A Durham startup aiming to use quantum computing to accelerate drug development has landed some money from the federal government.
The company, Polarisqb, has received an award for a project with the Defense Advanced Research Projects Agency, DARPA, worth up to $300,000.
This award came through the agency's Imagining Practical Applications for a Quantum Tomorrow program, which is aimed at exploring "novel algorithms and applications that can leverage practical quantum systems that are expected to be demonstrated within the next several years," according to program documents.
For Polaris, a small company of about 10 employees, it's an opportunity to continue developing its technology, said CEO Shahar Keinan. Importantly, for the young startup, the award also gives the company validation that could help Polaris reach potential customers.
"It gives us credibility on the codes ... and the technology that we develop that somebody else looked at it and said, 'This is good enough and they are doing good,'" Keinan said.
This project with DARPA, part of the U.S. Department of Defense, runs for a year. During that time, Polaris has to provide the federal agency with monthly status reports and attend quarterly meetings. Keinan said DARPA didn't hand over a check upfront, but will instead provide payments to the company based on its success as the project progresses. The total award value is limited to a maximum of $300,000.
Most of Polaris' work comes through its operations as a service company. Polaris earlier this year began offering a subscription-based platform, called Quantum-Aided Drug Design, or QuADD, that, the company says can quickly identify a library of top candidate molecules for drug targets. This is where the company is focusing much of its efforts. This platform can generate repeating incoming and puts position Polaris in position to work with larger companies on multiple projects per year.
In addition to its subscription-based platform, Polaris works directly with drug developers that are struggling to identify the right molecules, according to a set criteria, for certain drug targets. Polaris is also interested in developing drug assets through collaborations with other companies.
"We want to create better, faster drugs," Keinan said.
Polaris was formed about several years ago out of another company that was active in the Triangle, Cloud Pharmaceuticals. The company was formed around the idea of using quantum computers and artificial intelligence to design novel molecules. The company previously raised about $3 million in seed funding in 2021. Keinan said the company could look to raise another round of funding in a year or 18 months.
