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Company aims to reduce 10-year, $1B process to bring a new drug to market
July 7, 2023
Algorithmiq, a company that specializes in quantum computing products for life sciences, has raised $15 million in a series A funding round.
The company said it would use this latest round of investment to pursue proof-of-concept work with pharmaceutical companies. Its goal is to reduce the time and cost of drug discovery and development, a process that typically takes a decade and $1 billion for a new drug to reach the market.
The funding round was led by Nordic venture fund Inventure VC, joined by state-owned Finnish investment company Tesi, Japan’s Presidio and U.K.-based Thames Trust.
Effective and safe drug discovery depends on the ability to accurately predict how drug molecules would bind to the proteins in the body that are responsible for a given disease. Algorithmiq’s platform extracts information from quantum devices and interfaces with hardware to perform quantum chemistry simulations.
It operates within a framework the company calls quantum network medicine, which uses quantum to combine systems biology and network science to better understand and treat disease by looking at the complex interactions between proteins in the body and how medicines affect them.
Algorithmiq recently launched its proprietary drug discovery platform Aurora and formed a partnership with IBM that allows the companies to combine its cutting-edge software with the corporation’s world-leading hardware.
“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,” said Algorithmiq co-founder and CEO Sabrina Maniscalco.
“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.”
Inventure VC partner Lauri Kokkila added: “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.”
This article first appeared in IoT World Today's sister publication Enter Quantum.
Editor, Enter Quantum
Berenice is the editor of Enter Quantum, the companion website and exclusive content outlet for The Quantum Computing Summit. Enter Quantum informs quantum computing decision-makers and solutions creators with timely information, business applications and best practice to enable them to adopt the most effective quantum computing solution for their businesses. Berenice has a background in IT and 16 years’ experience as a technology journalist.
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