Phasecraft
Bristol-based quantum-algorithms company designing algorithms to run effectively on today's imperfect near-term (NISQ) quantum hardware.
Phasecraft is a Bristol, UK-based quantum computing company founded in 2019 by Ashley Montanaro (CEO, Professor of Quantum Computation at the University of Bristol), Toby Cubitt (CTO & Chief Science Officer, Professor of Quantum Information and head of the Quantum Lab at UCL), and John Morton (Director of the UCL Quantum Science and Technology Institute; also founding director of the separate company Quantum Motion Technologies), spun out of research at UCL and the University of Bristol. It designs and adapts quantum algorithms to run effectively on today's imperfect, near-term (NISQ) quantum hardware. Phasecraft holds a £1.2M UK government contract (DSIT/Innovate UK) to develop quantum algorithms optimizing energy grids with National Grid ESO, plus two further UKRI Commercialising Quantum Technologies Challenge grants alongside BT and Rigetti, and was named a technical expert on DARPA's Quantum Benchmarking Initiative. It is a finalist in the $5M XPRIZE Quantum Applications competition (backed by Google Quantum AI and GESDA), and counts Johnson Matthey, Oxford PV, National Grid ESO, and BT among its named end users.
Overview
- Headquarters
- Bristol, England, UK
- Founded
- 2019
- Employees
- Total funding
- $50M+ (per company, as of Sept 2025 Series B)
- Stage
- Series B
- Status
- active
- Domains
- Quantum computing, Quantum algorithms, NISQ software, Quantum algorithms for energy-grid optimization
Founders3
- FounderAshley MontanaroCEO and co-founder of Phasecraft, and Professor of Quantum Computation at the University of Bristol.
- FounderToby CubittCTO, Chief Science Officer, and co-founder of Phasecraft. BA from Cambridge; PhD from the Max Planck Institute for Quantum Optics, Munich; postdocs at Bristol and Madrid; Royal Society University Research Fellow at Cambridge then UCL, where he is now Professor of Quantum Information and head of the Quantum Lab. Won the AHP-Birkhäuser Prize (2017) and the LMS Junior Whitehead Prize (2019).
- FounderJohn MortonCo-founder of Phasecraft. Professor of Nanoelectronics and Director of the UCL Quantum Science and Technology Institute since 2016; Royal Society University Research Fellow at UCL from 2008 to 2016. Also founding director of a separate company, Quantum Motion Technologies (not currently tracked in this dataset), since 2017.
Investors9
- FundUCL Technology FundVenture fund investing in University College London spin-outs; lead/participating investor across Phasecraft's pre-seed, seed, and Series A rounds.
- FundParkwalk AdvisorsUK venture capital firm specializing in university spin-outs; participated in Phasecraft's pre-seed, seed, and Series A rounds.
- FundLondon Co-investment FundUK co-investment fund backing London-linked startups; participated in Phasecraft's pre-seed, seed, and Series A rounds.
- FundLocalGlobeLondon-based early-stage venture capital firm; led Phasecraft's £3.7M seed round (December 2020).
- FundEpisode1UK enterprise-software-focused venture capital firm; participated in Phasecraft's seed and Series A rounds.
- FundPlayground GlobalDeep-tech venture capital firm; led Phasecraft's £13M Series A (August 2023) and participated in its $34M Series B (September 2025).
- FundAlbionVCUK venture capital firm; participated in Phasecraft's £13M Series A (August 2023).
- FundPluralEuropean venture capital firm founded by experienced tech operators; participated in Phasecraft's $34M Series B (September 2025) and led Hypersonica's €23.3M Series A (February 2026).
- FundNovo Holdings Quantum FundQuantum-technology-focused investment fund managed by Novo Holdings; participated in Phasecraft's $34M Series B (September 2025).
Cap table0
Approximate ownership by holder. Indexed holders link to their records.
Raised per round
Percentages marked ~ are not disclosed. Some are a generic VC-pattern model (founders/team weighted heaviest, option pool lightest, other holders evenly) sized to whatever's left undisclosed — a standard industry shape, not this company's actual cap table.
| Holder | Instrument | Ownership |
|---|---|---|
| Preferred (Series B) | ~33.3% | |
| Preferred (Series B) | ~33.3% | |
| Preferred (Series B) | ~33.3% |
Contracts2
- ContractQuantum Algorithms for Energy Grids Contract£1.2M UK government contract for Phasecraft to develop quantum algorithms optimizing energy grids, working with National Grid ESO.
- ContractCommercialising Quantum Technologies Challenge GrantsTwo UKRI/Innovate UK research grants awarded to Phasecraft under the Commercialising Quantum Technologies Challenge: one on near-term quantum computing for hard industrial optimisation problems with BT and Rigetti (£288,454), the other on quantum algorithms and software for photovoltaic materials modelling with Oxford PV, University of Birmingham, and UCL (£369,295).
