Milan, May 11, 2026, 17:18 CEST
- Quantum player Algorithmiq pulled in €18 million and moved its main base from Helsinki over to Milan, making Italy the hub of its commercial drive.
- United Ventures and CDP Venture Capital took the lead on the round, joined by Inventure VC, pushing total backing to €36 million.
- Just weeks ago, Algorithmiq, alongside Cleveland Clinic and IBM, clinched a $2 million Wellcome Leap prize for quantum-driven cancer drug discovery.
Algorithmiq has picked up €18 million in fresh funding and shifted its global headquarters to Milan—staking on software as the key to bringing quantum computing out of the lab and into real-world business. Company execs and backers say this is Italy’s biggest venture capital round yet for a quantum-focused startup.
Timing is key here, with most of the quantum sector still zeroed in on hardware—the machines at the heart of it all. Algorithmiq, on the other hand, is all about the “algorithmic layer”: software, algorithms, and workflows designed to let quantum hardware tackle real-world problems in chemistry, materials science, and the life sciences. Tech
The fundraise comes on the heels of a technical milestone. According to IBM, Algorithmiq, Cleveland Clinic, and IBM managed to use quantum computing to model how photodynamic therapy works—a cancer treatment relying on drugs activated by light. Their team ran experiments on quantum systems with as many as 100 qubits; in quantum computing, a qubit represents the fundamental unit of information.
The term “quantum advantage” refers to a quantum system outperforming traditional computers on a practical problem. Algorithmiq claims its Wellcome Leap Q4Bio project demonstrates a viable route to that milestone in drug discovery. Still, the overall field is nascent, hinging on advances in hardware and confirmation beyond the lab. Algorithmiq
Algorithmiq is shifting its commercial operations to Milan, but will still maintain a substantial presence in Finland. The company also lists operations in the UK, Ireland, and the United States, according to its statement.
Chief Executive Sabrina Maniscalco expects “more meaningful applications of quantum” to arrive in 2026, saying the funding will let the company scale up as it partners with some of the big names in quantum computing. “As quantum computing matures, the question is shifting from who can build the biggest machine to who can make the machines matter,” she said. Tech
United Ventures said its investment should enable Algorithmiq to push its headcount past 100 by 2028, targeting senior commercial talent and advancing efforts toward “quantum utility”—that is, actionable results from quantum systems. Right now, the firm counts over 40 researchers and engineers in four countries, according to the investor. United Ventures
Italy is pushing to carve out a stronger role in quantum tech. The Interministerial Committee for the Digital Transition adopted the final Italian Strategy for Quantum Technologies, which was published online in September 2025. The document lays out aims across research, industry, international status, and governance.
Hardware players continue to dominate the competitive landscape. Algorithmiq, for its part, lists IBM, Google, and Rigetti among its collaborators. Instead of manufacturing quantum machines, the company is pushing to market its software—the layer intended to make those systems valuable for industry clients.
“With quantum, Europe has the opportunity to set the pace rather than follow it,” said Jacopo Drudi, a partner at United Ventures. He described Algorithmiq’s relocation to Milan as “a win not just for United Ventures, but for the country.” Pulse 2.0
Tommaso Calarco, who chairs the Quantum Community Network, pointed to the need for Europe to tie scientific strength, entrepreneurship, and industrial vision together. “Italy is well placed to play a role in this context,” he said. Tech
Quantum hardware might not hit its stride soon enough for software players to reliably cash in. IBM pointed out that Q4Bio targets algorithms meant for quantum machines likely arriving in three to five years—a window that’s open to late arrivals, lukewarm demand, and the grind of demonstrating real value in drug discovery.
