Algorithmiq banked €18M in Series B funding to scale its quantum software platform. Coinciding with the round, the startup is relocating its headquarters from Helsinki, Finland, to Milan, Italy. The new capital follows a previous €15M Series A raised in 2023 and an earlier €3.7M seed round in 2021.
The company develops algorithms designed to run on near-term quantum computers, focusing on mitigating the "noise" and high error rates inherent in current hardware. Its primary software, Aurora, is built to solve complex problems in chemistry, drug discovery, and materials science. By reducing error rates, the startup enables quantum hardware to perform useful calculations that would otherwise be impossible on classical machines.
The relocation to Italy is driven by a desire to access the country's growing pool of quantum talent and academic infrastructure. Algorithmiq maintains a close partnership with IBM; the two recently demonstrated "quantum advantage" in a collaborative experiment, proving their software could outperform classical benchmarks for specific scientific calculations.
As European deeptech firms transition from research to commercial application, the relocation of high-growth software players suggests that regional talent clusters are becoming as critical as early-stage capital.
Originally reported by Sifted.