Quantum computing software startup Multiverse Computing S.L. said today it has raised 25M (USD $27.1 million) in a new early-stage funding round.

The funds from the oversubscribed Series A round will enable it use emerging quantum computers to try and tackle some of the worlds biggest challenges around artificial intelligence and environmental change.

Todays round was led by Columbus Venture Partners and saw significant contributions from Quantonation Ventures and new investors, including the European Innovation Council Fund, Redstone QAI Quantum Fund and Indi Partners, among other prominent backers.

Multiverse doesnt build quantum computers itself. Rather, it specializes in the development of what it calls quantum-inspired algorithms, which are advanced tensor networks based on the principles of quantum computing. Theyre said to be the most efficient algorithms that can run in todays existing classical computers, and theyre especially suited for industries such as AI, energy, manufacturing, finance, defense and healthcare.

Its main offerings include a product called Singularity, which helps users with no quantum background solve challenges around AI and optimization applications using quantum and quantum-inspired computers. The startup has also built a product called CompactifAI, which is designed to compress large language models using quantum-inspired tensor networks in order to reduce their size by up to 80% without affecting their performance. Its a promising development because LLMs are what sit at the heart of powerful generative AI applications such as ChatGPT.

With respect to LLMs, the company says their growing power is going to be a big problem, since the computational costs of such workloads are exploding. Its estimated that the costs of training the most powerful LLMs available today can exceed $100 million, yet were still only at the dawn of the nascent generative AI industry.

As a result, the company said, LLM training costs will likely double every 10 months. Such costs are unsustainable, and unless a new technological paradigm is introduced, the AI industry will consume intolerable amounts of energy and money.

This is where Multiverses CompactifAI can make a difference. Its uniquely able to compact AI models using Tensorized networks that have been shown to train LLMs faster and at much lower costs, with early studies showing it has achieved accelerations of up to 1,000 times.

According to the startup, by tensorizing LLMs it can locate the most relevant and also the not-so-relevant parts of any model and compress them in order to significantly reduce its size, without compromising performance. This is key, not only from the perspective of saving costs, but also in terms of practicality. For instance, the enormous resources required by LLMs make them impossible to deploy at the edge, limiting their usefulness in autonomous vehicles, for example.

Multiverses quantum software can also accelerate other AI applications, such as computer vision in manufacturing, localized weather forecasting, anomaly detection in cybersecurity, AI-based trading and AI-based protein design.

The startup has also developed an intriguing LLM Lobotomizer, which is designed to help trained LLMs forget undesirable information they have learned. Believe it or not, this is presently very difficult to do, and it can cause problems such as toxic AI or AI hallucinations, which is when AI generates fake responses. The best method for helping LLMs forget something theyve learned is to use post-training filters, but studies show that these arent always effective.

In addition, Multiverse said, its quantum and quantum-inspired software algorithms also have great potential in terms of environmental sustainability, helping to solve difficulties around electrical distribution in renewable energies, battery design, hydrogen production and more.

Multiverses advances in these areas are the reason why it was recently named as one of the worlds most promising 100 AI companies by CB Insights.

Singularity has made the benefits of quantum and quantum-inspired computing more accessible to industry, and we will continue diversifying its applications, said Roman Orus, chief scientific officer at Multiverse.

Multiverse explains quantum-inspired algorithms can outperform classical computers in many complex tasks, and for that reason they have the potential to solve many currently intractable challenges that will never be overcome using traditional methods. Its for this reason that McKinsey & Co. estimates quantum technology could deliver up to $1.3 trillion in value over the next decade, as it matures.

Javier Garcia, a partner at Columbus Venture Partners, said Multiverse is poised to deliver groundbreaking solutions in areas such as AI, life sciences and biotechnology. Columbus Venture Partners will help to identify unmet market needs and high-profile industrial partners, he added.

The startup said the funding from todays round will help it to accelerate the development of its quantum-inspired algorithms and support its global expansion, with a particular focus on the U.S.

