The Series A funding round led by Silicon Valley-based 'deeptech' venture capital fund Playground Global will enable UK-based quantum computing developer Phasecraft to expand its ground-breaking work on next generation algorithms.Fieldfisher's Emerging Companies and Venture Capital team has advised Silicon Valley 'deeptech' venture capital fund Playground Global on a £13 million Series A funding round for Phasecraft, a quantum software company and market leader in quantum intellectual property.
Playground led the funding round, and was joined by AlbionVC and existing investors Episode1, Parkwalk Advisors, LCIF, and UCL Technology Fund.
London-based Phasecraft intends to use the funding to continue building its team of world-leading quantum scientists, researchers and engineers, and ultimately develop breakthrough quantum algorithms to the point of practical advantage – when quantum computers outperform classical computers for useful, real-world applications.
Founded in 2015, Palo Alto-based Playground Global is an early-stage venture capital firm that invests in 'deeptech' – technology based on cutting edge engineering innovation or scientific advances and discoveries – and assists start-ups with software, hardware, machine learning, marketing, talent and design.
The Fieldfisher team advising Playground was led by Corporate Partner Tom Ward, assisted by Associate Chris Galley in Fieldfisher's Manchester office with additional support from Corporate Director Will Devenish in Fieldfisher's Silicon Valley office.
Commenting on the funding round, Corporate Partner Tom Ward said:
"We are delighted to have assisted Playground on leading this funding round into a pioneering UK deeptech company.
"Our strong connections with the Silicon Valley VC ecosystem enables us to bring key funding to emerging technology and other fast-growing companies on this side of the Atlantic, a trend that has continued despite wider economic uncertainty.
"Congratulations to Playground on this latest addition to its portfolio."
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