Ian Hogarth and the moment for Britain’s quantum pioneers

In the mid-2010s, Ian Hogarth watched as the UK’s most promising AI start-up, DeepMind , was acquired by Google for £400 million — a move that marked the beginning of the global AI race. Today, Hogarth, now chair of Phasecraft and partner at Plural, believes the UK’s quantum computing scene is approaching a similar turning point.

Quantum computing is still more promise than reality. But the momentum is undeniable. The technology’s potential — to simulate new materials, optimize energy grids, and solve problems beyond the reach of classical computers — has triggered a new wave of research and investment. And once again, Britain finds itself with an early lead.

Phasecraft, founded in 2018 out of the University of Bristol and UCL, focuses not on building the hardware but on the algorithms that will make quantum computers useful. The company raised $34 million in a Series B round co-led by Plural , and is working with partners like Google and IBMDealroom has a profile for this one. Try Dealroom → on applications in materials science and renewable energy modeling.  Its fellow UK spinout, Riverlane, born out of the University of Cambridge in 2017, is taking on one of the field’s toughest technical challenges: quantum error correction . By developing the tools that make quantum computers more stable and reliable, Riverlane is addressing the biggest obstacle preventing the technology from scaling.

Together, companies like these embody what Hogarth calls a “software-first advantage” — an approach that plays to Britain’s historic strengths in cryptography , mathematics , and engineering .

Hogarth sees the echoes of the past everywhere. “It’s hard to predict when the world will go crazy,” he says, recalling how AI valuations once skyrocketed overnight. The same could happen in quantum, with US tech giants eager to secure early dominance. The recent $1.1 billion acquisition of Oxford Ionics by IonQ hints at what may come next.

Still, there’s reason for optimism. The UK’s quantum software strategy plays to its strengths: world-class universities, deep research talent, and a software-first approach that demands less capital than hardware development. It’s the same formula that produced companies like Arm Holdings, and it could position Britain as a global leader once again — if its start-ups can remain independent long enough to scale.

For Hogarth, that’s the real challenge. In a field defined by patience, timing, and conviction, the UK’s quantum entrepreneurs will need to do more than build clever algorithms. They’ll need to hold their nerve.

Source:
Financial Times

A.M.