Start-up that compresses AI models for quantum computing raises $27M
Multiverse Computing, a start-up from Spain, has secured $27 million in a funding round led by Columbus Venture Partners. It is now valued at $108 million. Multiverse Computing develops software to optimize complex computations using quantum-inspired techniques. It aims to utilize the funds to build quantum software for various sectors, such as finance and manufacturing. The company is also looking to expand into the artificial intelligence sector and collaborate with AI firms working on large language models (LLMs).
CEO Enrique Lizaso-Olmos prioritizes optimization
Multiverse Computing's CEO Enrique Lizaso-Olmos highlighted the need for optimization in computing, as advanced computing can be expensive and complex to sustain. Multiverse's software platform, Singularity, aims to efficiently run and optimize intricate modeling and predictive applications across industries like finance, manufacturing, energy, cybersecurity, and defense. Interestingly, the start-up started in a WhatsApp group when Lizaso-Olmos and his friends thought it "would be fun" to write a scientific paper on how quantum computing could be used in finance.
Multiverse Computing working on new AI product 'CompactifAI'
Multiverse Computing is also working on a new product called 'CompactifAI,' which compresses LLMs. The start-up claims it uses "quantum-inspired tensor networks" to condense LLMs by over 80% while still delivering accurate results. This could significantly impact how companies purchase and utilize processors, addressing a major bottleneck in the industry. LLM are large language models used for their ability to achieve general-purpose language generation in the AI sector.
Multiverse's customer base includes Moody's Analytics, Bosch
Multiverse Computing was founded by Lizaso-Olmos, Roman Orus, Samuel Mugel, and Alfonso Rubio in 2017. The company's first commercial application focused on quantum technology in finance. Since then, it has expanded into other sectors and now serves reputed clients like Moody's Analytics, Bosch, Iberdrola, Credit Agricole, and others. According to Lizaso-Olmos, industrial and energy clients now make up a larger portion of the company's business than finance. Its competitors include Sandbox AQ, Quantum Motion, and Classiq.
