Phasecraft named a finalist in the $5 million global XPRIZE Quantum Applications competition

We are honoured to be one of 7 finalists in the XPRIZE Quantum Applications Challenge! Read on for more detail in our media alert. 

Phasecraft, the quantum algorithms company, has advanced to the final round of the $5M XPRIZE Quantum Applications challenge, selected from more than 130 global teams. 

Launched in March 2024, the XPRIZE Quantum Applications grand challenge is a global competition backed by Google Quantum AI and the Geneva Science and Diplomacy Anticipator (GESDA) designed to generate quantum computing algorithms that can be put into practice to help solve real-world challenges. 

Phasecraft was selected as one of 7 finalists from over 800 teams that initially expressed interest via a rigorous evaluation conducted by an independent panel of experts. Judges focused on true algorithmic innovation, solid early resource reasoning and clear pathways towards quantum advantage.  

Towards quantum advantage

As the world’s leading quantum algorithms company, Phasecraft is focused on bridging the gap between today’s imperfect quantum hardware and tomorrow’s transformative applications. 

For our XPRIZE submission, the team proposed two new and complementary quantum algorithms for computing properties of materials more accurately. The first uses quantum computation to enhance the accuracy of existing state-of-the-art classical algorithms; the second computes material properties directly on the quantum computer. By offloading the hard quantum core of these problems onto the quantum computer, these algorithms promise to achieve more accurate electronic structures than state-of-the-art classical methods, crucial for enabling advancements in areas such as high-performance batteries.

Professor Toby Cubitt, CTO & Chief Science Officer, Phasecraft, said: “We’re honoured that Phasecraft’s materials team was selected as finalists in the XPRIZE Quantum Applications grand challenge – one of the most significant global efforts to accelerate real-world quantum impact. This competition has brought together some of the world’s leading minds to push the boundaries of what’s possible, and we’re grateful to contribute our work in quantum simulation for materials discovery”.

Phasecraft is already delivering breakthroughs in quantum algorithms for materials discovery, chemistry, energy networks and logistics optimisation, working closely with industry and hardware partners to turn quantum potential into real progress. With the launch of Mondrian, our first commercial quantum-enhanced optimisation platform, and a recent $34 million Series B led by Plural, Playground Global and Novo Holdings, the company is entering a new phase of scale and impact.