San Sebastián, Spain-based Multiverse Computing, a quantum AI software company, has received an investment from CDP Venture Capital Sgr, Italy’s largest venture capital investor.
This funding is part of the company’s Series A round and comes from two areas of the Corporate Partners I fund: ServiceTech and EnergyTech.
Several major Italian companies, including Baker Hughes, BNL BNP Paribas, and Edison, participated in this fund.
However, the financial details of the investment were not disclosed.
Fund utilisation
The Spanish company will use the new funds to accelerate its commercial presence in Italy, which includes expanding its office in Milan, creating new public and private partnerships, and attracting new talent.
The company will use the funds to expand its partnerships, including a project with EuroHPC and the Leonardo supercomputer at the CINECA data centre in Bologna, Italy, part of a consortium of 103 public entities.
Multiverse Computing has been granted GPU node hours to benchmark and improve CompactifAI’s performance against state-of-the-art models, like those in the LLaMA family.
The project will test advanced tensor network compression techniques for large language models (LLMs) and assess their performance and energy efficiency compared to the original model.
“We have been working with Italian companies and universities for several years, and now we will be able to build even stronger ties and more innovative collaborations based on our quantum AI software,” says Enrique Lizaso Olmos, CEO and co-founder of Multiverse Computing.
“We also plan to use CompactifAI to help industry leaders develop new use cases for large-language models that are smaller and more efficient,” adds Olmos.
Multiverse Computing: Developing quantum AI technology
Led by Enrique Lizaso Olmos, Multiverse Computing uses quantum AI technology to solve complex problems in areas like finance, energy, manufacturing, logistics, space, life sciences, healthcare, and defence.
As a result, the company maximises results from both current quantum devices and classical high-performance computers.
Its flagship product, CompactifAI, an LLM compressor that uses quantum-inspired tensor networks to make large language models or any convolutional neural network more efficient and portable.
The company has also developed Singularity, which allows professionals across all industries to leverage quantum computing to speed up and improve the accuracy of optimisation and AI models without being a quantum expert.
Multiverse Computing has offices in Spain, Canada, France, Germany, the UK, Italy, and the USA.
The investor
CDP Venture Capital invests in companies of significant national interest to Italy and provides capital for developing organisations in key sectors to promote innovation.
At present, CDP Venture Capital manages 13 investment funds, amounting to over 3 billion euros in resources that support innovative enterprises at all stages of their life cycle, making both direct and indirect investments (funds of funds).
“Investing in Multiverse Computing, a company of excellence in the field of quantum computing and AI, is part of our broader goal to promote innovation and new technologies in Italy, supporting visionary companies and fostering collaboration with the Italian corporates”, comments Agostino Scornajenchi, CEO and General Manager of CDP Venture Capital,
“This investment represents a strategic step to develop partnerships and high-impact projects in our Country, helping to consolidate Italy’s role as a hub of innovation and technological advancement,” adds Scornajenchi.
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