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Multiverse Computing raises 25M to deliver more efficient LLMs using quantum-inspired algorithms - SiliconANGLE News

Insider Brief

PRESS RELEASE Multiverse Computing, a global leader in value-based quantum and quantum-inspired computing solutions and the largest quantum software company in the European Union, today announced it has secured a 25 million (USD $27.1 million) oversubscribed investment round.

The round was led by Columbus Venture Partners through their SCR, with significant contributions from Quantonation Ventures and new investors, including the European Innovation Council Fund, Redstone QAI Quantum Fund, and Indi Partners, among other prominent backers. This achievement reinforces the compnanys solid investment base and position as a leader in the quantum software landscape.

We are thrilled to announce our first investment in Multiverse, a pioneering quantum software company poised to revolutionize several industry segments, said Javier Garcia, Partner at Columbus Venture Partners. Multiverses exceptional team will soon apply their unparalleled capability to deliver quantum and quantum-inspired software solutions also within the life sciences and biotechnology markets, where Columbus Venture Partners will help to identify unmet market needs and high-profile industrial partners.,

Quantonation was the first investor in Multiverse and we are glad to support the team in this new acceleration phase, said Olivier Tonneau, Partner at Quantonation. The company has demonstrated a level of commercial traction that we did not expect so soon for quantum software applications. This Series A clearly positions Multiverse as a leader in quantum software,,

The company plans to utilize the new funding to accelerate the development of its proprietary quantum and quantum-inspired algorithms and software, including its flagship product Singularity and recently released LLM compressor CompactifAI

Singularity enables professionals with no quantum background to use quantum and quantum-inspired computing for AI and optimization applications to achieve near-term value today across finance, energy, manufacturing, lifescience, cybersecurity and defense. CompactifAI compresses large language models with quantum-inspired tensor networks to reduce their size by more than 80% while maintaining accuracy. Those tools have also positioned Multiverse as one of the 100 most promising AI companies in the world, as part of the quantum AI segment of CB Insights.

The investment from our partners and our rapid growth validate the teams accomplishments in providing customers in energy, manufacturing, finance, defense and other industries with real value today, said Enrique Lizaso-Olmos, CEO and co-founder of Multiverse Computing. We expect to continue to double our revenues year over year and consolidate our industry leadership.

The company also intends to use the funding to support its global expansion, including the U.S.s. Multiverse will join industry partners, academic institutions and government entities in bringing quantum and quantum-inspired utility to new markets and industries.

Singularity has made the benefits of quantum and quantum-inspired computing more accessible to industry, and we will continue diversifying its applications, said Roman Orus, Chief Scientific Officer at Multiverse. We also look forward to refining CompactifAI for LLM compressionwhich can already be used on top of other methods such as quantizing, pruning and distillingand to finalize the development of other members of the our quantum-inspired AI algorithm platform to eliminate unnecessary information contained in current LLM models.

Quantum computers are designed to outperform classical computers by running quantum algorithms o solve previously intractable problems when the technology matures. McKinsey projects the technology could account for over $1.3 trillion in value in the next decade. Quantum-inspired algorithms (tensor networks) are the most efficient algorithms that can currently run in ordinary computers today, outperforming any other solutions in industries as energy, manufacturing, finance, defense, health, AI and more.

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Multiverse Computing Raises Oversubscribed 25 million Series A Investment Round to Advance Quantum and ... - The Quantum Insider

ConScience AB, based in Gothenburg, Sweden, has entered into a distribution agreement with Quantum Microwave, a US-based company, covering the USA and Canada. This agreement follows ConScience ABs launch of its first Quantum device, the QiB0, in Q1 2024. Quantum Microwave, known for distributing components in the quantum computing market, is pleased to include ConScience ABs products in its portfolio, enhancing its ability to offer active quantum computing devices to clients. The QiB0 device features 4 single qubits and 2 coplanar waveguide (CPW) resonators with characteristics such as up to 80 s qubit lifetime and 1 million quality factor of CPW resonators. Intended for research groups, companies, and universities, it facilitates the verification of quantum measurement systems and educates the next generation of quantum scientists and engineers. ConScience AB specializes in clean-room production and has a track record of providing expertise in micro- and nanofabrication to industries and academia. For additional information, you can access the press release provided here.

