Algorithmiq, a Helsinki, Finland-based company developing quantum algorithms, raised $15M in Series A funding.
The round was led by Inventure VC, with participation from Tesi, Presidio Ventures,Thames Trust, and existing investors.
The company intends to use the funds to pursue its proof-of-concept work with pharmaceutical companies globally, dramatically reducing the time and cost of drug discovery and development.
Led by CEO Professor Sabrina Maniscalco, Algorithmiq leverages quantum computing to solve problems in life sciences so that new drugs can be discovered, invented and brought to market quickly, efficiently and cost-effectively, leading to precise medical treatments. The platform offers a proprietary method of extracting information from quantum devices, interfacing with hardware to perform quantum chemistry simulations. 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.
Alongside Co-Founder and CEO Professor Sabrina Maniscalco, Algorithmiq’s 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.
FinSMEs
27/06/2023