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Multiverse Computing Raises Oversubscribed €25 million Series A Investment Round to Advance Quantum and Quantum-Inspired Computing Software

Multiverse Computing

Insider Brief

  • The Series A round was led by Columbus Venture Partners and Quantonation.
  • Funds will fuel the development of Singularity and CompactifAI, enabling quantum computing applications across industries
  • Singularity enables professionals with no quantum background to use quantum and quantum-inspired computing for AI and optimization application.

PRESS RELEASE — Multiverse Computing, a global leader in value-based quantum and quantum-inspired computing solutions and the largest quantum software company in the European Union, today announced it has secured a €25 million (USD $27.1 million) oversubscribed investment round.

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 QAI 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.

“We are thrilled to announce our first investment in Multiverse, a pioneering quantum software company poised to revolutionize several industry segments,” said Javier Garcia, Partner at Columbus Venture Partners. “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.,”

“Quantonation was the first investor in Multiverse and we are glad to support the team in this new acceleration phase,”  said Olivier Tonneau, Partner at Quantonation. “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 its 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. 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.

“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,” said Enrique Lizaso-Olmos, CEO and co-founder of Multiverse Computing. “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.s. Multiverse will join industry partners, academic institutions and government entities in bringing quantum and quantum-inspired utility to new markets and industries.

Singularity has made the benefits of quantum and quantum-inspired computing more accessible to industry, and we will continue diversifying its applications,” said Roman Orus, Chief Scientific Officer at Multiverse. “We also look forward to refining CompactifAI for LLM compression–which can already be used on top of other methods such as quantizing, pruning and distilling–and to finalize the development of other members of the our quantum-inspired AI algorithm platform to eliminate unnecessary information contained in current LLM models.”

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.

If you found this article to be informative, you can explore more current quantum news here, exclusives, interviews, and podcasts.

 

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Matt Swayne

With a several-decades long background in journalism and communications, Matt Swayne has worked as a science communicator for an R1 university for more than 12 years, specializing in translating high tech and deep tech for the general audience. He has served as a writer, editor and analyst at The Quantum Insider since its inception. In addition to his service as a science communicator, Matt also develops courses to improve the media and communications skills of scientists and has taught courses. [email protected]

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The Future of Materials Discovery: Reducing R&D Costs significantly with GenMat’s AI and Machine Learning Tools

When: July 13, 2023 at 11:30am

What: GenMat Webinar

Picture of Jake Vikoren

Jake Vikoren

Company Speaker

Picture of Deep Prasad

Deep Prasad

Company Speaker

Picture of Araceli Venegas

Araceli Venegas

Company Speaker

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