Algorithmiq raises $15m

Algorithmiq of Finland which develops quantum algorithms has raised $15 million in a Series A funding round. It  was founded in 2020 by co-founder and CEO Professor Sabrina Maniscalco (pictured).

The company aims to leverage the potential of quantum software so that new drugs can be discovered, invented and brought to market quickly, efficiently and cost-effectively, leading to precise medical treatments.

Series A investors were: Inventure VC, Tesi, the state-owned Finnish investment company, Presidio Ventures, the corporate venture capital arm of Japan’s Sumitomo Corporation, and London-based Thames Trust, together with existing backers.

Algorithmiq has previously announced $5 million in seed funding backed by investment from CEO & Founders of Dawn Capital, Thames Trust, Tiger Global, K5 Global and numerous angel investors.

This latest round of investment will enable Algorithmiq to pursue its proof-of-concept work with  pharmaceutical companies reducing the time and cost of drug discovery and development.

The company recently announced Aurora, a proprietary drug discovery platform, as well as a partnership with IBM.

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.

Algorithmiq’s platform offers a proprietary method of extracting information from quantum devices, interfacing with hardware to perform quantum chemistry simulations.