Multiverse Computing announced it has closed a seed funding round of €10 million ($11.6mn). The funding will be used to consolidate the company’s growth and globalization strategy as well continue to advance its technology and marketing.
Multiverse Computing developed its flagship product Singularity for companies in the financial industry seeking a strong competitive advantage by applying quantum computing solutions. The product enables financial professionals to run ultra-efficient quantum algorithms on any quantum computer from a simple spreadsheet to address highly complex problems, such as portfolio optimization and fraud detection, without requiring any knowledge of quantum computers.
The round was led by JME Ventures and also included Quantonation, EASO Ventures, Inveready, CLAVE Capital (Mondragón Fondo de Promoción), Ikerlan, LKS, Penja Strategy, Seed Gipuzkoa and Ezten Venture Capital Fund.
Multiverse’s co-founder and CEO, Enrique Lizaso, said in a statement: “While other firms are focused on improving the fundamental hardware and software components of quantum computers, we are keenly focused on leveraging the most advanced quantum devices available now to deliver near-term value for the financial sector.”
The startup was founded in Spain in March 2019 with the help of the Basque Government-Spri (Department of Economic Development, Sustainability and Environment) and the Provincial Council of Guipuzkoa through the Txekintek / Ekintzaile program, and now collaborates with recognized technology partners in quantum computing such as IBM, Microsoft, Xanadu, D-Wave, IonQ, Rigetti, among others.
In addition to its financial industry focus, the funding round will support the company’s gradual entry into new markets such as energy, mobility and smart manufacturing where Multiverse Computing already works with reference customers.
“Thanks to our revolutionary product Singularity, users can open a simple spreadsheet and directly use the quantum algorithms that are needed,” said Sam Mugel, co-founder and technical director at Multiverse, in a statement. “The algorithms are executed on a quantum computer to solve problems that were out of reach until now, all without requiring programming or quantum computing experience.”