Don’t give up on deep tech just yet—quantum computers won’t be available on a large scale or with a proven track record for years to come. It looks like the market for high-level quantum computer science is picking up speed. This is the field that uses quantum principles to handle complicated calculations in fields like artificial intelligence and banking.
A new company called Multiverse Computing from San Sebastian, Spain, has raised €25 million, which is about $27 million, in an equity funding round led by Columbus Venture Partners. The startup got €100 million ($108 million) in funding, which will be used in two key ways. The startup wants to keep growing its current business by working with other startups in fields like manufacturing and finance. It also wants to start new partnerships with AI companies that are building and running big language models.
As CEO Enrique Lizaso-Olmos Put It, The Pitch Is Always The Same: “Optimization.”
To put it another way, as computers get better, calculations can get more expensive and sometimes become too complicated to run reliably. Multiverse says that its software platform Singularity can be used to run and improve complex modeling and prediction applications more quickly. Singularity is made to work in many fields, such as finance, manufacturing, energy, cybersecurity, and defense.
More recently, in AI, the platform is being used to compress Large Language Models. A new product called CompactifAI focuses on the calculations that are constantly being made when building and querying LLMs to get rid of more noise and speed up the work (and thus reliability) when producing results.
The business says that its services, which customers can get to through APIs, can shrink LLMs “with quantum-inspired tensor networks” by more than 80% with software that still gives correct results. That could change how businesses buy and use processors in a big way if it turns out to be true. It would solve one of the biggest problems the industry has had so far.
Lizaso-Olmos is a total genius. He started his work more than 30 years ago by becoming a doctor. He then went on to get a second degree in mathematics, a third degree in computer engineering, and a PhD in biostatistics, which kind of ties all of these degrees together. He then got an MBA, he said. During all of that, he made friends and thought partners who shared his interests. Roman Orus and Samuel Mugel, in particular, were drawn to the idea of quantum software and were already making a name for themselves in academia by doing work on the subject.
He jokes, “Multiverse began in a WhatsApp group.” Some of them thought it “would be fun” to write a scientific study about what you could do with quantum in finance as a thought experiment in 2017.
The paper was chosen for a conference at the university in Toronto, so they went. When Lizaso-Olmos got there, she saw that the paper was being passed around and talked about. Suddenly, it looked like people might be using it to spark ideas for business plans. Then Lizaso-Olmos’s MBA sense kicked in, and he got his two friends together for a serious face-to-face conversation.
So, Along With Alfonso Rubio, They Began Multiverse Computing In This Way
The paper was about the company’s first look into quantum and financial technology. It was also their first business use, and that’s where they got their start. Since then, it has grown into other areas and now has customers like Moody’s Analytics, Bosch, BASF, Iberdrola, Credit Agricole, and BBVA. According to Lizaso-Olmos, industrial and energy clients, who like the greener aspects of more efficient computing, make up more of the company’s business than finance clients do today.
Along with Columbus, new backers such as the European Innovation Council Fund, the Redstone QAI Quantum Fund, and Indi Partners joined forces with old backers like Quantonation Ventures.
A partner at Columbus Venture Partners, Javier Garcia, said in a statement, “Multiverse’s exceptional team will soon use their unparalleled ability to deliver quantum and quantum-inspired software solutions also within the life sciences and biotechnology markets. Columbus Venture Partners will help to identify unmet market needs and high-profile industrial partners.”
Also Read: We Put Google’s Gemini Robot to the Test. This is How It Did
Customers seem to have been interested in the pitch to verticals. What remains to be seen is how Multiverse’s plan to go one step further and target deep tech and AI companies will work out. Sandbox AQ, Quantum Motion, and Classiq are some other companies that are in the same market.
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