Finnish quantum computing company Algorithmiq has secured $15 million in a Series A funding round as it works to accelerate drug discovery and development. The round was led by Inventure, and also included Tesi, Presidio Ventures, Thames Trust and existing backers.
Accurately predicting the binding of drug molecules to specific disease-related proteins in the body is a significant challenge in drug discovery. This understanding is crucial for comprehending drug functionality and their potential to cure diseases. To address these challenges, Algorithmiq combines quantum algorithms, network medicine and AI to enable structure prediction, molecular similarity simulation, and the realistic modelisation of protein-ligand docking.
“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,” said Lauri Kokkila, Partner at Inventure.
Algorithmiq plans to use the funding to advance its proof-of-concept work with global pharmaceutical firms, as it aims to significantly reduce the time and cost associated with drug discovery and development processes.
“Drug discovery is one of the most impactful application areas for quantum computing, and Algorithmiq has already demonstrated impressive technical results,” said Joni Karsikas, Investment Director at Tesi.
The funding received will be used to expand Algorithmiq’s operations and collaborations with pharmaceutical companies. The funding round builds on the company’s recent achievements, including the launch of its Aurora drug discovery platform, and the formation of a key partnership with IBM.
“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 Professor Sabrina Maniscalco, CEO of Algorithmiq. “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.”
Algorithmiq also developed Quantum Network Medicine, a framework that provides context to the intricate field of cell biology.