Algorithmiq, a Helsinki-based quantum computing startup, has reached an agreement with IBM to further its exploration of quantum algorithms applied to the life sciences. The collaboration will attempt to drastically reduce the time and cost of drug discovery and development. The widely accepted maxim is that it takes about a decade and a billion dollars for a new drug to reach the market.
The movement plans to also contribute to Qiskit, an open source SDK for quantum computers. 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 Maniscalco, Algorithmiq also won the honor of being the “Hottest DeepTech Startup In Europe” award at the former Europas Awards, held this year in Lisbon, which has been running for 14 years. and is judged solely by investors, founders, and journalists.