Ashley Montanaro and Toby Cubitt, co-founders of Phasecraft, have sounded an alarm regarding the future of quantum computing in the UK. Their concerns arose following the UK government’s recent decision to withdraw £1.3 billion in promised funding for technology and AI projects.
Montanaro and Cubitt describe quantum computing as being at a ‘critical juncture.’ The retraction of government funding has already sent ripples through the industry, exacerbating the decline in venture capital investment in this cutting-edge field. Montanaro highlighted that the primary source of support for start-ups remains government funding, which is now in jeopardy.
Experts in the field fear that the UK will struggle to maintain pace with the United States and China. Cubitt, the Chief Technology Officer at Phasecraft, emphasised that leading nations in quantum computing will accrue not only direct benefits but also significant technical, manufacturing, and commercial advantages. Those lagging behind, he cautioned, will become dependent on the ‘goodwill of others’ to access these advancements.
Phasecraft, founded in 2019 and originating from University College London and the University of Bristol, focuses on developing algorithms to bring quantum computing closer to practical applications. To date, the company has secured $21 million in funding and expanded to the United States, attracting notable talent like Steve Flammia, a former principal research scientist at Amazon Web Services.
Montanaro and Cubitt have publicly called on the UK government to maintain public investment in quantum computing until the sector can sustain itself, warning that a failure to do so could result in a squandered competitive edge. They also advised against regulations that could inhibit international collaboration, suggesting that innovation would progress regardless of such barriers.
Quantum computing holds the potential to revolutionise various industries, including drug discovery, material science, and energy optimisation. McKinsey estimates that the global economic impact of quantum computing could reach up to $2 trillion by 2035, with nearly $1.3 trillion directly attributable to advancements in this technology.
Despite the withdrawal of the £1.3 billion in funding, the UK government has reiterated its commitment to the quantum sector. Recently, £100 million was allocated for new research hubs, including a quantum computing hub at the University of Oxford. A spokesperson for the Department for Science, Innovation, and Technology stressed the government’s long-term approach to research funding, aimed at securing the UK’s position in global innovation.
The cautionary stance from Phasecraft’s founders serves as a significant indicator of the challenges faced by the UK’s quantum computing sector. While recent funding allocations offer some hope, the broader concerns around sustained investment and international competitiveness remain pertinent.
