QpiAI, a leading enterprise in the realm of quantum computing and generative AI, has successfully closed its first external financing round amounting to $6.5 million. This investment, led by Yournest and SIDBI Venture Capital, marks a significant milestone for the company as it accelerates the development of cutting-edge products and platforms in quantum computing and AI.
Founded with a mission to integrate quantum computing and AI vertically, QpiAI aims to revolutionize industries such as pharmaceuticals, materials science, manufacturing, logistics, and finance. The funding will enable QpiAI to deploy a full-stack quantum computer with 25 Qubits by late 2024, scalable up to 1000 physical superconducting qubits using the same infrastructure.
Dr. Nagendra Nagaraja, CEO and Founder of QpiAI, expressed his vision for the future, stating, “This pre-Series A round marks a pivotal moment in India’s deeptech landscape. We are poised to pioneer intelligent modeling and computation through quantum computers and generative AI, driving groundbreaking innovations in enterprise and industrial applications.”
QpiAI plans to enhance revenue through the licensing of seven software platforms: QpiAI-pro, QpiAI-explorer, QpiAI-opt, QpiAI-pharma, QpiAI-ML, QpiAI-logistics, and QpiAI-matter, all leveraging quantum computing and generative AI technologies.
The company, headquartered in Bangalore with operations in the USA and Finland, boasts a robust client base comprising Fortune 500 companies across diverse sectors. Its advanced Quantum-HPC computing infrastructure, slated for completion with this funding, will facilitate Quantum Compute as a Service (QCaaS) offerings, alongside tailored solutions for current clients.
Sunil Goyal, Managing Director of Yournest, highlighted the strategic significance of their investment in QpiAI, stating, “Quantum computing has the potential to revolutionize industries such as materials science, pharmaceutical research, automotive, and manufacturing. QpiAI’s innovative approach positions them as a key player in unlocking this potential, and we look forward to supporting Dr. Nagendra and the QpiAI team on this exciting journey.”
Debraj Banerjee, President of SIDBI Venture Capital and Board Member of QpiAI, echoed this sentiment, emphasizing the national importance of quantum computing technology and its implications for India’s technological advancement.
Ramesh Radhakrishnan, a seasoned serial entrepreneur and Board of Director at QpiAI, emphasized the transformative impact of integrating quantum computing and AI across various market segments.
QpiAI’s commitment to advancing quantum computing is bolstered by their strategic roadmap to scale from 25 to 1000 Qubits, enhancing computational power and paving the way for next-generation applications in quantum and AI technologies.
