Novo Holdings co-leads Phasecraft’s $34 million Series B financing to bring quantum computing closer to solving real-world challenges

New funding follows US expansion and will accelerate Phasecraft’s R&D to develop practical applications in collaboration with end users

Phasecraft is developing algorithms that bridge the gap between today’s noisy quantum computers and tomorrow’s world-changing applications

Copenhagen, Denmark, 2 September 2025 – Novo Holdings, a leading life science investor, today announced it has co-led the $34 million Series B financing of Phasecraft, the world’s leading quantum algorithms company. The funds will be used to accelerate Phasecraft’s breakthrough work to transform quantum computing’s theoretical promise into practical applications.

Led by a team of world leading quantum scientists, Phasecraft is developing hardware-agnostic quantum algorithms that address critical application areas, such as material science, biological research, and energy resilience by optimizing energy networks, to more urgently address the world’s most vital challenges.

Jeroen Bakker, Partner at Novo Holdings, said: “The impact quantum computing will have on the world is undeniable. This is particularly true in life sciences, as quantum algorithms offer tremendous potential for molecular simulation to predict drug efficacy and optimize design. This is our first quantum software investment from our new Quantum Fund, and I will be joining the Board as an Observer. We are excited about Phasecraft's ability to enable healthcare breakthroughs that could reduce R&D timelines from decades to years.”

Ashley Montanaro, co-founder and CEO of Phasecraft, said: “We’re actively creating quantum advantage at Phasecraft. Our algorithms are delivering meaningful results now, whether it’s simulating the physics of complex materials or optimizing the structure of a large energy network, whilst our partnerships with the world’s top quantum hardware providers increase the impact our algorithms will have for commercial applications. We’re delighted to have the backing of our visionary investors such as Plural, Playground Global, and Novo Holdings, to support us on the mission to bring quantum advantage to the world faster.”

The financing was co-led by Novo Holdings, Plural and existing investor Playground Global. Existing investors AlbionVC, Latitude and Parkwalk Advisors also participated. This brings the total funds raised to date to over $50 million, including grant funding.