Quantum Scaleup Algorithmiq Raises $15M Series A to Accelerate Drug Discovery Work with Global Pharma Companies
Summary
This latest round of investment will enable Algorithmiq to pursue its proof-of-concept work with pharmaceutical companies globally, dramatically reducing the time and cost of drug discovery and development a process that typically takes around a decade and $1 billion for a new drug to reach the market.PRESS RELEASE Helsinki, 27 June Algorithmiq, a scaleup developing quantum algorithms to solve the most complex issues in life sciences, has raised $15 million. Also participating in the round is Tesi, the state-owned Finnish investment company, Presidio Ventures, the corporate venture capital arm of Japans Sumitomo Corporation, and London-based Thames Trust, together with existing backers.This latest round of investment will enable Algorithmiq to pursue its proof-of-concept work with pharmaceutical companies globally, dramatically reducing the time and cost of drug discovery and development a process that typically takes around a decade and $1 billion for a new drug to reach the market.This news builds on recent milestones, which includes the commercial launch of Aurora, Algorithmiqs proprietary drug discovery platform, as well as a partnership with IBM that allows the scaleup to combine its cutting-edge software with the corporations world-leading hardware. Algorithmiq was founded in 2020, with Co-Founder and CEO Professor Sabrina Maniscalco, a world-leading academic of 20 years experience in quantum technology and government advisor, leading the business quest to be the first company in the world to achieve useful quantum advantage.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. Additionally, it contains a new framework, Quantum Network Medicine, developed by the company and presented last year in a white paper, to give context to the complexity of cell biology.Professor Sabrina Maniscalco, Co-Founder and CEO of Algorithmiq said, 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. 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.Alongside Co-Founder and CEO Professor Sabrina Maniscalco, Algorithmiqs Board consists of: Jorma Ollila, former CEO and Chairman of Nokia; Haakon Overli, founding General Partner at Dawn Capital; Co-Founder Dr Jussi Westergren, an early investor in Deepmind; Chief Technology Officer Matteo Rossi; Lauri Kokkila, Partner at Inventure VC; and Joni Karsikas, Investment Director at Tesi and Dominik Slonecki, Investment Director at Presidio Ventures Europe join as Board observers.Inventure VC is one of the Nordics and Baltics most experienced venture funds, serving entrepreneurs from offices in Helsinki and Stockholm.