While we may be several years away from the widespread adoption and reliability of physical quantum computers, it’s too early to dismiss deep tech. The field of high-level quantum computer science, which employs quantum principles to handle intricate computations in sectors such as finance and artificial intelligence, seems to be accelerating.
In a recent advancement, a Spanish startup from San Sebastian, named Multiverse Computing, has secured €25 million (approximately $27 million) in an equity funding round spearheaded by Columbus Venture Partners. This investment places the startup’s valuation at €100 million ($108 million). The funds will be allocated primarily to two areas. Firstly, the startup aims to expand its existing operations, collaborating with startups in sectors like manufacturing and finance. Secondly, it plans to initiate new collaborations with AI companies that develop and manage large language models.
CEO Enrique Lizaso-Olmos emphasizes that their approach remains consistent across both areas: “optimization.”
In simpler terms, as computational technology advances, the complexity and cost of computations can increase, sometimes to the point of being too challenging to consistently execute. Multiverse proposes that its software platform, Singularity, which is designed for a broad spectrum of industries such as finance, manufacturing, energy, cybersecurity, and defense, can be utilized to efficiently run and optimize complex modeling and predictive applications.
In the realm of AI, the emphasis is on using the platform to condense Large Language Models. A new product, CompactifAI, is focused on the continuous calculations made when building and querying LLMs, with the aim of reducing noise and accelerating the process (and thereby enhancing reliability) when generating results.
Multiverse asserts that its services, which clients access via APIs, can compress LLMs using “quantum-inspired tensor networks” by over 80% with the software, while still yielding accurate results. If this claim holds true, it could significantly impact how companies purchase and utilize processors, addressing one of the industry’s major bottlenecks to date.
Lizaso-Olmos is a true jack-of-all-trades, having embarked on his career over three decades ago by first becoming a certified medical doctor. He then pursued a second degree in mathematics, followed by a third in computer engineering, culminating in a PhD in biostatistics that interconnected these disciplines. He also added an MBA to his academic repertoire. Throughout this journey, he connected with like-minded individuals and friends, including Roman Orus and Samuel Mugel, who shared an interest in quantum software and were gaining recognition through their scholarly work on the topic.
Lizaso-Olmos humorously recalls that Multiverse originated from a WhatsApp group in 2017. As part of a thought experiment, they decided it would be “fun” to author a scientific paper on the potential applications of quantum in finance.
Their paper was accepted for a conference at a university in Toronto, prompting them to attend. Upon arrival, Lizaso-Olmos noticed that their paper was being circulated and discussed, suggesting that it might inspire entrepreneurial ventures. Sensing an opportunity, Lizaso-Olmos’s business acumen kicked in, leading him to convene a serious face-to-face discussion with his two friends.
Thus, along with Alfonso Rubio, they established Multiverse Computing.
The initial investigation into quantum and financial technology, which was the focus of their paper, became the company’s inaugural commercial application and gained its first momentum. Since then, it has expanded into other sectors and boasts clients such as Moody’s Analytics, Bosch, BASF, Iberdrola, Credit Agricole, and BBVA. Lizaso-Olmos indicates that collectively, industrial and energy clients, who appreciate the eco-friendly benefits of more efficient computing, currently constitute a larger portion of the company’s business than finance.
In addition to Columbus, previous supporter Quantonation Ventures also participated in the funding round, along with new investors like the European Innovation Council Fund, Redstone QAI Quantum Fund, and Indi Partners.
Javier Garcia, a partner at Columbus Venture Partners, stated, “Multiverse’s outstanding team will soon leverage their unmatched ability to provide quantum and quantum-inspired software solutions in the life sciences and biotechnology markets, where Columbus Venture Partners will assist in identifying unmet market needs and prominent industrial partners.”
While Multiverse’s pitch to verticals appears to have resonated with customers, it remains to be seen how its aspiration to ascend one level further, targeting deep tech and AI companies directly, will unfold. Other competitors in the same arena include Alphabet spinout Sandbox AQ, Quantum Motion, and Classiq.