Tiger Global-Backed Quantum Computing Startup Bonds With IBM Over Drug Discovery - IBM (NYSE:IBM)

[ad_1]

  • 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.

[ad_2]

Image and article originally from www.benzinga.com. Read the original article here.