Finland’s quantum-computing-based software developer Algorithmiq has raised $4 million in a seed funding round. The capital will be used to further the company’s mission to develop noise-resilient quantum algorithms for a wide range of practical applications, starting with drug development.
With more and more quantum computing services being made available, we’re rapidly approaching the point where technology makes the leap from science to reality. In so much, Algorithmiq is paving the way with the software that these titans will be working with by employing variational quantum algorithms which are identified by industry experts as one of the most promising practical applications on near-term quantum computers.
As these algorithms have been proven to be able to extract properties of many-body quantum correlated systems, they then make for a natural candidate for chemical simulations on quantum hardware. In essence what this means is that the previously unsolvable, perhaps even unknowable, in the fields of materials design, pharmaceutical applications, and drug discovery are all now very much within sight.
When compared to the computational power of today's top supercomputers, Algorithmiq can offer up to 100x the speed of chemical simulations on quantum computers.
And about that 'perhaps even knowable'? Enter Algorithmiq’s ability to expand the universe of chemical simulations tractable on near-term quantum devices.
Just as any good algorithm should, Algorithmiq’s tech scales alongside the quantum hardware it sits atop and improves in tandem. Recognising the need to play ball with all quantum-cloud platforms (IBM, AWS, MSFT, IonQ, etc), Algorithmiq is agnostic to the physical qubit representation chosen.
“Quantum Chemistry and other Quantum Algorithm applications have the potential to transform human existence. We are very excited to get the funding to commercialise some very exciting academic discoveries our team has made. Pharmaceutical companies face an R&D challenge and we are here to help,” said co-founder and CEO Prof Dr. Sabrina Maniscalco.
Algorithmiq’s $4 million in seed round was provided by Tiger Global, K5 Global, Jorma Ollila (Nokia/Shell), Haakon Overli (Dawn Capital), Thames Trust (Lord Jim O’Neill), David Helgason (Foobar/Unity3D), Feroz Dewan (Arena Holdings), Keenan Rice (Tokyo Black/LookerGoogle/Firebolt) and additional undisclosed European and U.S. angel investors and entrepreneurs.