By Dominic Chopping
Novo Nordisk's controlling shareholder co-led a $34 million Series B funding round in quantum algorithms company Phasecraft.
Novo Holdings, together with technology-investment fund Plural and existing investor Playground Global co-led the funding while other existing investors LocalGlobe, AlbionVC, and Parkwalk Advisors also participated.
Phasecraft, founded in 2019 by three quantum scientists from University College London and the University of Bristol, aims to accelerate the practical application of quantum computing.
Quantum computing is a technology that is able to perform complex simulations with greater accuracy and speed, offering potential in fields of drug discovery and semiconductor manufacturing, among others.
Quantum algorithms are the processes or rules that are used by quantum computers to perform calculations.
"Our algorithms are delivering meaningful results now...whilst our partnerships with the world's top quantum hardware providers increase the impact our algorithms will have for commercial applications," Phasecraft co-founder and chief executive Ashley Montanaro said.
Phasecraft is developing algorithms for drug and material discovery, as well as chemistry applications, energy networks, and logistics optimization. The company has partnerships with Google Quantum AI, IBM, Quantinuum, and QuEra, and is working with end-users such as specialty-materials developer Johnson Matthey, solar-cell developer Oxford PV, the U.K.'s National Energy System Operator, and telecommunications provider BT.
The new funding, which brings the total raised to more than $50 million including grant funding, will support research and development and expand industrial efforts.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
September 02, 2025 00:00 ET (04:00 GMT)
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