QpiAI raises USD 32 million (INR 279 crore) in Series-A round led by Avataar Ventures and National Quantum Mission
New Delhi [India], July 17: Dr Nagendra Nagaraja CEO and Founder of QpiAI quoted "We thank our investors who enabled us to take QpiAI to next level. We were able to achieve great traction in commercialization of NISQ (Noisy Intermediate State Quantum) computers used for education, research and algorithmic prototyping. Markets are ripe for utility scale Quantum computers with logical qubits and we are leading efforts towards building full stack utility scale Quantum computers"
* QpiAI raises $32 million (INR 279 cr) in Series A round led by Avataar Ventures and National Quantum mission of Department of Science and Technology, Government of India. Current investors and additional new investors also participated
* QpiAI has developed a full-stack Quantum Computer with proprietary hardware and software, and has delivered real world Quantum applications in material science and drugs discovery to several global enterprises
* QpiAI team is led by Dr. Nagendra (ex Nvidia, Qualcomm) and consists of over two dozen PhDs from top-tier Quantum research universities in the US and Europe; company has offices in India, Finland and the US The funds will be used to accelerate delivery of its utility scale Quantum computer and expand globally
Mohan Kumar, Managing Partner at Avataar Ventures further added " We believe Quantum has the potential to advance mankind beyond imagination and India has a unique opportunity to lead this frontier tech. QpiAI has demonstrated a strong technical and commercial leadership with its functional Quantum Computing technology and real-world applications at large automotive and life sciences customers. They are on path to lead the Quantum-wave for the 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."
Dr Ajai Chowdhry, Chairman of Indian National Quantum Mission further added " NQM is formed with a mission to enable Quantum ecosystem in India. We are 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. QpiAI represents one of the successes of NQM. We plan to continue to support home grown product companies like QpiAI to help them grow into large enterprises and position India as a global leader in Quantum technologies. We congratulate Dr Nagendra and his team on this financing round and look forward to them achieving new commercial and technological milestones"
About QpiAI
QpiAI (https://www.qpiai.tech) is a Bangalore based deep-tech company pioneering the convergence of Artificial Intelligence and Quantum Computing to solve some of the world's most complex industrial and scientific challenges. QpiAI's vertically integrated stack enables seamless innovation across hardware, software, and applications. The portfolio includes full-stack Quantum Computers (25 Qubit Indus and 8 Qubit QVidya); QpiAI-Explorer, an education platform; QpiAI-Quantum, offering SDKs, compilers, and simulators for quantum development; software products and platforms such as QpiAI-Opt, QpiAI-Pharma, QpiAI-Logistics, QpiAI-Matter, QpiAI- Pro and QpiAI-Agenthive across industries like manufacturing, industrial, transportation, finance, pharma and materials.
(ADVERTORIAL DISCLAIMER: The above press release has been provided by VMPL. ANI will not be responsible in any way for the content of the same)
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