Phasecraft

On September 2, 2025, Phasecraft announced securing $34 million in a Series B funding round to accelerate development of quantum algorithms deployable on today’s noisy intermediate-scale quantum (NISQ) devices. The funding was co-led by Plural, Playground Global, and Novo Holdings’ newly launched Quantum Fund (making its first direct investment in quantum software), with participation from existing investors LocalGlobe, AlbionVC, and Parkwalk Advisors, bringing total capital raised to over $50 million. Phasecraft developed the THRIFT algorithm, published in Nature Communications in 2025, which enhances quantum simulation efficiency by 10x and reduces computational costs by prioritizing interactions based on their speed. The company’s approach drastically reduces quantum gates needed to run simulations by factors of more than a million in some cases - for example, lithium copper oxide can be simulated with 410,000 quantum gates compared to the previous baseline of 1.5 trillion. The capital will support Phasecraft’s hardware-agnostic approach, rewriting quantum algorithms to run efficiently on NISQ machines from Google, IBM, Quantinuum and QuEra.

2025 Developments: In September 2025, Phasecraft raised $34 million Series B co-led by Plural, Playground Global, and Novo Holdings Quantum Fund. First direct quantum-software investment from Novo Holdings. Additional investors include LocalGlobe, AlbionVC, and Parkwalk Advisors. Expanding U.S. operations and industrial collaborations with Johnson Matthey, Oxford PV, UK’s NESO, and BT. Phasecraft’s algorithms are more efficient by factors of millions for material discovery and energy optimization

Company Information

• Founded: 2018
• Country: United Kingdom
• Website: https://phasecraft.io
• Categories: quantum materials

Key People

Toby Cubitt (Co-founder, CEO), Ashley Montanaro (Co-founder, CTO)

Investment Information

• Status: private
• Total Raised: $50M
• Last Valuation: $200M

Recent Funding Rounds

• 2025-09-02: series-b - $34M - Series B funding for quantum algorithms and material discovery applications
• 2021-07-15: series-a - $16M - Series A funding round

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