QpiAI, a developer of integrated AI and quantum solutions for enterprises, has raised $32 million in a Series A funding round led by Avataar Ventures and the National Quantum Mission of the Department of Science and Technology in India.
The fresh funds raised will be used to accelerate the delivery of its utility-scale quantum computer and expand globally, according to Nagaraja.
Founded in 2019 by Nagendra Nagaraja, QpiAI has developed a full-stack quantum computer with proprietary hardware and software to deliver real-world quantum applications in materials science and drug discovery to several global enterprises.
QpiAI is integrating quantum computing and AI vertically to offer solutions to areas like manufacturing, industrial, transportation, finance, pharma and materials. It has various software platforms and products, including QpiAI-pro, QpiAI-explorer, QpiAI-logistics, QpiAIopt, QpiAIML, QpiAI-pharma and QpiAI-Matter.
The company has offices in India, Finland and the U.S.
Nagendra Nagaraja, Founder & CEO, said, “We wish to thank our investors who are enabling us to take QpiAI to next level. We have been able to achieve great traction in the commercialization of NISQ (Noisy Intermediate State Quantum) computers in education, research and algorithmic prototyping. Markets are ripe for utility-scale quantum computers with logical qubits, and we are leading efforts towards building these powerful systems.”
Mohan Kumar, Managing Partner at Avataar Ventures, said, “We believe quantum has the potential to advance mankind beyond imagination and India has a unique opportunity to lead this frontier technology. QpiAI has demonstrated strong technical and commercial leadership with its functional quantum computing technology and real-world applications at large automotive and life sciences customers.”
He added, “They are on a path to lead the quantum wave for emerging markets with its advanced full-stack technology. We have been inspired by the vision, achievements and capabilities of the QpiAI team led by Dr. Nagendra and are excited to partner with them in their growth journey.”
Ajai Chowdhry, Ph.D., chairman of India’s National Quantum Mission (NQM), said, “NQM was formed to enable a vibrant quantum ecosystem in India. We were an early supporter of QpiAI and are proud of its achievements so far. We are delighted that NQM’s support is helping QpiAI raise funds from global investors and promote the Indian startup ecosystem in quantum technologies.”
He added, “QpiAI represents one of the successes of NQM, We plan to continue to support home-grown product companies like QpiAI to help them expand into large enterprises and position India as global leaders in quantum technologies. We congratulate Dr Nagendra and his team on this financing round and look forward to seeing them achieve new commercial and technological milestones.”
