Danish start-up Kvantify secures 10 million euros

Kvantify raises €10 million to use quantum computing to solve complex problems in drug discovery and beyond

Copenhagen, July 3, 2024 - Kvantify, a quantum software startup, has successfully closed a €10 million seed funding round. This funding will enable Kvantify to strengthen its position in quantum computing.

The investment will accelerate the development of Kvantify's solutions aimed at using quantum computing to solve complex problems in drug discovery and beyond. It will also support the further development of quantum algorithms for chemical simulations, expanding their applicability in various industries.

Investors and their strategic importance

The seed round is not only notable for its size, but also for the strategic alignment of the new investors with Kvantify's mission. The round was led by the Danish VC Dreamcraft, together with the biotech investor Lundbeckfonden BioCapital and the private investment company 2degrees. Other investors include the international, sector-oriented tech investor Redstone VC, the Danish quant VC 2xN and EIFO.

Lundbeckfonden BioCapital is a large Danish investor focusing on local life sciences and supporting the implementation and commercialization of relevant science. This is Lundbeckfonden BioCapital's first investment outside the therapeutic area.

Voices of the investors and the CEO

Jacob Falck Hansen, Partner at Lundbeckfonden BioCapital: "With our investment in Kvantify, we extend our influence and commitment to further strengthen the Danish life sciences ecosystem. Quantum computing can bring accuracy and risk minimization in the early stages of drug development to a level that is not possible with classical computing, thereby accelerating time to market. We are therefore excited about this opportunity and look forward to working with the Kvantify team to combine quantum computing and drug development for the benefit of patients."

Carsten Salling, General Partner at Dreamcraft: "We are delighted to be working with the team at Kvantify as they take a significant step forward in their mission to fulfill the promise of industrial applications of quantum computing. The potential of quantum chemical computational drug discovery is enormous and represents an extremely exciting first market. We can't wait to see how Kvantify tackles today's seemingly intractable problems and serves as an important tool in shaping the solutions of the future."

Marco Stutz, Partner at Redstone: "Kvantify's focus on the application of quantum computing in life sciences and other industrial use cases in various sectors is in line with our strategic vision to drive practical and impactful quantum solutions. With its interdisciplinary team, deep knowledge of quantum technology and innovative approach to increasing computational efficiency, Kvantify is uniquely positioned to deliver significant value to commercial markets."

This funding not only validates our vision to use quantum computing to revolutionize life sciences, but also provides us with the resources and strategic partnerships needed to accelerate our development and growth.

Hans Henrik Knudsen, CEO of Kvantify

Kvantify is a pioneer in quantum software based in Denmark. The company uses quantum and high performance computing to create revolutionary solutions to complex scientific and industrial challenges. Kvantify's mission is to make quantum technology widely accessible and a valuable tool for companies worldwide.