Overview

• Phasecraft closed a $34 million Series B co-led by Playground Global, Plural, and Novo Holdings’ Quantum Fund, marking Novo’s first direct investment in quantum software.
• The company plans to use the funding to expand R&D, scale industry pilots, and hire specialists including Glenn Jones, bringing total backing to more than $50 million with grants.
• Founded in 2019 as a UCL and University of Bristol spin-out, Phasecraft targets algorithms designed for noisy intermediate-scale machines rather than waiting for fault-tolerant systems.
• The company reports its THRIFT approach reduces quantum operations for chemistry simulations and says some optimisation techniques outperform classical methods on real tasks.
• Phasecraft expanded operations with a Washington, D.C. research center led by Steve Flammia and collaborates with hardware providers such as Google, IBM, and Quantinuum alongside partners including Johnson Matthey, Oxford PV, NESO, and BT.