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

Algorithmiq, a Helsinki-based quantum computing startup, bagged a deal with International Business Machines Corp 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.

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