Phasecraft

Phasecraft operates at the intersection of academic theory and commercial application in the quantum computing sector, focusing on the development of high-efficiency quantum algorithms. Founded in 2019 as a spin-out from University College London (UCL) and the University of Bristol, the company was established by three distinguished quantum scientists: Professor Ashley Montanaro, who serves as CEO; Professor Toby Cubitt, the CTO and Chief Science Officer; and Professor John Morton. Their collective journey stems from extensive academic careers, with each founder having over 20 years of research experience in quantum computation, quantum information theory, and mathematical physics. The decision to create a startup was driven by the realization that quantum hardware was advancing to a point where it could move beyond experimental stages, creating a pressing need for sophisticated software to harness its power for practical problems.

The company's core business is to design quantum algorithms that significantly reduce the hardware requirements—such as the number of qubits and circuit depth—needed to solve complex problems, thereby accelerating the timeline to achieving quantum advantage. Phasecraft's revenue model is centered on partnerships with both quantum hardware manufacturers and companies in various industries that stand to benefit from quantum computation. By collaborating with hardware leaders like Google, IBM, Rigetti, Quantinuum, and QuEra, Phasecraft gains access to the most advanced quantum processors to test and refine its algorithms. This positions them to co-develop solutions for enterprise clients in sectors like materials science, pharmaceuticals, and telecommunications. Their clients are companies facing computational challenges that are intractable for even the most powerful classical supercomputers, such as discovering new materials for batteries and solar cells or optimizing complex networks.

Phasecraft's primary offering is its intellectual property in the form of novel quantum algorithms. These algorithms are engineered to perform specific, high-value computational tasks with greater efficiency than existing methods. For example, their work has demonstrated the ability to reduce the complexity of simulating a materials system by a factor of 400,000 and has resulted in the largest-ever materials system simulation on actual quantum hardware. A notable product of their research is an algorithm named THRIFT, which improves the efficiency of simulating dynamic quantum systems by a factor of 10, allowing for simulations on near-term hardware that are significantly larger and longer-running. This focus on making today's 'noisy,' intermediate-scale quantum computers useful is a key differentiator, bridging the gap between current hardware limitations and future fault-tolerant machines. The company has secured significant funding, including a £13m Series A round, to expand its world-class team and further its research.

Keywords: quantum algorithms, quantum software, quantum advantage, materials discovery, quantum simulation, computational chemistry, quantum computing applications, near-term quantum computers, hardware-efficient algorithms, quantum IP, spin-out, UCL, University of Bristol, Ashley Montanaro, Toby Cubitt, John Morton, condensed matter physics, clean energy, solar cells, battery materials, pharmaceutical research, network optimization, Google Quantum AI, IBM Quantum, Rigetti, Quantinuum, QuEra