Helsinki-based scaleup Algorithmiq has secured €13.7 million in Series A funding to advance its development of quantum algorithms for life sciences applications. The round was led by Inventure VC, with participation from Tesi, Presidio Ventures, Thames Trust, and existing backers. The investment will support Algorithmiq’s proof-of-concept work with pharmaceutical companies and aims to significantly reduce the time and cost of drug discovery and development, a process that typically takes around a decade and $1 billion for a new drug to reach the market.
Algorithmiq, co-founded and led by Professor Sabrina Maniscalco, plans to leverage its platform and partnerships to achieve useful quantum advantage over traditional computing. The company has already launched its proprietary drug discovery platform, Aurora, and partnered with IBM to combine their respective software and hardware capabilities. Algorithmiq’s software interfaces with quantum devices to extract information and perform quantum chemistry simulations, offering a unique approach to predicting drug-protein interactions accurately.
Lauri Kokkila, Partner at Inventure VC, believes Algorithmiq is leading the way towards major advances in drug discovery, thanks to its team and partnerships. The company’s quantum computing expertise and ability to develop life sciences partnerships make it well-positioned to work with leading pharmaceutical companies.
One of the major challenges in drug discovery is accurately predicting the binding of drug molecules to specific disease-related proteins in the body. Understanding these interactions is crucial for developing effective treatments. Algorithmiq aims to address this challenge by leveraging quantum computing power to perform complex simulations and offer valuable insights into cell biology.
The investment in Algorithmiq comes at a pivotal moment in quantum computing, with recent breakthroughs demonstrating the potential of the technology. Professor Maniscalco highlights the importance of Algorithmiq’s close relationship with IBM, emphasizing the progress made in quantum hardware development. The recent demonstration of IBM’s Eagle quantum processor outperforming a supercomputer indicates that useful quantum advantage is becoming a reality sooner than expected.
Algorithmiq’s aim to revolutionize drug discovery by significantly reducing time and cost aligns with the growing need for efficient solutions in pharmaceutical research. With its quantum algorithms and strategic partnerships in place, Algorithmiq is well-positioned to make a meaningful impact on the field.
In conclusion, Algorithmiq’s successful funding round will enable the company to advance its proof-of-concept work and pursue collaborations with pharmaceutical companies. By leveraging the power of quantum computing, the scaleup aims to revolutionize drug discovery and significantly accelerate the time and reduce the costs associated with bringing new drugs to the market. With its cutting-edge technology, Algorithmiq is poised to be at the forefront of the life sciences industry, offering innovative solutions to complex challenges in drug development.
