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Finland’s Algorithmiq raises $4M in Seed Funding for noise-resilient quantum algorithms

By IQT News posted 02 Mar 2022

(Tech.eu) 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.
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.
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.
Algorithmiq’s tech scales alongside the quantum hardware it sits atop and improves in tandem. Algorithmiq is agnostic to the physical qubit representation chosen.

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