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Tiger Global-Backed Quantum Computing Startup Bonds With IBM Over Drug Discovery

Benzinga · 11/16/2022 05:21
  • Algorithmiq, a Helsinki-based quantum computing startup, bagged a deal with International Business Machines Corp (NYSE:IBM) to super-charge its exploration of quantum algorithms applied to the life sciences. 
  • The collaboration will help to cut the time and cost of drug discovery and development, TechCrunch reports.
  • The widely accepted maxim is that it takes around a decade and $1 billion for a new drug to market.
  • Also Read: Japan Ropes In IBM To Beef Up Advanced Semiconductor Presence
  • The move plans to also contribute to Qiskit, an open-source SDK for quantum computers. 
  • Algorithmiq will therefore become part of the IBM Quantum Network.
  • In February this year, Algorithmiq disclosed a $4 million seed round backed by investment from Tiger Global, K5 Global, and various angel investors.
  • IBM kicked off the IBM Quantum Summit 2022 with breakthrough advancements in quantum hardware and software, outlining its pioneering vision for quantum-centric supercomputing
  • At the Summit, the company showcased the 'IBM Osprey' - its new 433-quantum bit (qubit) processor.
  • IBM Osprey has the largest qubit count of any IBM quantum processor, more than tripling the 127 qubits on the IBM Eagle processor unveiled in 2021. 
  • Price Action: IBM shares closed higher by 0.10% at $144.34 on Tuesday.