- Algorithmiq, a Helsinki-based quantum computing startup, bagged a deal with International Business Machines Corp (NYSE: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.
Needham Maintains Buy on HubSpot, Raises Price Target to $470
Needham analyst Joshua Reilly maintains HubSpot (NYSE:HUBS) with a Buy and raises the price target from $380 to $470.
