of Mathematics.
David Grimm, investment director at UCL Technology Fund, said: “Phasecraft is at the forefront of what is an incredibly specialised field. We believe this team has the capability to maximise the potential of quantum computing and solve previously unsolvable problems.”
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