Algorithmiq Raises €18M Series B and Moves HQ to Milan
Finland’s most prominent quantum software startup is moving south and bringing fresh capital with it. Algorithmiq has closed an €18 million Series B and shifted its headquarters from Helsinki to Milan, Italy, according to Sifted, marking a significant strategic pivot for one of Europe’s most closely watched deeptech companies.
The Algorithmiq Series B quantum software raise comes at a moment of genuine momentum for the startup. Founded in 2020 as a spin-off from the University of Helsinki by CEO Professor Sabrina Maniscalco, Algorithmiq already has operations in Italy, Finland, the UK, Ireland, and the US, making the Milan relocation less a clean break and more a formalisation of where the company’s centre of gravity has been drifting. Italy’s growing quantum infrastructure and government incentives for deep technology companies understood to have played a role in the decision.
Quantum Advantage, Proven in a Lab
The fundraise backed by more than investor enthusiasm it follows a landmark scientific milestone. Algorithmiq was awarded the $2 million Quantum for Bio (Q4Bio) prize by Wellcome Leap for the first experimental realisation of an end-to-end quantum-classical workflow for drug simulation, conducted in collaboration with IBM and the Cleveland Clinic, simulating the excited-state properties of a photosensitiser drug for photodynamic cancer therapy using over 50 qubits.
That result demonstrating real quantum advantage on a meaningful drug discovery problem is precisely what investors in the Algorithmiq Series B quantum software round are backing. The company’s platform offers a proprietary method of extracting information from quantum devices and performing quantum chemistry simulations, with the goal of dramatically reducing the time and cost of drug discovery, a process that typically takes around a decade and $1 billion for a new drug to reach the market.
With proven science, a pan-European footprint, and fresh capital now confirmed, Algorithmiq is positioning Milan as the launchpad for its next chapter in the global quantum computing race.
