Funding

[Funding alert] San Sebastian-based Multiverse Computing Secures €25 Million in oversubscribed Funding

Mar 5, 2024 | By Startup Rise EU

San Sebastian-based Multiverse Computing secures €25 million in oversubscribed funding. The round was led by Columbus Venture Partners through their SCR, with significant contributions from Quantonation Ventures and new investors, including the European Innovation Council Fund, Redstone Quantum Fund, and Indi Partners, among other prominent backers.

San Sebastian-based Multiverse Computing secures €25 million in oversubscribed funding. The round was led by Columbus Venture Partners through their SCR, with significant contributions from Quantonation Ventures and new investors, including the European Innovation Council Fund, Redstone Quantum Fund, and Indi Partners, among other prominent backers.

This achievement reinforces the compnany’s solid investment base and position as a leader in the quantum software landscape.

Javier Garcia, Partner at Columbus Venture Partners said, "We are thrilled to announce our first investment in Multiverse, a pioneering quantum software company poised to revolutionize several industry segments, Multiverse's exceptional team will soon apply their unparalleled capability to deliver quantum and quantum-inspired software solutions also within the life sciences and biotechnology markets, where Columbus Venture Partners will help to identify unmet market needs and high-profile industrial partners.,"

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Olivier Tonneau, Partner at Quantonation said, "Quantonation was the first investor in Multiverse and we are glad to support the team in this new acceleration phase, The company has demonstrated a level of commercial traction that we did not expect so soon for quantum software applications. This Series A clearly positions Multiverse as a leader in quantum software,".

The company plans to utilize the new funding to accelerate the development of Multiverse Computing proprietary quantum and quantum-inspired algorithms and software, including its flagship product Singularity and recently released LLM compressor CompactifAI.

Singularity enables professionals with no quantum background to use quantum and quantum-inspired computing for AI and optimization applications to achieve near-term value today across finance, energy, manufacturing, lifescience, cybersecurity and defense.

Read also - Utrecht-based CryoCloud Secures €500k in Pre-Seed Funding

CompactifAI compresses large language models with quantum-inspired tensor networks to reduce their size by more than 80% while maintaining accuracy. Those tools have also positioned Multiverse as one of the 100 most promising AI companies in the world, as part of the quantum AI segment of CB Insights.

Enrique Lizaso-Olmos, CEO and co-founder of Multiverse Computing said, "The investment from our partners and our rapid growth validate the team's accomplishments in providing customers in energy, manufacturing, finance, defense and other industries with real value today, We expect to continue to double our revenues year over year and consolidate our industry leadership.”

The company also intends to use the funding to support its global expansion, including the U.S.A. Multiverse will join industry partners, academic institutions and government entities in bringing quantum and quantum-inspired utility to new markets and industries.

Quantum computers are designed to outperform classical computers by running quantum algorithms o solve previously intractable problems when the technology matures.

McKinsey projects the technology could account for over $1.3 trillion in value in the next decade. Quantum-inspired algorithms (tensor networks) are the most efficient algorithms that can currently run in ordinary computers today, outperforming any other solutions in industries as energy, manufacturing, finance, defense, health, AI and more.

About Multiverse Computing

Multiverse Computing is a leading quantum software platform dedicated to applying quantum and quantum-inspired solutions to address complex challenges in finance, energy, manufacturing, logistics, space, life sciences, healthcare, and defence, delivering tangible value today.

Leveraging expertise in quantum and quantum-inspired algorithms, the company maximizes results from both current quantum devices and classical high-performance computers.

Read also - Cayman Islands-based Ether.fi Secures $23Million in Series A Round Funding

Multiverse Computing flagship product, Singularity, allows professionals across all industries to leverage quantum computing to speed up and improve the accuracy of optimization and AI models with existing and familiar software tools.

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