Finnish startup Algorithmiq raises €13.7M in a Series A funding
Helsinki-based quantum-computing-based software developer Algorithmiq has raised €13.7 million in a Series A funding round. The company wants to fundamentally change the R&D process for big pharma, Tech.eu reports.
- Founded in 2020 by Sabrina Maniscalco, Guillermo García-Pérez, and Matteo Rossi, Algorithmiq is a company developing advanced noise-resilient quantum algorithms to solve complex problems in life sciences. These algorithms and devices can help pharmaceutical companies to discover new drugs and develop new materials.
- Inventure VC led the Series A round. It is a Finnish venture fund that specializes in helping its portfolio companies with talent and expansion. The firm currently manages a €150 million Fund IV focused on the Nordics and Baltics.
- The round also saw participation from Tesi, the state-owned Finnish investment fund, Presidio Ventures, Thames Trust, and undisclosed existing backers.
- Alпorithmiq intends to use the new capital to produce a proof-of-concept work that will aid big pharma in its research process.