Algorithm, a Helsinki-based quantum computing startup, has signed a deal with IBM to boost its exploration of quantum algorithms applied to the life sciences. The collaboration will seek to dramatically reduce the time and cost of drug discovery and development. The generally accepted maxim is that it takes about ten years and $1 billion for a new drug to hit the market.
The move intends to contribute to that as well Qiskit, an open-source SDK for quantum computing. Algorithmiq therefore becomes 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 several angel investors.
Led by co-founder and professor, Sabrina ManiscalcoAlgorithmiq also won the honor of being the “Hottest DeepTech Startup In Europe” award at the long-standing Europas Awards, held this year in Lisbonwhich has been running for 14 years and is reviewed exclusively by investors, founders and journalists.