Multiverse Computing announced it will receive €12.5 million ($14.2mn) as part of the latest funding from the European Innovation Council (EIC) Accelerator program. It comes on the heels of Multiverse’s €10 million seed round less than 2 months ago. This latest financing is primarily an equity investment (€10,000,000) with the remainder (€2,500,000) coming in the form of a grant.
The EIC was established by the European Commission this past March to support the commercialization of innovations in the European Union from researchers to promising start-ups.
“This investment serves as a testament to the incredible potential of our flagship Singularity product, the first quantum-powered computational solution for financial services,” said Enrique Lizaso, CEO of Multiverse Computing, in a statement. “This is a pan-European recognition that financial institutions can derive benefit today from quantum technologies that are high performing and easy to use.”
Some of the funding will be used to further optimize the company’s Monte Carlo asset valuation engine, as well as derivative evaluation capabilities and stress test tools for financial institutions and central banks, Lisazo said. The funds will also be deployed towards attracting and retaining talent and expanding into additional vertical markets as the company accelerates the commercialization of its toolkit.
Multiverse’s Singularity toolkit for financial institutions uses quantum computing to outperform leading classical approaches to solving many business challenges in finance, including capital allocation, fraud detection and risk management. It doesn’t require any special expertise or training for financial professionals.