Kvantify Secures $11M Seed Funding for Quantum Drug Discovery

A Danish quantum software startup has announced the closure of $11 million in seed funding, which it plans to use to develop quantum computing applications for life sciences.

Kvantify plans to initially further its work in using quantum computing for drug discovery before expanding into chemical simulation and across other industries.

“This funding not only validates our vision of leveraging quantum computing to revolutionize the life sciences industry but also provides us with the resources and strategic partnerships needed to accelerate our development and growth,” said Kvantify CEO Hans Henrik Knudsen.

“With the support of new and existing investors, we are well-positioned to continue to bring groundbreaking solutions to market.”

The round was led by Danish venture capital company Dreamcraft, biotech investor Lundbeckfonden BioCapital and private investment company 2degrees. ‍Other investors include Redstone VC, 2xN and EIFO.

“With our investment in Kvantify, we are broadening our footprint in and commitment to further strengthening the Danish life science ecosystem,” said Jacob Falck Hansen, partner at Lundbeckfonden BioCapital, which specializes in the commercialization of life science innovation.

“Quantum computing can deliver accuracy and derisking to the early stages of drug development to a level not possible with classical computers, thereby enabling faster speed to market. We are therefore excited about this opportunity and look forward to working with the Kvantify team to bridge quantum computing and drug development to the future benefit of patients.”

Related:NQCC’s Phalgun Lolur on Supporting Quantum Readiness

Kvantify launched its Kvantify Koffee software product for screening and selecting new drug candidates earlier this year. It runs on classical computers now but is designed to get further value from quantum computers as the technology matures.