Ashley Montanaro and Toby Cubitt, co-founders of Phasecraft—a spin-out from University College London and the University of Bristol—have cautioned that quantum computing is at a “critical juncture.” Their concerns follow the UK government’s recent decision to withdraw £1.3 billion in promised funding for technology and AI projects, which has sent ripples through the industry.
As venture capital investment in quantum computing continues to decline, experts fear that the UK will struggle to keep pace with global leaders such as the United States and China. Toby Cubitt, Phasecraft’s Chief Technology Officer, remarked that the nations leading in quantum computing will accrue not only direct benefits but also technical, manufacturing, and commercial advantages. Those lagging, he warned, will be reliant on the ‘goodwill of others’ to access the benefits of quantum advances.
Ashley Montanaro, the company’s CEO, underscored the critical role of government funding, which remains a primary source of support for start-ups. He emphasised that the US and China have recognised the sector’s long-term potential and have heavily invested in it. Phasecraft, founded in 2019, focuses on developing algorithms that advance quantum computing towards practical applications. The company has secured $21 million in funding and recently expanded to the US, attracting top talent such as Steve Flammia, former principal research scientist at Amazon Web Services.
In a paper, Montanaro and Cubitt urged the UK government to continue public investment in quantum computing until the sector can sustain itself. They cautioned that failure to do so could result in the UK squandering its competitive edge. Additionally, they advised the government to avoid regulations that hinder international collaboration, noting that innovation will find a way forward despite barriers.
Quantum computing promises to revolutionise industries including drug discovery, material science, and energy optimisation, potentially generating significant global economic impact. McKinsey estimates potential gains of up to $2 trillion by 2035, with quantum computing alone contributing nearly $1.3 trillion. Despite the withdrawal of the £1.3 billion in funding, the UK government has reiterated its commitment to quantum technologies, recently announcing £100 million for new research hubs, including a quantum computing hub at the University of Oxford.
A spokesperson for the Department for Science, Innovation, and Technology highlighted the government’s focus on supporting the UK’s quantum sector, adopting a long-term approach to research funding to secure the nation’s position in global innovation.
The founders of Phasecraft, alongside other experts, implore the UK government to maintain robust support for quantum computing, lest the nation fall behind in this critical technological race.