March 07, 2024

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ConScience AB Partners with Quantum Microwave to Distribute Quantum Devices in North America - Quantum Computing Report

Chevron Technology Ventures has participated in a $100m (78.59m) Series B funding round for Oxford Quantum Circuits (OQC), a UK-based company specialising in quantum computing-as-a-service (QCaaS).

Japans SBI Investment is spearheading OQCs funding round, with existing investors such as Oxford Science Enterprises, the University of Tokyo Edge Capital Partners, Lansdowne Partners and OTIF, managed by Oxford Investment Consultants, also contributing.

OQC said its technology can offer opportunities for the energy sector such as catalyst development and the optimisation of transportation and distribution networks.

Quantum computing is expected to revolutionise the energy industry by accelerating the discovery and development of new materials and the simulation of complex molecules for lower-carbon products.

For decades, the oil and gas industry has relied on traditional computing for mathematical challenges, particularly benefitting the upstream sector with supercomputers processing seismic data to locate viable hydrocarbon reserves.

Despite advancements in classical supercomputers, they sometimes struggle with multi-variable calculations, a limitation that quantum computing could potentially overcome, according to GlobalData.

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Chevron vice-president of innovation and president of technology ventures Jim Gable said: OQCs development of the quantum computer has the potential to change the information processing landscape by merging the bounds of engineering and physics.

This is the latest investment from our Core Energy Fund, which focuses on high-tech, high-growth start-ups and breakthrough technologies that could improve Chevrons core oil and gas business performance as well as create new opportunities for growth.

OQC CEO Ilana Wisby said: Chevrons investment marks a significant milestone in harnessing quantum computing for the energy sector. We are excited to drive innovation and efficiency in exploration and renewables and pioneer enterprise-ready quantum in the energy sector.

Chevrons investment aligns with industry peers such BP and ExxonMobil, which are part of IBMs Q Network, and other companies such as TotalEnergies and Shell that are exploring quantum computing for molecular modelling and emission mitigation.

In a similar development, French quantum computing provider Pasqal secured $108m (99.19m) in Series B funding in January 2023, with Waed Ventures, the venture capital arm of Saudi Aramco, among the investors.

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Chevron invests in OQC to advance quantum computing for energy sector - Offshore Technology

Insider Brief

PRESS RELEASE SCALINQ, a rapidly growing provider of quantum computing hardware, proudly announces the release of LINQER600: a large-scale packaging solution capable of controlling quantum devices with hundreds of qubits.

This solution is the biggest commercially available of its kind and marks a paradigm shift in the field. Systems of this scale have previously only existed behind the closed doors of major computing companies. With this launch, all universities and companies alike, can now easily get one step closer to building large-scale quantum computing systems.

Developed in collaboration with the esteemed partner IQM, the LINQER600 has undergone extensive testing to demonstrate its unrivaled functionality with Radiance, a 150-qubit chip. The results of this will be released at a later time. This successful project included both packaging and high-density filters, underscoring SCALINQs commitment to driving collaborative innovation and solving the hardware bottlenecks for scaling up quantum computing. This showcases the fast developments of the industry and opens up new applications for this novel technology already today.

This is one of the many exciting projects that I am particularly proud of finally sharing with the community. It truly underscores our engineers and researchers restless efforts and endless creativity to drive collaborative innovation and solve the hardware bottlenecks for scaling up quantum computing. It also showcases the industrys rapid development and ever-growing needs for collaborative R&D. Zaid Saeed, CEO, SCALINQ.

