Algorithmiq, a Helsinki-based quantum computing startup, has signed a deal with IBM to supercharge quantum algorithms for applications in the life sciences. The collaboration will attempt to significantly reduce the time and cost of drug discovery and development. The widely accepted maximum time for a new drug to reach the market is ten years and $1 billion.
The move plans to contribute to Qiskit, an open source SDK for quantum computers. So Algorithmiq will be part of the IBM Quantum Network.
In February this year, Algorithmiq announced a $4m seed round, backed by investments from Tiger Global, K5 Global and various angel investors.
Led by co-founder and professor Sabrina Maniscalco, Algorithmic won the “Best DeepTech Startup in Europe” award at the 14th running Europa Awards this year in Lisbon. And it’s only judged by investors, founders and journalists.