Multiverse Computing announced it has secured a €25 million ($27.1mn) oversubscribed investment round led by Columbus Venture Partners with significant contributions from Quantonation Ventures and new investors, including the European Innovation Council Fund, Redstone Quantum Fund, and Indi Partners, among other backers.
Quantum computers are designed to outperform classical computers by running quantum algorithms to solve previously intractable problems when the technology matures. Multiverse is the largest quantum software company in the European Union and focuses on value-based quantum and quantum-inspired computing solutions. 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 large language model (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, life science, cybersecurity and defense. CompactifAI compresses large language models with quantum-inspired tensor networks to reduce their size by more than 80% while maintaining accuracy.
The company also intends to use the funding to support its global expansion, including the US. 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, in a statement. “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 our quantum-inspired AI algorithm platform to eliminate unnecessary information contained in current LLM models.”