The LINQER product series, first launched in 2022, has helped researchers around the globe with their experiments. The key features include:

A scalable design: Offered in several variants ranging from 8 to 600 lines State-of-the-art performance: Proven with different qubit chips, measuring T1>100us and single qubit gate fidelity >99.9% Quick sample exchange: The patented connector module allows you to exchange samples in a matter of minutes, regardless of the number of connectors. Host multiple chips at once: With its modular approach, you can tailor-make PCBs to fit your needs of hosting one or several chips in one holder, and of different sizes. Fully non-magnetic: Carefully designed and rigorously tested in quality assurance processes

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SCALINQ Launches Large-Scale Packaging Solution That Can Control Quantum Devices With Hundreds of Qubits - The Quantum Insider

Obviously, this is a small list that definitely misses out on a bunch of great American cities and regions that could be Americas next great quantum ecosystem. There are considerable limitations when creating a list like this. For example, great research does not necessarily lead to great startups. Translational science and interdisciplinary science, both of which are necessary to build quantum companies, are often a part of the culture of some research communities and not included in others. Its also difficult to assess entrepreneurial population which I measured by the presence of incubators, for example as well as a term, such as pro-innovation, which tries to capture the ethos of a government, but, doubtlessly does not take into account real concerns, such as tax structure and efficiency in applying those taxes to build ecosystems of innovation, for example.

Because quantum is such a nascent, emerging industry, many startups are still just forming and flying under the radar, while others may intentionally be in stealth.

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Tomorrow's Quantum Hotbeds? 7 U.S. Cities That Could Incubate The Next Great Quantum Technology Ecosystem - The Quantum Insider

Insider Brief

PRESS RELEASE QuantrolOx (Espoo, Finland) and Zurich Instruments (Zurich, Switzerland) are pleased to officially announce their partnership. As of March 2024, the Zurich Instruments Quantum Computing Control System (QCCS) is integrated into the QuantrolOxs Quantum EDGE, the leading automation tool for bringing-up, characterizing, tuning and controlling different qubit systems. The QCCS seamlessly unites RF Signal Generators (SG), Quantum Analyzers (QA) and Qubit Controllers (QC), and offers advanced features such as over 1GHz instantaneous bandwidth for streamlined parallel qubit tune-up. The integration of QCCS into the Quantum EDGE empowers users to obtain outstanding results, reduces complexity, and enhances performance of quantum computing experiments.

Quantum EDGEs users can now also harness the power of the recently developed SHF+ product line: SHFSG+, SHFQA+, and SHFQC+. The SHF+ product line features technical specifications enablinghigh-fidelity gate operations: exceptional signal-to-noise ratio with a high output power, outstanding spectral purity without the need for mixer calibration, and fast output muting functionality for further reducing noise between pulses.

The integration of the QCCS with Quantum Edge has been facilitated by Zurich Instruments LabOneQ open-source software framework. The close technical collaboration started last year.

Expressing enthusiasm for the collaboration, Vishal Chatrath, CEO and co-founder at QuantrolOx, remarks, Working with Zurich Instruments matched the perception of Swiss reliability and quality: The elegance of their software framework and the unwavering support from their qualified team have greatly accelerated our progress. Zurich Instruments customers can now benefit from our automation capabilities for bring-up, characterization and testing. In many cases, our software speeds up these steps by a factor of over 100x, thereby accelerating the path to quantum advantage.

Moritz Kirste, Head of Business Development for Quantum Technologies at Zurich Instruments, affirms, The collaboration with QuantrolOx has been exceptionally rewarding. Their development of a user-friendly interface for controlling and reading out various qubit types paves the way for rapid scalability of quantum computing capabilities. We are proud to contribute to this shared endeavor.

Looking ahead, the collaborations roadmap underscores a concerted effort to enhance QuantrolOxs Quantum EDGE qubit automation software with Zurich Instruments QCCS capabilities, with a focus on advancing multi-qubit gate operations and refining readout.

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QuantrolOx And Zurich Instruments Unite For Quantum Advantage - The Quantum Insider

Insider Brief

During a day that brought together the quantum ecosystem at the French National Library, Sbastien Lecornu, Minister of the Armed Forces, represented by the General Delegate for Armament, Sylvie Retailleau, Minister of Higher Education and Research, Franck Riester, Minister in charge of Foreign Trade, Attractiveness, Francophonie and French Nationals Abroad, and Marina Ferrari, Secretary of State for Digital Affairs with Bruno Bonnell, General Secretary for Investment, presented on Wednesday, March 6, 2024, the concrete results of the national quantum strategy, three years after its launch by President Emmanuel Macron. On this occasion, the launch of the PROQCIMA program was announced. PROQCIMA aims to have two prototypes of universal quantum computers of French design by 2030.

