Algorithmiq – Quantum computing promises improvements in medical care

Why?

In the future, quantum computers will make difficult challenges easier to solve. Recent advancements in quantum computing are opening new opportunities as technology progresses towards more efficient and more reliable solutions. Alongside technical performance, the development of quantum computer software will play a significant role. Programming quantum computers for specific research purposes requires in-depth and highly specialised expertise. How to programme quantum computers scalably so that they can compute and solve complex scenarios in life sciences and drug development presents a challenge, however.

What and how?

Algorithmiq’s quantum computing algorithms enhance the capabilities of quantum computers to solve increasingly challenging problems in health & life sciences. Advanced algorithms enable, for example, faster and more cost-effective development of medicines by simulating the chemical activity of molecules. Alqorithmiq’s personnel possess solid expertise and extensive experience in quantum sciences and in developing quantum computing software. The company operates on a broad front to advance the performance of quantum computers, expanding their possible applications beyond health & life sciences.

Growth and internationalisation

Quantum computing is a global business, and quite naturally Algorithmiq has operated internationally from the very start. Recruitment is also conducted globally since there are a limited number of quantum science experts worldwide. The number of personnel in this expert organisation, which is now an international leader, is unlikely to increase very much in the near future, but scalable software development continually opens up new opportunities to expand market areas and to enter other sectors. Close collaboration with quantum computer manufacturers, such as IBM, and other companies in the sector, such as Cleveland Clinic and AstraZeneca, is crucial for development and growth.

The importance of venture capital

While quantum sciences receive substantial public funding, private VC investors have played an important role in Algorithmiq’s story. The entire ecosystem is still in a strong developmental phase and needs visionary investors who know the value of investing with a long horizon in quantum technology.

In summer 2023, Inventure led a growth funding round of some EUR 14 million. Tesi joined this round to make its initial investment in Algorithmiq because the company’s technology is potentially groundbreaking and aligns with Tesi’s investment focus on the intersection of deep tech and health & life sciences. As an investor, Tesi’s role is to help Finnish companies succeed and create clusters of expertise around health technology and life sciences.

General information

Algorithmiq develops quantum computer algorithms and applications for developing medicines, accelerating and enhancing the efficiency of developing new medicines, and improving the effectiveness of medical treatment. Algorithmiq was founded by leading quantum science researchers who have published over 300 scientific articles and research papers. Algorithmiq is based in Finland, and the company has subsidiaries in the UK and Ireland, as well as a holding company in the USA. The company employs some 40 people.