Multiverse raises $27M for quantum

The Future is Quantum: Multiverse raises $27M for quantum software targeting LLM leviathans

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By Vivek Kumar

Multiverse raises $27M for quantum software targeting LLM leviathans. We’re a long way from the day that quantum computers can break into the market on any kind of reliability and scale However, don’t give up on the potential of deep tech. Quantum computer science at the high level which uses quantum principles to handle complex calculations in fields like finance and artificial intelligence is speeding up its rate.

Multiverse raises $27M for quantum

In the most recent development an entrepreneur from San Sebastian, Spain, named Multiverse Computing is declaring that it has raked in EUR25 millions (or 27 million dollars) in an financing round was supervised by Columbus Venture Partners. The funds, which value the company at EUR100 million ($108 million) will be utilized to expand its operations in two key areas. The company plans to keep developing its current business by working with startups within areas like finance and manufacturing and also develop new strategies to cooperate closer with AI firms that are developing and operating large-scale models of language.

In both instances the pitch is the identical, CEO Enrique Lizaso-Olmos: “optimization.”

As computing advances and sophisticated, it will become more costly, and in many instances, too complicated to run regularly. Multiverse’s pitch is that their Software platform Singularity was specifically designed to be used across many industries such as manufacturing, finance as well as energy, cybersecurity, and defense It can be used for running and optimizing complex models and predictive programs more effectively.

In AI the main focus is more on utilizing the platform to reduce Large Language Models, with the launch of a new product called CompactifAI focused on the constant calculations being done when building and querying LLMs in order to remove the confusion and improve process (and consequently, the reliability) when generating results.

Multiverse raises $27M

The company claims it can reduce LLMs “with quantum-inspired tensor networks” by over 80% using the program, while giving exact results. If it is true, this could have a significant impact on how businesses purchase and use processors, and address one of the major problems in the industry until now.

Lizaso-Olmos is a polymath and began his professional career more than 30 years ago. He began by being medical doctor, getting a second degree in mathematics and the third one in computer engineering. He also earned an Ph.D. that linked these three things with a PhD in biostatistics. He later earned an MBA according to him. Through the course of that, he met fellow thinkers and acquaintances Some among them — including Roman Orus and Samuel Mugel were fascinated by quantum software. They were also earning a name for themselves through research and academic studies on the topic.

“Multiverse started in a WhatsApp group,” he says. It was the year 2017, and as a research, a couple people thought that it “would be fun” to create a scientific paper on what you can do with quantum technology in finance.

The paper got accepted for a conference that took place at the prestigious university of Toronto and they decided to go to the conference. On arrival, Lizaso Olmos observed the paper being debated and shared, and he realized that people might take it as an inspiration to pursue entrepreneurial plans. Then, Lizaso-Olmos’ MBA radar started to kick in and he brought his two colleagues to have a serious IRL conversation.

This is the reason why they together and Alfonso Rubio, started Multiverse Computing.

This initial investigation into quantum and financial technology which was the topic of the paper was later used as the first commercial application of the company which is the area where it gained its first momentum. Since then, it’s branched out to other areas and includes Moody’s Analytics, Bosch, BASF, Iberdrola, Credit Agricole and BBVA among its clients, and Lizaso-Olmos claims that all of them in total, the energy and industrial customers, who are drawn to the more eco-friendly aspects of efficient computing, now represent much more of the revenue than finance.

Alongside Columbus and Quantonation Ventures, the former supporter Quantonation Ventures also participated alongside new backers such as Indi Partners, the European Innovation Council Fund, Redstone QAI Quantum Fund, and Indi 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,” Javier Garcia, the partner of Columbus Venture Partners, in an announcement.

Although the appeal to verticals appears to have gained the attention of customers, what is yet to be determined is how the plan to go one step further and specifically target AI and deep tech companies, could be realized for Multiverse. Other companies competing with Multiverse in the same area comprise Alphabet, the Alphabet spinout Sandbox AQ, Quantum Motion and Classiq.