Algorithmiq secures growth financing for drug development with quantum computing algorithms
Growth company Algorithmiq develops quantum computing algorithms and solutions for drug development and discovery. More specifically, the company’s algorithms can be used to accelerate and optimise drug development by simulating the chemical activity of molecules. Algorithmiq pushes for making current quantum computing solutions commercially functional in the next three years.
The around EUR 14 million Series A now announced was led by Inventure, one of the most experienced Nordic early-stage funds. In addition, Tesi, Presidio Ventures (the corporate venture capital arm of Japan’s Sumitomo Corporation), and London-based Thames Trust participated in the round, together with existing backers. The European Investment Bank also participated in the investment round through Tesi’s and the EIB’s co-financing facility.
”We are excited to support Algorithmiq’s ambitious world-class team. Drug discovery is one of the most impactful application areas for quantum computing, and Algorithmiq has already demonstrated impressive technical results. Thematically, the investment fits spot-on in our investment strategy: the company has a high disruption potential, and it is operating in the intersection of two of our focus areas, deep tech and life sciences,” comments Joni Karsikas, Investment Director at Tesi.
Tesi’s investment was its first in the company.
- Read more: An article by Tech.eu (27.6.2023)
Additional information:
Joni Karsikas, Investment Director, Venture Capital Investments
joni.karsikas@tesi.fi
+358 40 827 0395
Tesi wants to raise Finland to the forefront of transformative economic growth. We develop the market, and work for the success of Finnish growth companies. We invest in private equity and venture capital funds, and also directly in growth companies. We provide long-running support, market insights, patient capital, and skilled ownership. tesi.fi | Twitter | LinkedIn | Newsletter