(Fortune) Phasecraft, a small U.K. startup has developed an algorithm that significantly reduces the level of quantum computing power needed to run a calculation that could pave the way for the development of exotic new materials.
Scientists Phasecraft along with researchers from the University of Bristol, showed that an important problem from quantum physics—one that is too difficult to solve on today’s supercomputers—could be within the reach of quantum computers within three years, given current rates at which the technology is developing. That is much sooner than most experts had previously forecast.
Phasecraft, which has partnerships with Rigetti, a California-based startup building quantum computers, and Google, is focused on working with materials science and chemical companies to design quantum algorithms that will allow them to start solving complex problems using quantum computers.
The startup, which currently employs about 10 people, also announced on Thursday that it has received $5 million in seed funding in a financing round led by LocalGlobe, a London venture capital firm, with participation from Episode 1, another London venture firm specializing in early stage investment. Ian Hogarth, the former cofounder of concert discovery app Songkick and now a prominent angel and seed investor, is joining Phasecraft’s board as chairperson.
The new investment brings the total Phasecraft has raised, in both venture funding and research grants, since its founding in 2018, to $7.4 million. The company had received prior funding from the UCL Technology Fund and Parkwalk Advisors and grants from Innovate UK.