Algorithmiq, a Helsinki-based quantum computing start-up, has entered into an engagement with IBM to progress in its exploration of quantum algorithms that attempt to solve complex issues in life sciences.
Between IBM’s hardware, software and quantum applications expertise and Algorithmiq’s algorithm developers, the companies hope to explore ways to dramatically cut the time and cost of drug discovery and development.
The collaboration will address overcoming the main bottlenecks in today’s noisy quantum hardware, such as limited speed, accuracy, and scale, for large quantum chemistry simulations. Algorithmiq’s novel measurement techniques have shown to greatly reduce runtime in hybrid quantum-classical algorithms. In addition, Algorithmiq’s post-processing strategies for error mitigation have shown to significantly improve the accuracy of quantum chemistry simulations. Therefore, this collaboration looks to yield promising results to boost the performance of quantum algorithms on near-term quantum technology.
The work will also contribute any work produced to Qiskit, an open-source SDK for quantum computers, with the aim of promoting and developing this nascent ecosystem. As part of the engagement, Algorithmiq will become part of the IBM Quantum Network.
Sabrina Maniscalco, CEO and co-founder of Algorithmiq: “Quantum computing holds the key to revolutionising the process of drug discovery and development. We couldn’t be more thrilled to be collaborating with a giant of the technology industry in our pursuit of this mission, placing ourselves at the forefront of innovation and the race to prove useful quantum advantage in the space.”
Guillermo Garcia Perez, CSO and co-founder of Algorithmiq: “Whilst unleashing the full power of quantum simulations will likely require fault-tolerant quantum computers, near-term devices like those developed by IBM, combined with our novel algorithms based on informationally complete data, are today already showing progress toward the demonstration of a quantum advantage for chemistry. This is a stepping stone for any application of quantum computers to life sciences.”
