In a significant stride towards quantum computing, UK-based Phasecraft Ltd, which originated from University College London and the University of Bristol, has successfully raised £13 million (RM76.70 million) to develop specialized algorithms for futuristic quantum machinery.
Venturing into Quantum Frontiers
The startup, working closely with tech behemoths like Alphabet Inc’s Google and International Business Machines Corp (IBM), aims to create proof-of-concept products for the UK government. Although the agency’s name remains confidential, Phasecraft intends to utilize the funding to expedite the research on software that operates on upcoming quantum processors.
Furthermore, Phasecraft’s initiative will enhance the discovery and analysis of essential components that could significantly impact electric batteries and solar panels’ efficiency. These materials currently elude even the world’s best classical computers, according to Phasecraft co-founder and CEO Ashley Montanaro.
Collaborations and Financing
With a team of 20 employees, Phasecraft has been rigorously testing its software on machines developed by Google, IBM, and Rigetti Computing Inc. The recent financing, led by California-based Playground Global, has not revealed the startup’s valuation.
A Global Quantum Race
Across the globe, companies and research institutions are vying to create a quantum computer that can transcend existing technology. While Google and others have made considerable progress in making quantum computing viable, practical applications remain scarce.
“Quantum computers are not there yet,” observed Araceli Venegas-Gomez, a physicist at Qureca. The quantum realm, however, continues to allure investors and policymakers. The potential applications in fields such as drug discovery and possible security risks have ignited massive investments from countries like the US, UK, and China. Notably, China revealed its intention to establish a US$10 billion (RM46.29 billion) quantum lab in 2017.
Amidst international maneuverings, including the UK contemplating investment restrictions similar to recent measures by the US President Joe Biden, Phasecraft’s chair Ian Hogarth predicts that the startup’s advancements, in tandem with technological progress, imply that quantum computers’ first useful applications could emerge within the next three to five years.
A Quantum Leap Ahead
Despite skepticism, the venture into quantum technology signifies a vital frontier in global technology innovation. The commitment shown by researchers, corporate giants, and governments underscores the recognition of quantum computing’s vast potential and its role in shaping our technological future.
This news article is based on a report by thestar.com.my.