Multiverse Computing, the first quantum computing startup dedicated to finance, have announced it has closed a seed funding round of €10 million (USD $11.55 million).
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.
The funding will be used to consolidate the company’s growth and globalization strategy as well continue to advance its technology and marketing, according to Enrique Lizaso, Ph.D., co-founder, and CEO of Multiverse Computing.
“We are a unique company in the quantum computing field,” Lizaso said. “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.”
“We believe Multiverse Computing will be a global leader in the quantum computing industry,” Lizaso said. “We expect to have annual revenue close to €100 million by 2027 with a staff of 100 people.”
Multiverse Computing was founded in March 2019 with the help of the Basque Government-Spri and the Provincial Council of Guipuzkoa through the Txekintek / Ekintzaile program. In addition to having the local support of startup accelerators and leading technology centers such as the Donostia International Physics Centre (DIPC), the startup has also had the support of international institutions since its inception, such as Toronto’s Creative Destruction Lab (CDL).
Multiverse Computing collaborates with recognized technology partners in quantum computing such as IBM, Microsoft, Xanadu, D-Wave, IonQ, Rigetti, Pasqal, Alpine, Quantum Technologies, Strangeworks, Orca, Amazon AWS, Fujitsu, among others. The company is also collaborating with several large financial institutions exploring the potential of quantum computing.
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.
The company will also increase support for its global expansion which currently includes a fully operational office in Toronto and two recent office openings in Paris and Munich.
Román Orús, Ph.D., co-founder of the company and Chief Scientific Officer, said that one of the key factors in the success of a knowledge-based company like Multiverse is its ability to attract global talent.
“At the moment, we have a team of 30 people of 10 different nationalities, many with Ph.D. degrees,” Orús said. “The company’s staff speaks 15 different languages.”
By the end of the year, the company expects to have at least 24 quantum algorithm international patents. The company expects its patent portfolio to grow to over 150 in the coming years.
“Thanks to our revolutionary product Singularity, users can open a simple spreadsheet and directly use the quantum algorithms that are needed,” said Sam Mugel, Ph.D., co-founder and technical director at Multiverse. “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.”