Qubit Pharmaceuticals announced that the company raised €16.1 million in a seed round, according to a LinkedIn post.
Qubit Pharmaceuticals is working to leverage the tremendous computational powers of early stage quantum computers and supercomputers to boost the discovery of new drugs, according to The Quantum Insider’s intelligence platform. The limitations of classical computing, on its own, make pharmaceutical research expensive and time-consuming.
The company currently has 10 drug discovery programs, according to the post.
Robert Marino, Qubit Pharmaceutical’s CEO told France Detail Zero: “The company will use a large part of these funds to enrich its portfolio of drug candidates. We have launched three research programs on Covid-19, cancer and inflammation, and we want to launch ten. Each represents an investment of 1.5 to 4 million over three years.”
Qubit Pharmaceutical’s platform is called ATLAS, which is a software suite for the discovery and test of drug candidates running on supercomputers.
According to the company, the funds from this round will be used to add 40 more people to the team and to continue to invest in quantum computing, the company added.
Qubit Pharmaceuticals’ technology is based on 30 years of research and development. The company was spun out of leading research institutions in France and the US, including CNAM, CNRS, University of Texas at Austin, Sorbonne University and Washington University.