September 10, 2024 -- Phasecraft, the UK quantum company developing world-leading quantum algorithms, today publishes a white paper examining the near-term future of quantum computing. While acknowledging the field’s significant progress, the paper highlights the challenges ahead and calls for sustained investment, international collaboration, and responsible regulation.

The paper states that the ultimate goal of a quantum computer outperforming classical machines for useful problems is within sight, but will remain challenging to achieve without these key factors. Quantum computing offers the potential to transform various sectors, and in particular there has been progress in modelling materials and molecules which could be transformative for key areas of the economy and society, helping scientists to discover new materials to advance clean energy, develop new drugs and improve infrastructure resilience.

However the need for sustained investment to maintain momentum in a field where the UK has historically been a leader has become more pressing. While venture capital investment has increasingly flowed into the sector, there remains a compelling need for a consistent approach from governments and public sector funds, to develop this technology. Phasecraft’s white paper highlights the challenges facing the sector and makes constructive recommendations to enable the UK sector to stay at the forefront of research and commercialisation of quantum technology.

Key recommendations:

Sustained and consistent public investment: Given the long-term, high-risk nature of quantum R&D, consistent and sustained government funding is key to maintaining momentum and attracting private investment.

International collaboration: Fostering collaboration across borders and disciplines will maximise the limited quantum talent pool and accelerate innovation.

Responsible regulation: Focusing regulation on the use of quantum technologies, rather than the technology itself, will ensure safeguards without stifling progress.

Ashley Montanaro, co-founder and CEO of Phasecraft, said: “Quantum computing is at a critical juncture. Technical breakthroughs are made at an ever-increasing rate, and VC investments have bucked declining trends seen elsewhere in the wider tech sector. Yet private investment can’t maintain this momentum alone – governments continue to be a very substantial source of support for startups, a critical factor that the US and China understand having both invested heavily in quantum. Our whitepaper attempts to not only bring clarity to the challenges the sector and the UK face, but also provide a series of solutions that national policymakers can follow to realise fully the benefits and potential of this technology.”

Since being spun out from University College London and the University of Bristol, Phasecraft has expanded to the US and has become a leading, sought-after authority on quantum technology and policy. The company is committed to advancing quantum research, translating it into tangible, impactful solutions and bridging the gap between current quantum hardware capabilities and real-world applications.

Phasecraft tests and develops its record-breaking algorithms on some of the world’s most advanced superconducting quantum hardware from companies including Google, IBM, QuEra and Rigetti and is currently working on developing quantum algorithms for drug discovery, material discovery and logistics optimization.