Danish start-up Kvantify secures EUR 10 million seed round to unlock quantum computing potential, starting with life sciences
The round is led by Danish VC Dreamcraft, together with biotech investor Lundbeckfonden BioCapital and the private investment company 2degrees.
COPENHAGEN, Denmark, July 3, 2024 /PRNewswire/ — Kvantify, a leading quantum software start-up, has announced the successful closure of a EUR 10 million seed round. This funding will enable Kvantify to strengthen its position as a global leader in quantum computing, with an initial focus on developing applications for the life science sector.
The investment will accelerate the development of Kvantify’s innovative solutions that aim to leverage quantum computing to address complex problems in drug discovery and beyond. It will also boost the further development of quantum algorithms for chemical simulation, expanding their applicability across various industries.
The seed round is notable not only for its substantial size but also for the strategic match of the new investors to Kvantify’s mission. It is led by Danish VC Dreamcraft, together with biotech investor Lundbeckfonden BioCapital and the private investment company 2degrees. Other notable investors include international sector-focused tech investor Redstone VC, Danish lead quantum VC 2xN as well as EIFO.
Lundbeckfonden BioCapital is a large Danish investor focused on local life science companies, supporting the translation and commercialization of ground-breaking science. This is Lundbeckfonden BioCapital’s first investment outside the therapeutics space.
“With our investment in Kvantify, we are broadening our footprint in and commitment to further strengthening the Danish life science ecosystem. 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,” said Jacob Falck Hansen, Partner at Lundbeckfonden BioCapital.
Danish VC Dreamcraft invests in tech-driven companies, from pre-seed to series A, and has a proven track record with B2B SaaS software.
“We’re thrilled to partner with the team at Kvantify as they take a significant step forward in their mission to fulfill the promise of industrial applications of quantum computers. The potential of quantum chemical computational drug discovery is massive and represents a truly exciting beachhead market. We cannot wait to see how Kvantify will help solve today’s seemingly impossible problems and serve as a crucial tool in designing the solutions of the future.” – Carsten Salling, General Partner at Dreamcraft
Redstone QAI Quantum Fund is a highly specialized venture capital fund that focuses on investing in groundbreaking technologies within the quantum technologies sector.
“Kvantify’s focus on applying quantum computing to life sciences and further industrial use cases across various sectors aligns with our strategic vision of advancing practical and impactful quantum solutions. With their interdisciplinary team, in-depth knowledge of quantum technology, and innovative approach to enhancing computational efficiency, Kvantify is perfectly placed to bring tremendous value to commercial markets.” – Marco Stutz, Partner at Redstone.
In light of their successful product launch for a groundbreaking drug discovery tool, Hans Henrik Knudsen, CEO of Kvantify, comments:
“On behalf of the founding team, we are incredibly excited about the completion of our €10 million seed round, which marks a significant milestone for Kvantify. 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. With the support of new and existing investors, we are well-positioned to continue to bring groundbreaking solutions to market.”
About Kvantify
Kvantify is a pioneering quantum software company based in Denmark. The company leverages quantum and high-performance computing to create revolutionizing solutions for complex scientific and industrial challenges. Kvantify’s mission is to make quantum computing technology widely accessible, and a valuable tool for businesses worldwide. For more information, please visit (www.kvantify.com).
Additional questions
Klaus Eriksen, Communications Officer, Kvantify. Phone: (+45) 61 699 700. Email: kle@kvantify.com
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