Key Takeaways
- • QpiAI, an Indian quantum computing and generative AI company headquartered in Bangalore, closed a $6.5 million pre-Series A round led by Yournest and SIDBI Venture Capital (SVCL), marking its first external investment.
- • The company plans to deploy full-stack 25-qubit superconducting quantum computers that scale to 1,000 physical qubits on the same infrastructure, with a 25-qubit demonstration targeted at its Bangalore HQ by Q4 CY2024 or Q1 CY2025.
- • QpiAI reports Fortune 500 customers across pharma, materials, chemicals, cosmetics, automotive, financials and manufacturing, and is seeking to grow software licensing revenue from seven platforms.
- • Angel investors including Ramesh Radhakrishnan, the Quick Heal founders' family office, and former Cognizant chairman and CEO Lakshmeenarayanan also participated.
- • Subsidiaries in the US and Finland support the company's plans to expand into the US, Europe, Japan, the Middle East and Southeast Asia.
Summary
QpiAI, which describes itself as a leader in quantum computing and generative AI, announced a $6.5 million pre-Series A funding round, its first external investment, according to a Business Wire release dated June 21, 2024. The round was led by Yournest and SIDBI Venture Capital (SVCL). Debraj Banerjee, President of SIDBI Venture Capital, will join QpiAI's board as SVCL's nominee. Ramesh Radhakrishnan, the first external investor, joined the board as a nominee director of Qpi Technology, the holding company of QpiAI. Other participants included the WFC angel group, Ramaswamy Prabhakar, the Quick Heal Security founders Kailash and Sanjay Katkar and their family office, Lakshmeenarayanan, former Chairman and CEO of Cognizant, Bhupinder Singh, former CPO of Bentley, Pratap Reddy, and Sahasra Capital.
The proceeds will fund the build-out of full-stack 25-qubit quantum computers, which the company says can scale from 25 to 1,000 physical superconducting qubits on the same infrastructure. CEO and founder Dr Nagendra Nagaraja said the company plans to demonstrate a 25-qubit machine at its Bangalore HQ by Q4 CY2024 or Q1 CY2025, and to combine its lab HPC infrastructure with its seven platforms into a prototype Quantum-HPC datacenter that could later offer Quantum Compute as a Service (QCaaS). Dr Manjunath R.V., Vice President for Quantum Computers, said the company has multiple QPUs in its dilution refrigerator.
QpiAI says it is revenue-generating and enterprise-focused, with Fortune 500 customers in pharma, materials, chemicals, cosmetics, automotive, financials and manufacturing. It aims to grow software licensing revenue from seven platforms, QpiAI-pro, QpiAI-explorer, QpiAI-opt, QpiAI-pharma, QpiAI-ML, QpiAI-logistics and QpiAI-matter, which combine quantum computing and generative AI. Dr Nagaraja also cited B2G traction and said the company is expanding in the US, Europe, Japan, the Middle East and Southeast Asia. Sunil Goyal, Managing Director of Yournest, said the investment positions India at the leading edge of quantum computing. The company's headquarters are in Bangalore, with subsidiaries in the US and Finland.
The proceeds will fund the build-out of full-stack 25-qubit quantum computers, which the company says can scale from 25 to 1,000 physical superconducting qubits on the same infrastructure. CEO and founder Dr Nagendra Nagaraja said the company plans to demonstrate a 25-qubit machine at its Bangalore HQ by Q4 CY2024 or Q1 CY2025, and to combine its lab HPC infrastructure with its seven platforms into a prototype Quantum-HPC datacenter that could later offer Quantum Compute as a Service (QCaaS). Dr Manjunath R.V., Vice President for Quantum Computers, said the company has multiple QPUs in its dilution refrigerator.
QpiAI says it is revenue-generating and enterprise-focused, with Fortune 500 customers in pharma, materials, chemicals, cosmetics, automotive, financials and manufacturing. It aims to grow software licensing revenue from seven platforms, QpiAI-pro, QpiAI-explorer, QpiAI-opt, QpiAI-pharma, QpiAI-ML, QpiAI-logistics and QpiAI-matter, which combine quantum computing and generative AI. Dr Nagaraja also cited B2G traction and said the company is expanding in the US, Europe, Japan, the Middle East and Southeast Asia. Sunil Goyal, Managing Director of Yournest, said the investment positions India at the leading edge of quantum computing. The company's headquarters are in Bangalore, with subsidiaries in the US and Finland.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.