Considering the stakes of economic growth and sovereignty, and following the lead of major world powers like the United States, China, the United Kingdom, or Germany, the President launched, in January 2021, an ambitious national strategy on quantum technologies in France, endowed with cumulative state funding, including France 2030, of about 1 billion over four years, for a total public-private commitment of 1.8 billion.

This strategy is structured around 6 strategic objectives:

The ongoing second quantum revolution since the late 20th century will multiply our computing capacities by making calculations that are currently impossible accessible, allow us to perceive our environment with unprecedented precision, and explore new ways of transmitting information. Moreover, these technologies promise to enable precise navigation in locations where the GPS network is not accessible and make MRI machines portable. They will also drastically accelerate medical research and the discovery of new materials with exceptional properties.

Making France a Leader in Quantum Technologies

According to government estimates, quantum startups have raised over 350 million to date, making France the leading European country and the third worldwide behind the United States and Canada in terms of fundraising, and second with Canada in terms of valuation.

French startups are also in second place with Canada in terms of talent attractiveness and are responsible for about 20% of the machines sold or ordered at this stage worldwide, making France one of the leading manufacturers and exporters.

Quantum strategy in numbers:

Launching the PROQCIMA Program

The Government is launching the PROQCIMA program, inspired by the ULTRA program (launched by the British during World War II) in the era of quantum computing. The goal of this program is to have at least two prototypes of universal quantum computers with 128 logical qubits by 2030, extending to 2048 logical qubits by 2035.

France is one of the few countries worldwide with a solid foundation in upstream research and technology, as well as the industrial capability to seriously explore the feasibility of a Fault Tolerant Quantum Computer (FTQC).

The development program in France for a universal quantum computer faces two major challenges due to the high uncertainties in scientific, technological, and industrial aspects:

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France 2030: Progress Update Three Years After the Launch of the National Quantum Technologies Strategy and the ... - The Quantum Insider

A team at the Industrial Technology Research Institute (ITRI) has found a way to use a microwave integrated circuit (IC) and Taiwan Semiconductor Manufacturing Cos (TSMC) 28-nanometer technology to develop a low-temperature-control IC module, which can potentially reduce the size of a quantum computer by 40 percent, the institute said on Wednesday.

The National Science and Technology Council announced some of the progress it has made with Academia Sinica and the Ministry of Economic Affairs since 2021 in jointly developing quantum technologies.

The more quantum bits (qubits) a quantum computer possesses, the more information it can carry and the better it can work.

Sheu Shyh-shyuan (), a division director at the ITRIs Institute of Electro-Optics and the head of a project on the key hardware of quantum computer subsystems, said that a quantum computer is equipped with a fridge, other devices and a crowd of cables for connections, which in combination can easily take up a whole room.

One qubit requires two to three cables, so if a 100-million-qubit system is to be realized, that would mean 300 million cables, with the size of the control device and the system for cooling scaled up accordingly.

As a result, power consumption would surge considerably, Hsu said.

It is for this reason that minimization is a trend in quantum computing, he said.

He said that his team utilized microwave IC design and TSMCs 28-nanometer process technology, which are national strengths, to develop low-temperature (minus-269C) control chips and modules to make control devices smaller and place them in a low-temperature fridge.

The design could reduce the size of the system by about 40 percent, highlighting the potential for it to be commercialized, Hsu said.

The minimization of the module can also shorten the route needed for quantum signal transmission and reduce the interruption of noise, Hsu added.

The module also cuts power consumption by more than 50 percent compared with results published by major international developers, making it an advantage for developing multiple-qubit superconducting quantum computers, he said.

The technology could be transferred to domestic companies, Hsu said, adding that some have already made inquiries about possible cooperation.

Executives from Finland-based quantum computer company IQM visited Taiwan last year to discuss possible cooperation, Minister of Science and Technology Wu Tsung-tsong () said, adding that Taiwan, despite competing globally with limited funds, has achieved substantive results in quantum technology and is likely to become one of the nations with most potential to excel at it.

