Tiger Global-backed Algorithmiq to collaborate with IBM over drug discovery using Quantum

Algorithmiq, a Helsinki-based quantum computing startup, has pulled in a deal with IBM to super-charge its exploration of quantum algorithms applied to the life sciences. The collaboration will attempt to dramatically cut the time and cost of drug discovery and development. The widely accepted maxim is that it takes around a decade and $1 billion for a new drug to get to market.

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

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

Headed by Co-Founder, and Professor, Sabrina Maniscalco, Algorithmiq also won the honour of being the “Hottest DeepTech Startup In Europe” award at the long-standing Europas Awards, held this year in in Lisbon, which has been running for 14 years and is judged solely by investors, founders, and journalists.