Insider’s Brief
- QpiAI closed its first external funding round, securing a total of $6.5 million for pre-series A financing.
- The round was led by Yournest and SIDBI venture capital Limited (SVCL), with participation from a variety of other investors.
- QpiAI intends to use the funding to build a full-stack quantum computer with 25 qubits, which can be scaled up to 1,000 superconducting physical qubits.
According to an article in Outlook India, QpiAI is a leader in quantum computation and generative artificial intelligence based in India. The company has closed its initial external investment round by securing $6.5M in pre-series funding. The round was led Yournest and SIDBI venture capital Limited (SVCL), along with participation from a variety of other investors.
Participants in the funding include WFC, which is an angel group, Ramesh R. Radhakrishnan (a serial entrepreneur, venture capitalist, and technologist); Ramaswamy Prabhakar (a technologist, angel investor, and former CPO at Bentley); Quick Heal Security founders Kailash and Sanjay; Lakshmeenarayanan (former Chairman and CEO of Cognizant); Bhupinder S., former CPO at Bentley;
QpiAI will use this funding to develop a full stack 25-qubit quantum computing system that can be scaled up to 1,000 superconducting physical qubits by using the same infrastructure. The company also hopes to increase revenues from its seven platforms, which include QpiAI – pro, QpiAI – explorer, QpiAI – opt, QpiAI – pharma, QpiAI – ML, QpiAI – logistics, and QpiAI – matter. All of these platforms leverage quantum computing and generative AI technology.
According to Outlook India, Dr. Nagendra Nagaraja is the CEO and Founder of QpiAI. He said that “the Pre-Series A round will be remembered as an important funding round in Indian Deeptech.” This round will allow us to lay a foundation for intelligence modeling and intelligence computation via quantum computers and generative artificial intelligence. The funding will allow us to achieve breakthrough innovations in vertical integration of quantum computing and generative AI in enterprise and industrial applications.
According to the news magazine, QpiAI is already a revenue-generating technology startup focused on enterprise. Its customers include Fortune 500 companies from pharmaceuticals, materials and chemicals, cosmetics, automotives, financials, manufacturing, and manufacturing.
As part of the agreement, Debraj Banerjee will join the QpiAI Board as a nominee for SIDBI venture capital. Ramesh Radhakrishnan will join the QpiAI board as a nominee of Qpi Technology. QpiAI is the holding company for the first external investor.
“Building scalable quantum computers that can solve real world problems and bolster industry verticals is an important technology development,” said Dr. Manjunath R.V. Vice President for Quantum Computers, QpiAI. “At QpiAI we are very excited about having our own quantum computer to further build AI and quantum data centers. Our team is excited to advance our roadmap for scaling quantum computers from 25 to 1,000 qubits.
The funding will also be used to support the development of 25 qubit quantum computers in QpiAI’s Bangalore headquarters, by Q4 2024/Q1 2025. The integration of high performance computing (HPC), with quantum capabilities, will help QpiAI innovate its generative AI software and quantum software. The company plans to provide Quantum-HPC and Quantum Compute as a Service to its customers.
Sunil Goyal is the MD of Yournest. He said, “By investing QpiAI we are helping India become a leader in quantum computing.” This technology has the potential of revolutionizing fields such as materials science, drug development, automotive, and manufacturing. QpiAI is a key player for unlocking this potential. We’re excited to join Dr. Nagendra, the QpiAI Team and QpiAI on this exciting journey.
Sachin Kumar and Lakshya Prishdarshi, who lead QpiAI’s software solutions and products in generative AI, quantum software and quantum computing, noted that “In the past four years, we have been able to commercialize and gain traction with large blue-chip enterprises.” We envision scaling our software platform globally with this funding and our seven software products, which are ready to scale.
QpiAI is headquartered in Bangalore, India and has subsidiaries in the US and Finland. It plans to expand in global markets including the US, Europe and Japan, as well as the Middle East and Southeast Asia.
Ramesh Radikhakrishnan said that quantum computers and AI were the future of all applied technologies across many different market segments. “Integrating software applications with quantum systems software and hardware is a fundamental invention whose significance will be enormous,” said Ramesh Radhakrishnan.