Finnish deep tech company Algorithmiq completed a EUR 14 million financing round to further develop quantum computing algorithms for life sciences. The algorithms can be used to accelerate and optimise drug development by simulating the chemical activity of molecules.
Helsinki-based Algorithmiq’s approach is aimed at radically improving both the development time and cost of drug development by skillfully combining the power of quantum algorithms, network medicine, and AI for structure prediction, molecular similarity simulation, and realistic modeling of protein-ligand docking. The company’s quantum chemistry platform Aurora sits on top of leading vendors.
Recently, the company announced a collaboration with IBM to super-charge the exploration of quantum algorithms applied to the life sciences.
The investment round was led by Nordic early-stage fund Inventure, with Finland’s state-owned investment company Tesi, Presidio Ventures, Thames Trust and existing investors participating.
Recently, Algorithmiq announced a collaboration with IBM.
“We think Helsinki-based Algorithmiq will be the key player to solve this [quantum] noise challenge. … The beauty of Algorithmiq’s solution is that it is hardware agnostic, meaning it can run on any quantum device regardless of how it’s built,” says Lauri Kokkila, Partner at Inventure in Inventure’s blog.
The Algorithmiq team, led by CEO and Co-founder Prof. Sabrina Maniscalco, comprises of University of Turku, University of Helsinki and Aalto University researchers. The company is currently looking to hire more.
”We are excited to support Algorithmiq’s ambitious world-class team. Drug discovery is one of the most impactful application areas for quantum computing, and Algorithmiq has already demonstrated impressive technical results,” says Joni Karsikas, Investment Director at Tesi.
Health Capital Helsinki
