Algorithmiq, a startup using quantum algorithms to help drug discovery for pharmaceutical companies, has raised $15m (£11.8m) in Series A funding.
Capital came from lead investor Inventure VC, along with Tesi, Presidio Ventures, London’s Thames Trust and previous backers.
The company is aiming to speed up the drug development cycle by applying its quantum algorithms to the discovery process.
Quantum computers harness the strange rules of the subatomic world to solve problems that classical computers cannot. Their superior computing firepower promises advances in fields ranging from drug discovery to finance. Despite recent advances, current machines are often error-prone.
Algorithmiq says its platform can predict how drug molecules bind to the different proteins in the body associated with various diseases through quantum chemistry simulations.
Professor Sabrina Maniscalco, CEO and co-founder of Algorithmiq, said: “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.”
Helsinki-based Algorithmiq has a UK subsidiary called Algorithmiq UK Limited. The company has previously raised $5m (£4m) in seed funding.
Algorithmiq partnered with IBM in November to use the US tech giant’s hardware to power its drug discovery platform, which it launched in the same month.
Lauri Kokkila, partner at Inventure VC, said: “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.”