A Durham startup trying to use quantum computing to speed up drug development has raised nearly $3 million in new funding.
Durham-based Polaris Quantum Biotech has closed on more than $2.9 million in equity, securities filings show. The year-old startup secured the fund from 16 investors and, according to the filing, more could be coming, as the round is capped at $3.8 million.
Polaris is developing a drug discovery platform using quantum computing to speed up the process for pharmaceutical development by scanning billions of molecules – quickly.
Polaris’ mission statement is bold – to revolutionize drug design by marrying quantum computing with artificial intelligence and precision medicine. Its website says the firm will produce up to 100 drug blueprints per year, shrinking the lead time for preclinical drug candidates from five years to four months, “enabling real time adaptability to the precision medicine market.”
The company's CEO, chemist Shahar Keinan, said, “We are not interested in being a service company. We are interested in developing our own assets and building a portfolio of solutions.”
In order to do it, Polaris needs to scale, she said. And that’s where the latest funding round comes in.
The five-person firm will be able to add employees and make inroads in realizing its vision, Keinan said.
“We are building a portfolio of assets,” she said.
Aided by quantum computing, the company will able to utilize “speed and possibilities” that traditional computers can’t match, Keinan said.
“It’s a question of finding the right problems,” she said.
Right now, Polaris, which partners with Fujitsu Global, is working in several areas, from central nervous system targets to women’s illnesses.
In June, the firm announced a research collaboration with California-based artificial intelligence firm Auransa to develop precision medicine solutions for neglected diseases that disproportionately affect women.
But it’s explored other areas, too. Recently, the company expanded with a “maritime division,” using its computing prowess to tackling dredging, salvage and recovery consulting. In a press release about the new division, the company cited “recent events on the global stage” as inspiring its leaders to think about other ways its algorithms could be used.