- Algorithmiq, a scale-up that develops quantum algorithms to solve the most complex problems in the life sciences, has raised $15 million.
- The Series A round was led by Inventure VC, with Tesi, Finnish state-owned investment firm Presidio Ventures, the corporate venture capital arm of Japan’s Sumitomo Corporation, and London-based Thames Trust, also involved.
- This latest investment round will allow Algorithmiq to pursue its proof-of-concept work with pharmaceutical companies globally, dramatically reducing drug discovery and development time and costs — a process that typically takes around a decade and $1 billion for a new drug. reach the market.
PRESS RELEASE — Helsinki, 27 June —algorithm, a scale-up that develops quantum algorithms to solve the most complex problems in the life sciences, has raised $15 million. The Series A round was led by Inventure VC, one of the most experienced Nordic venture funds. Also participating in the round were Tesi, Finland’s state-owned investment firm, Presidio Ventures, the corporate venture capital arm of Japan’s Sumitomo Corporation, and London-based Thames Trust, along with their existing backers.
This latest investment round will allow Algorithmiq to pursue its proof-of-concept work with pharmaceutical companies globally, dramatically reducing drug discovery and development time and costs — a process that typically takes around a decade and $1 billion for a new drug. reach the market.
This news builds on recent milestones, which include the commercial launch of Aurora, Algorithmiq’s proprietary drug discovery platform, as well as an upgrade-enabled partnership with IBM to combine its cutting-edge software with world-leading enterprise hardware. Algorithmiq was founded in 2020, with Co-Founder and CEO Professor Sabrina Maniscalco, a world-renowned academic with 20 years experience in quantum technology and government advisory, leading the business’ quest to become the world’s first company to achieve a useful quantum. profit.
One of the biggest challenges in drug discovery is being able to predict with great accuracy the binding of drug molecules to specific proteins in our bodies that are responsible for certain diseases. It is important to understand how drugs work and how they will eventually cure disease. The Algorithmiq platform offers a proprietary method for extracting information from quantum devices, interacting with hardware to perform quantum chemical simulations. Additionally, it contains a new framework, Quantum Network Medicine, developed by the company and presented last year in a white paper, to provide context to the complexities of cell biology.
Professor Sabrina Maniscalco, Co-Founder and CEO of Algorithmiq said, “It is very exciting for Algorithmiq to work with commercial partners and continue discussions with life science companies that have shown interest in our technology. The investment is an important part of the journey and builds on everything that has been achieved in the past year in terms of our close relationship with IBM. The breakthrough of IBM’s Eagle quantum processor outperforming a supercomputer this month is only the beginning. With Algorithmiq software and IBM hardware, beneficial quantum advantages will come sooner than many think.”
Lauri Kokkila, Partner at Inventure VC said, “We are at a critical juncture in quantum computing and Algorithmiq is on track to achieve useful quantum advantages over traditional computing, the next important milestone in this field. Because of this, we feel the company is taking a clear lead and paving the way for major advances in drug discovery. We believe the team put together so far is best in class and are excited about the prospect of building early promise. Having developed a strong partnership with IBM and launched a commercial ready platform, Sabrina and her team are ready to develop a very important life sciences partnership with a world leading pharmaceutical company.”
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About the Algorithm
algorithm harnessing the power of quantum computing to solve complex problems in the life sciences. Founded by a team of world-leading academics in their fields, the company aims to harness the potential of quantum software so that new drugs can be discovered, discovered, and brought to market quickly, efficiently, and cost-effectively, leading to appropriate medical treatments and a paradigm shift in drug discovery and development. Algorithmiq has previously announced a $5 million seed funding backed by investment from CEO & Founder Dawn Capital, Thames Trust, Tiger Global, K5 Global, and numerous angel investors.
Alongside Co-Founder and CEO Professor Sabrina Maniscalco, the Algorithmiq Board consists of: Jorma Ollila, former CEO and Chairman of Nokia; Haakon Overli, General Founding Partner at Dawn Capital; Co-Founder Dr Jussi Westergren, early investor in Deepmind; Head of Technology Matteo Rossi; Lauri Kokkila, Partner at Inventure VC; and Joni Karsikas, Director of Investments at Tesi and Dominik Slonecki, Director of Investments at Presidio Ventures Europe joined as observers to the Board.
About VC Discovery
Create VCs is one of the most experienced venture funds in the Nordics and Baltics, servicing entrepreneurs from offices in Helsinki and Stockholm. Since 2005 Inventure has supported more than 90 portfolio companies including Wolt, Swappie and aiMotive, and has €380 million in assets under management. He believes that the best early-stage entrepreneurs deserve the best support.
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