{"id":36428,"date":"2023-08-22T08:16:13","date_gmt":"2023-08-22T07:16:13","guid":{"rendered":"https:\/\/www.innovationnewsnetwork.com\/?p=36428"},"modified":"2024-09-04T20:17:47","modified_gmt":"2024-09-04T19:17:47","slug":"15m-quantum-funding-will-advance-performance-in-real-world-applications","status":"publish","type":"post","link":"https:\/\/www.innovationnewsnetwork.com\/15m-quantum-funding-will-advance-performance-in-real-world-applications\/36428\/","title":{"rendered":"Phasecraft’s \u20ac15m quantum funding will advance performance in real-world applications"},"content":{"rendered":"

British startup Phasecraft has raised a staggering \u20ac15m in quantum funding to further develop its quantum algorithms.<\/h2>\n

The quantum funding will develop these algorithms to the point of practical advantage \u2013 when quantum computers outperform classical computers for useful, real-world applications such as developing new materials.<\/p>\n

The new funding brings the total raised by Phasecraft to \u20ac20m in venture funding and a further \u20ac4.4m in funding from Innovate UK and the European Research Council<\/a>.<\/p>\n

The total raised will continue building the team of world-leading quantum scientists, researchers and engineers and further establish Phasecraft as the world leader in quantum algorithms.<\/p>\n

Scaling up current quantum algorithms<\/h3>\n

Quantum computing promises to revolutionise the way humanity tackles its most complex problems<\/a>.<\/p>\n

However, today’s noisy and unstable quantum computers (known as Noisy Intermediate Scale Quantum, or NISQ, devices) aren\u2019t capable of running the current algorithms to solve them.<\/p>\n

This is where the new quantum funding comes in.<\/p>\n

\"Quantum,Computing,Futuristic,Technology,Digital,Cyberspace,3d,Illustration\"
\u00a9 shutterstock\/JLStock<\/figcaption><\/figure>\n

Based on the best quantum algorithms known before Phasecraft, a useful calculation like simulating and discovering a new battery material would require billions of operations on a quantum computer. Today\u2019s best-performing hardware can perform at most thousands.<\/p>\n

Recent quantum funding has seen these algorithms soar in capacity; however, they have still remained primarily theoretical.<\/p>\n

To date, no algorithms have been run on a quantum computer to solve a problem of genuine practical interest.<\/p>\n

Ashley Montanaro, co-founder and CEO of Phasecraft, said: \u201cFor all the advances that have been made in quantum hardware, and for all quantum computing\u2019s promise, such progress could end up being for nothing if we can\u2019t build the applications needed to make the technology truly useful.<\/p>\n

\u201cWith our record-breaking algorithms and groundbreaking techniques, we are pushing the boundaries of what is possible in this space.\u201d<\/p>\n

How this round of quantum funding will advance real-world applications<\/h3>\n

Phasecraft\u2019s quantum funding will promote research to reimagine how quantum algorithms are designed.<\/p>\n

Its algorithms are based on novel insights from theoretical physics and computer science, coupled with knowledge gained from extensive numerical simulations and a deep understanding of quantum hardware.<\/p>\n

The quantum funding will help them develop record-breaking algorithms with significantly superior computational efficiency compared to others in existence. Moreover, their partnerships with the world’s three most advanced superconducting quantum hardware providers \u2013 Google, IBM, and Rigetti \u2013 help put these algorithms to work in the real world.<\/p>\n

\u201cPhasecraft\u2019s team of world-class quantum scientists and engineers bring unmatched expertise and a fresh perspective to one of the biggest challenges facing our quantum future,\u201d explained Peter Barrett, general partner of Playground Global, a company supporting Phasecraft.<\/p>\n

He concluded: \u201cAt Playground, we\u2019ve always believed that unlocking quantum\u2019s potential requires a very special, dedicated, and experienced team. We believe Phasecraft is uniquely positioned to help deliver our quantum future.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Learn more about Phasecraft’s \u20ac15m quantum funding to advance new quantum algorithms for real-world applications.<\/p>\n","protected":false},"author":22,"featured_media":36429,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[24615],"tags":[793],"acf":[],"yoast_head":"\n\u20ac15m quantum funding will advance performance in real-world applications<\/title>\n<meta name=\"description\" content=\"Learn more about Phasecraft's \u20ac15m quantum funding to advance new quantum algorithms for real-world applications.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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