Quantum computing spinout gains seed funding
A pioneering quantum computing company co-founded by academics in Bristol and London has received £750,000 in early stage seed funding.
Phasecraft is developing software for quantum computers and has been set up by Dr Ashley Montanaro from the University of Bristol’s School of Mathematics and the Bristol Quantum Information Institute along with colleagues from University College London (UCL).
“This is an incredibly exciting time for the field of quantum computing, as quantum computers are on the verge of outperforming their classical counterparts for the first time, and the field transitions from a primarily academic endeavour to one where industry plays a significant role in developing technology,” said Montanaro.
“For this reason, it seems the ideal time to use our academic expertise in a commercial context to address some of the deep technical challenges that need to be solved for quantum computing to reach its true potential.”
Using the seed funding, Phasecraft plans to design new algorithms and software that will run on the quantum computers currently being developed. These are very different from today’s supercomputers and solve problems using quantum relationships, and so need new ways of programming.
These developments will be followed by partnerships with companies that have problems that only quantum computers can solve, and then working with leading quantum hardware developers to implement the required technology.
Researchers in Bristol have already been working with Microsoft, GSK and Siemens on new ways of using quantum computing technologies.
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The funding comes from the UCL Technology Fund, along with co-investors Parkwalk Advisors and the London Co-investment Fund. Montanaro is working with Dr Toby Cubitt at UCL on Quantum Algorithms, Architectures and Complex Systems and Prof John Morton at UCL on Solid State Quantum Processors (above).
“Phasecraft is at the forefront of what is an incredibly specialised field. Fulfilling their objective of developing quantum computing to a level where we could solve previously unsolvable problems would make the company highly valuable to the world’s tech giants,” said David Grimm, Investment Director, UCL Technology Fund.
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