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Qubit Pharmaceuticals Raises €16.1 Million in Seed Round

Qubit Pharmaceuticals Raises €16

Qubit Pharmaceuticals announced that the company raised €16.1 million in a seed round, according to a LinkedIn post.

Investors in the round include Quantonation, XAnge, Omnes Capital and Octave Klaba.

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.”

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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.

If you found this article to be informative, you can explore more current quantum news here, exclusives, interviews, and podcasts.

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Matt Swayne

With a several-decades long background in journalism and communications, Matt Swayne has worked as a science communicator for an R1 university for more than 12 years, specializing in translating high tech and deep tech for the general audience. He has served as a writer, editor and analyst at The Quantum Insider since its inception. In addition to his service as a science communicator, Matt also develops courses to improve the media and communications skills of scientists and has taught courses. [email protected]

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