We are still a few years away from witnessing the widespread adoption of physical quantum computers in the market. However, the realm of high-level quantum computer science, which leverages quantum principles to handle intricate computations in domains such as finance and artificial intelligence, seems to be gaining momentum.
Key Takeaway
Multiverse Computing has secured $27 million in funding to further develop its quantum software platform Singularity, catering to diverse industries and focusing on optimizing complex modeling and predictive applications.
The Funding Round
In a recent development, Multiverse Computing, a startup based in San Sebastian, Spain, has successfully raised €25 million (equivalent to $27 million) in an equity funding round. The funding was spearheaded by Columbus Venture Partners and has propelled the startup’s valuation to €100 million ($108 million).
Utilization of Funds
The funding will be allocated to two primary areas. Firstly, Multiverse Computing aims to bolster its existing business, collaborating with startups in sectors like manufacturing and finance. Secondly, the company intends to embark on new initiatives to closely engage with AI firms involved in constructing and operating large language models.
Optimization as the Core Pitch
CEO Enrique Lizaso-Olmos emphasizes “optimization” as the central theme. As computing advances, the execution of complex tasks becomes more expensive and intricate. Multiverse’s software platform, Singularity, is designed to efficiently run and optimize intricate modeling and predictive applications across various industries such as finance, manufacturing, energy, cybersecurity, and defense.
AI and Large Language Models
In the realm of AI, the company is particularly focused on applying its platform to compress Large Language Models. With a new product named CompactifAI, Multiverse Computing aims to streamline the calculations involved in building and querying LLMs, thereby enhancing efficiency and reliability in producing results.
Quantum-Inspired Solutions
Multiverse Computing claims that its software can compress LLMs “with quantum-inspired tensor networks” by over 80%, while still maintaining accuracy. If validated, this could significantly impact how companies procure and utilize processors, addressing a major bottleneck in the industry.
Origins and Expansion
The company’s CEO, Enrique Lizaso-Olmos, with a diverse academic background spanning medical, mathematical, and computer engineering disciplines, along with his like-minded colleagues, initially delved into quantum and financial technology as a thought experiment. This exploration eventually led to the establishment of Multiverse Computing, with its first commercial application focusing on quantum and financial technology.
Market Expansion and Backers
Since then, the company has expanded its reach into other sectors and has garnered prominent clients such as Moody’s Analytics, Bosch, BASF, Iberdrola, Credit Agricole, and BBVA. Notably, industrial and energy clients now constitute a significant portion of the company’s business. In addition to Columbus Venture Partners, previous investor Quantonation Ventures, along with new backers like the European Innovation Council Fund, Redstone QAI Quantum Fund, and Indi Partners, participated in the recent funding round.
Future Prospects
While Multiverse Computing has successfully connected with customers in various verticals, its ambition to target deep tech and AI companies directly remains to be seen. Competitors in the same space include the Alphabet spinout Sandbox AQ, Quantum Motion, and Classiq.