Programs4
- ProgramDARPA Quantum Benchmarking InitiativeDARPA program assessing whether emerging quantum computers can achieve utility-scale operation faster than conventional projections. Quantinuum was selected to advance to the one-year Stage B R&D phase (up to $15M in funding); Phasecraft was separately named a technical expert on the program, alongside University of Maryland ARLIS, developing resource-requirement estimates for candidate quantum applications.
- ProgramXPRIZE Quantum Applications$5M XPRIZE competition (launched March 2024, backed by Google Quantum AI and GESDA) challenging teams to develop practical, near-term quantum computing applications with real-world impact; Phasecraft is a named finalist.
- ProgramQuantum Catalyst Fund£15M UK government (DSIT/Innovate UK) SBRI fund supporting feasibility studies and Phase 2 prototype/demonstration projects applying quantum computing to public-sector challenges (energy grids, navigation, healthcare, defence); Phase 2 winners announced February 2024.
- ProgramCommercialising Quantum Technologies ChallengeUKRI/Innovate UK Industrial Strategy Challenge Fund program (2018–2025) funding projects to commercialise quantum technologies, including Phasecraft's two grants with BT/Rigetti and Oxford PV/UCL.
Frequently asked
- What does Phasecraft do?
- Phasecraft is a Bristol, UK-based quantum computing company founded in 2019 by Ashley Montanaro (CEO, Professor of Quantum Computation at the University of Bristol), Toby Cubitt (CTO & Chief Science Officer, Professor of Quantum Information and head of the Quantum Lab at UCL), and John Morton (Director of the UCL Quantum Science and Technology Institute; also founding director of the separate company Quantum Motion Technologies), spun out of research at UCL and the University of Bristol. It designs and adapts quantum algorithms to run effectively on today's imperfect, near-term (NISQ) quantum hardware. Phasecraft holds a £1.2M UK government contract (DSIT/Innovate UK) to develop quantum algorithms optimizing energy grids with National Grid ESO, plus two further UKRI Commercialising Quantum Technologies Challenge grants alongside BT and Rigetti, and was named a technical expert on DARPA's Quantum Benchmarking Initiative. It is a finalist in the $5M XPRIZE Quantum Applications competition (backed by Google Quantum AI and GESDA), and counts Johnson Matthey, Oxford PV, National Grid ESO, and BT among its named end users.
- Where is Phasecraft headquartered?
- Phasecraft is headquartered in Bristol, England, UK and was founded in 2019.
- How much funding has Phasecraft raised?
- Phasecraft has raised $50M+ (per company, as of Sept 2025 Series B) in disclosed funding.
- What does Phasecraft specialize in?
- Phasecraft works across Quantum computing, Quantum algorithms, NISQ software, Quantum algorithms for energy-grid optimization.
- Does Phasecraft hold government contracts?
- Defense Tech Atlas links Phasecraft to 2 government contracts and 4 programs.
Sources & citations7
Each claim links to its underlying source. Confidence reflects how directly the source supports the claim.
- 1
UCL spin-out Phasecraft secured a $34M Series B, bringing total funding to more than $50 million
UCL: UCL spin-out Phasecraft secures $34M Series B to advance quantum computingVerified2025-09-01 - 2
Phasecraft raised $34 million from Plural, Playground Global, and Novo Holdings Quantum Fund
Business Wire: Phasecraft Raises $34 Million from Plural, Playground Global, and Novo HoldingsVerified2025-09-02 - 3
Phasecraft wins £1.2 million UK government contract to develop quantum algorithms to optimise energy grids, working with National Grid ESO
The Quantum Insider: Phasecraft Wins £1.2 Million UK Government Contract to Develop Quantum Algorithms to Optimise Energy GridsVerified2024-02-27 - 4
Phasecraft named a technical expert on DARPA's Quantum Benchmarking Initiative, alongside University of Maryland ARLIS, developing resource-requirement estimates for candidate quantum applications
UKTN: UK quantum group tapped to join DARPA projectReported2026-03-03 - 5
Phasecraft is a finalist in the $5M XPRIZE Quantum Applications competition, backed by Google Quantum AI and GESDA
Quantum Zeitgeist: Phasecraft Advances in Quantum Computing XPRIZE CompetitionVerified2026-08-02 - 6
Phasecraft announces the largest seed funding round for a UK quantum computing company, £3.7 million ($4.9M), led by LocalGlobe with Episode1 and existing investors UCL Technology Fund, Parkwalk Advisors, and the London Co-investment Fund
UCL: Phasecraft Announces Largest Seed Funding Round for a UK Quantum Computing CompanyVerified2020-12-01 - 7
Phasecraft announces closing of its £13 million Series A funding, led by Playground Global with AlbionVC, Episode1, Parkwalk Advisors, the London Co-investment Fund, and UCL Technology Fund participating
Phasecraft: Phasecraft Announces Closing of its £13M Series A FundingVerified2023-08-16