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New tech could reduce the size of quantum computers -

NEW YORK, March 5, 2024 /PRNewswire/ -- According to Technavio, the global quantum computing market size is estimated to grow by USD 9.01 billion from 2022 to 2027. The market is estimated to grow at a CAGR of 18.84% during the forecast period. Moreover, the growth momentum will accelerate.The growing use of quantum cryptography is driving market growth.With the use of quantum cryptography, critical data can be transmitted with a high level of security.Quantum computers have high processing speeds and efficiently process vast amounts of encrypted data.Governments of many countries have invested large amounts in the development of highly secure quantum computers. These factors will fuel the growth of the market during the forecast period.The report includes historic market data from 2017 to 2021. In 2017, the quantum computing market was valued at USD 3,001.05 million. The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market.

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Report Coverage

Details

Page number

143

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 18.84%

Market growth 2023-2027

USD 9,013.68 million

Market structure

Fragmented

YoY growth2022-2023(%)

18.6

Regional analysis

North America, APAC, Europe, South America, and Middle East and Africa

Performing market contribution

North America at 38%

Key countries

US, China, Japan, India, and Germany

Geographical Analysis

Based on geography, the global quantum computing market is segmented into North America, APAC, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global quantum computing market. North America is estimated to account for 38% of the growth of the global market during the forecast period. The growth of this segment is primarily driven by factors such as the presence of numerous customers based in the US. US-based firms have access to quantum computers on immediate release. They also have high economies of scale and have the finances and resources to adopt these technologies. These factors will drive the growth of the market in the region during the forecast period.

Segment overview Technavio has segmented the market based on deployment (cloud and on-premise) and end-user (aerospace and defense, government, IT and telecom, and others).

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The growth of AI and machine learning is a key trend in the market.

AI and machine learning are expected to be some of the biggest applications of quantum computers. Quantum computing processor chips will be used in AI applications to compute data at high speeds efficiently. The use of AI will help solve issues related to optimization and sampling.These factors will support the growth of the market during the forecast period.

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Analyst Review

Quantum computing represents a paradigm shift in computational power, promising unprecedented capabilities in various industries, including banking and finance services. Its potential to revolutionize portfolio management and financial risk analysis is attracting significant attention from both established institutions and emerging quantum technology start-ups.

One of the most significant challenges is stability and error correction. Researchers at the Quantum Artificial Intelligence Laboratory (QuAIL) are tirelessly working on addressing stability and error correction issues to make quantum computers more reliable. The manipulation of physical qubits and the development of logical qubits are pivotal in this pursuit, leveraging principles of quantum mechanics.

The Department of Defense recognizes the transformative potential in areas such as cybersecurity solutions and fraudulent activities detection. As such, it's actively involved in quantum technology monitor research and investments to maintain a strategic advantage.

In the biopharmaceuticals sector, it holds promise for accelerating drug discovery processes. By harnessing its immense computational power, researchers can simulate molecular interactions more accurately, potentially leading to breakthroughs in medicine.

However, the market isn't devoid of challenges. Talent shortage is a pressing issue, with demand for skilled professionals in quantum mechanics and artificial intelligence (AI) outpacing supply. Governments are thus increasing investments in quantum technology education to bridge this gap.

Furthermore, patent filings related to quantum technology are on the rise, reflecting the fierce competition in this space. Companies are eager to protect their innovations, especially in areas like teleportation and blockchain technology integration with quantum computing.

Despite these challenges, the quantum computing market is witnessing remarkable growth, driven by a convergence of factors such as technological advancements, increased funding, and a growing ecosystem of quantum technology start-ups. As the industry continues to evolve, it promises to reshape the landscape of computing and unlock unprecedented possibilities across various sectors.

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Related Reports:

The edge computing market is estimated to grow at a CAGR of 24.74% between 2022 and 2027. The size of the market is forecasted to increase by USD 9,928.42 million.

The mobile edge computing market size is expected to rise by USD 1.60 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 30.21%.

TOC

About Us Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [emailprotected] Website: http://www.technavio.com/

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Quantum Computing Market Size to Grow by USD 9.01 Billion, The growing use of quantum cryptography to drive the ... - PR Newswire