Helsinki-based scaleup Algorithmiq has received $15 million in a series A round led by Inventure. The round also garnered support from notable participants including Tesi, the state-owned Finnish investment company, Presidio Ventures from Sumitomo Corporation, one of Japan’s leading corporate venture capital arms, and London-based Thames Trust, alongside existing backers. The scaleup company utilizes quantum computing to expedite drug discovery and development in the life sciences industry, aiming to bring about precise medical treatments and transform the healthcare landscape. Algorithmiq plans to allocate the resources towards furthering their proof-of-concept work with pharmaceutical companies on a global scale, with the goal of significantly reducing the time and cost associated with drug discovery and development processes, ultimately advancing their mission to revolutionize the field and bring new drugs to market more efficiently.
This news builds on recent milestones, which include the commercial launch of Aurora, Algorithmiq’s proprietary drug discovery platform, as well as a partnership with IBM that allows the scaleup to combine its cutting-edge software with the corporation’s world-leading hardware. Algorithmiq was founded in 2020, with Co-Founder and CEO Professor Sabrina Maniscalco, a world-leading academic with 20 years of experience in quantum technology and government advisor, leading the business’ quest to be the first company in the world to achieve a useful quantum advantage.
One of the greatest challenges in drug discovery is the ability to predict with extreme accuracy the binding of drug molecules to certain proteins in our body that are responsible for a given disease. This is crucial to understanding how the drugs function and how they will eventually cure diseases. Algorithmiq’s platform offers a proprietary method of extracting information from quantum devices, interfacing with hardware to perform quantum chemistry simulations. Additionally, it contains a new framework, Quantum Network Medicine, developed by the company and presented last year in a white paper, to give context to the complexity of cell biology.
Professor Sabrina Maniscalco, Co-Founder and CEO of Algorithmiq said, “It is hugely exciting for Algorithmiq to be on the cusp of working with commercial partners and to pursue the discussions with life sciences companies that have shown interest in our technology. The investment is a critical part of the journey and builds on everything that has been achieved in the last year in terms of our close relationship with IBM. The breakthrough of IBM’s Eagle quantum processor outperforming a supercomputer this month is just the start. With Algorithmiq’s software and IBM’s hardware, useful quantum advantage is coming sooner than many think.”
Lauri Kokkila, Partner at Inventure VC said, “We are at a tipping point in quantum computing and Algorithmiq is on track to achieve useful quantum advantage over traditional computing, the next necessary milestone within the field. As such, we feel the company is taking a clear lead and paving the way for major advances in drug discovery. We’re convinced the team assembled so far is best in class and excited about the prospect of building on the early promise. Having already developed a strong partnership with IBM and launched a commercial-ready platform, Sabrina and her team are well set to develop the all-important life sciences partnerships with the world’s leading pharmaceutical companies.”
”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. Thematically, the investment fits spot-on in our investment strategy: the company has a high disruption potential, and it is operating in the intersection of two of our focus areas, deep tech and life sciences,” comments Joni Karsikas, Investment Director at Tesi.