algorithm, a Helsinki-based quantum software company in Finland, has received a $15 million Series A round to continue its work leveraging quantum computing to accelerate drug discovery. The investment was led by Inventure VC, with additional participation from Tesi, Presidio Ventures, Thames Trust and existing backers. Late last year, the company launched a new drug discovery platform called Aurora that works by using classical pre-processing to reduce complexity to model only the most relevant parts of the molecule on a quantum processor and then using classical post-processing to reduce errors. . The company is currently working on a proof-of-concept project with pharmaceutical companies and providing them with a platform that can provide quantum advantages in the future. The company has a partnership with IBM that will allow Algorithmiq to enhance their software on IBM’s quantum processors. Additional information about this funding is available Here.
June 27, 2023