Quantum computers can currently perform impossible calculations, but taking advantage of their potential requires fine algorithmic skills. And that’s exactly what Finnish startup Algorithmiq is doing to revolutionise life science.
To commercialise their novel quantum-enhanced drug discovery platform, Algorithmiq has raised a $4M funding in Seed round.
The investors include Jorma Ollila (Nokia/Shell), Haakon Overli (Dawn Capital), Thames Trust (Lord Jim O’Neill), David Helgason (Foobar/Unity3D), Tiger Global, Feroz Dewan (Arena Holdings), Keenan Rice (Tokyo Black/LookerGoogle/Firebolt) and K5 Global and other European and US angels and entrepreneurs.
How will the funding be used?
The funding enables Algorithmiq to develop noise-resilient quantum algorithms for a wide range of practical applications starting with drug development.
“Quantum Chemistry and other Quantum Algorithm applications have the potential to transform human existence. We are very excited to get the funding to commercialise some very exciting academic discoveries our team has made. Pharmaceutical companies face an R&D challenge and we are here to help,” said Prof Dr Sabrina Maniscalco, Co-Founder and CEO of Algorithmiq.
“Quantum computing is uniquely interesting and threatening to players in the biotech and pharmaceutical domain because new discoveries only need to be made once,” added Dr Guillermo García-Pérez, Co-Founder and CSO of Algorithmiq.
Solving complex problems in life sciences
Founded by Boris Sokolov, Guillermo Garcia-Perez, Matteo Rossi, Sabrina Maniscalco in 2020, Algorithmiq is a quantum startup that develops advanced quantum algorithms to solve complex problems in life sciences.
The company is on a mission to revolutionise the life science industry by exploring the potential of quantum technology to solve currently inaccessible problems.
Algorithmq says quantum chemistry has been identified as a key area where quantum computers can stop being science and start doing science.
To be precise, the platform can boost the speed of chemical simulations on quantum computers by 100x compared to current computational power. Further, it can also expand the universe of chemical simulations tractable on near-term quantum devices.
The company uses variational quantum algorithms for practical applications on near-term quantum computers and NISQ (Noisy Intermediate-Scale Quantum) devices.
This can open up a vast range of potential applications across various industries, ranging from materials design to pharma and drug discovery, claims the company.
The company also said that it is agnostic to the physical qubit representation chosen and can be used for quantum chemistry simulations on all major quantum-cloud platforms (IBM, AWS, MFST, IonQ, etc).
“The team at Algorithmiq has made some groundbreaking discoveries around how to make quantum computers solve real problems,” says Jorma Ollila, who will join the board as Chairman as part of the round.
“I am greatly looking forward to working with this deeply talented team to create a giant in the very promising quantum technology field,” he adds.