Tiger Global-backed Algorithmiq will collaborate with IBM for drug discovery using Quantum

Algorithmiq, a Helsinki-based quantum computing startup, has struck a deal with IBM to boost its research into quantum algorithms applied to the life sciences. The collaboration will attempt to dramatically reduce the time and cost of drug discovery and development. A widely accepted maxim is that it takes about a decade and $1 billion for a new drug to come to market.

The move also plans to contribute to Qiskit, an open source SDK for quantum computing. Therefore, Algorithmiq will become part of the IBM Quantum Network.

In February of this year, Algorithmiq announced a $4 million seed round, backed by investments from Tiger Global, K5 Global and various angel investors.

Led by co-founder and professor, Sabrina ManiscalcoAlgorithmiq also won the honor of being the “Hottest DeepTech Startup in Europe” award at the long-standing The Europas Awards held this year in Lisbonwhich has been running for 14 years and is rated only by investors, founders and journalists.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *