NEW YORK – Global law firm Reed Smith advised Algorithmiq, Inc. (“Algorithmiq”) in a $15 million Series A financing. The financing round was led by Inventure Fund IV Ky, a European venture fund specializing in early-stage companies. The financing will enable Algorithmiq to continue proof-of-concept projects with pharmaceutical companies globally and its work in partnership with IBM to reach first useful quantum advantage for chemistry.

Algorithmiq is a scaleup developing quantum algorithms to accelerate drug discovery.

The Reed Smith private equity team was led by New York partners Mark Pedretti and Seth Merl with contributions from tax partners Angelo Ciavarella, Simon Kliegman; regulatory and enforcement partner Michael Lowell; executive compensation and tax partners Jeffrey Aromatorio and Gareth Amdor; finance partner Cheryl Lagay; and associates Ari Byk, Aimee Khuong, Shannon Mincemoyer, Jennifer Riso and Ross Williams.

A copy of the press release can be found on The Quantum Insider.