Phasecraft

Turning academic research into a deep tech start-up

Why quantum computing?

While classical computers are based on the principles of classical mechanics, quantum computers take advantage of quantum mechanics, the study of physics at very small scales. With the main results of quantum computing proved in the 1990s, the area is still very recent and offers significant potential for many genuinely important problems. These range from major advances in the design of new materials, including more efficient solar cells and batteries, to drug development. Quantum computers have already shown that they can run algorithms that cannot be run on standard computers, and that they can outperform the world’s best super computers on simplified problems. The challenge is to develop the software and algorithms so that quantum computers can address real-world problems that are beyond the capacity of classical computers.

Phasecraft’s story

Image: Phasecraft founders

Identifying the opportunity to more rapidly develop the algorithms and software to enable quantum computation to achieve its full potential, Ashley Montanaro, Professor of Quantum Computation in the University of Bristol’s School of Mathematics – and two of his longstanding academic collaborators from UCL, Professors John Morton and Toby Cubitt – set up Phasecraft in 2019.

Bringing together Ashley’s expertise in algorithms and applications for quantum computing from a computer science perspective, with Cubitt’s theoretical physics background and Morton’s entrepreneurial experience of initiating quantum start-ups, the founding team began by working on Phasecraft in addition to their full-time academic roles. 

The University of Bristol’s School of Mathematics’ academic leadership enabled a smooth set up by allowing Ashley to increase the amount of time spent with Phasecraft as the company became established, and to supervise PhD students and postdoctoral researchers on topics in line with Phasecraft’s mission.

Phasecraft secured pre-seed funding in early 2019 so they could start hiring staff and building a team around the co-founders. Initially, Phasecraft moved into offices at the University of Bristol’s Quantum Technology Innovation Centre (QTIC), where they benefited from being part of a collaborative community of quantum and deep tech start-ups. They soon outgrew the incubator space, and set up their own premises in the centre of Bristol in 2023.

‘The University of Bristol has been incredibly supportive of my entrepreneurial activities, enabling me to balance the time between my academic and commercial roles. The whole field of Quantum Computing is still at the boundary of academia and industry, and it is particularly valuable for Phasecraft to have a strong link with the University of Bristol. Being an academic nexus for quantum computing, as well as the host of the Quantum Information Science and Technologies EPSRC Centre for Doctoral Training, made Bristol the obvious choice for the initial location of Phasecraft.’
   - Professor Ashley Montanaro, Chief Executive Officer of Phasecraft and Professor of Quantum Computation, University of Bristol.

In the middle of the pandemic, Phasecraft successfully pitched for seed funding investment, which enabled them to grow the team more significantly, laying the groundwork for securing over £13m of Series A funding in 2023. The company has expanded organically, roughly doubling in size each year, and today, Phasecraft employs around 36 staff across offices in Bristol, London, and – since 2024 – Washington DC. Collaborating with the world’s best quantum hardware manufacturers, including Google and IBM, Phasecraft focuses on building the mathematical foundations that quantum computers will need to solve genuinely important problems now and in the next few years. An impressive $34m of Series B funding was announced in September 2025.

 

Image: Phasecraft team

Partnership with the University of Bristol

Most of the work that Phasecraft does is mathematically deep, using serious applied mathematics to enable useful applications. They carry out new theory research as well as software development, as there is still so much commercially relevant and academically interesting work to do. Phasecraft has partnered with the University of Bristol on research grants, including EPSRC’s Prosperity Partnership scheme; and funded several University of Bristol PhD students, who are based in Phasecraft’s Bristol office and visit the university regularly for seminars and meetings. This mutually beneficial arrangement has resulted in multiple co-authored journal publications and significant scientific progress. 

‘Having students embedded in Phasecraft is fantastic, they are excellent researchers and, as they work on a little bit more of the academic side of things, enable us to carry out slightly more blue-sky work, which would be hard to justify as a full-time position. It’s a great way of working with early-career researchers, who often decide to stay with Phasecraft for the long term.’
   - Ashley Montanaro

Lana Mineh was the first University of Bristol PhD student to work with Phasecraft, initially carrying out a successful 3-month internship, and, subsequently her PhD project, on the optimisation of hybrid quantum-classical algorithms. Upon completion of her PhD in 2022, Lana joined Phasecraft as a Quantum Algorithms Engineer. 

‘Pursuing an industry-academia PhD gave me the opportunity to fully experience both sides, helping me make a more informed decision about my future career. I chose to stay at Phasecraft because it allows me to work on innovative research and software engineering, both of which I enjoy. It's been rewarding to watch the team and company grow over the years.’ 
    - Dr Lana Mineh, Senior Quantum Algorithms Engineer, Phasecraft.

Ashley is currently supervising Josh Blake from the Quantum Information Science and Technology EPSRC Centre for Doctoral Training, and Jorja Kirk from the School of Mathematics, who are both researching quantum optimisation algorithms.

‘We believe in the power of Mathematics to make sense of the world and develop new tools for the future. Colleagues like Ashley are not only inspiring others to take steps into entrepreneurship but also investing in the future of their fields and Mathematics in general. Phasecraft have provided funding for PhD students, supported our knowledge exchange and equity, diversity and inclusion ambitions through events and initiatives, and contributed to the research that makes Bristol a leader in the fields of Mathematics and quantum information. We are pleased to see the successes of the team at Phasecraft and we look forward to continuing our mutually beneficial partnership for years to come.’
    - Professor Oliver Johnson, Head of School of Mathematics, University of Bristol

Story written by Dr Joanna Jordan

https://www.linkedin.com/in/joannafjordan/