logo
QpiAI raises USD 32 million (INR 279 crore) in Series-A round led by Avataar Ventures and National Quantum Mission

QpiAI raises USD 32 million (INR 279 crore) in Series-A round led by Avataar Ventures and National Quantum Mission

VMPL
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)
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Modi attends Maldives' Independence Day as Guest of Honour, first Indian Prime Minister to do so
Modi attends Maldives' Independence Day as Guest of Honour, first Indian Prime Minister to do so

Time of India

time20 minutes ago

  • Time of India

Modi attends Maldives' Independence Day as Guest of Honour, first Indian Prime Minister to do so

New Delhi: Prime Minister Narendra Modi on Saturday attended the 60th Independence Day celebrations of the Maldives as the Guest of Honour. This is the first time an Indian Prime Minister has joined the Maldives' Independence Day festivities. Modi is also the first foreign Head of State or Government to be hosted by President Mohamed Muizzu for the occasion. Explore courses from Top Institutes in Please select course: Select a Course Category Data Science Data Science Cybersecurity healthcare PGDM Others Design Thinking Product Management Management Finance Technology others Operations Management Artificial Intelligence CXO Healthcare Project Management MBA Leadership Digital Marketing Data Analytics Degree MCA Public Policy Skills you'll gain: Strategic Data-Analysis, including Data Mining & Preparation Predictive Modeling & Advanced Clustering Techniques Machine Learning Concepts & Regression Analysis Cutting-edge applications of AI, like NLP & Generative AI Duration: 8 Months IIM Kozhikode Professional Certificate in Data Science and Artificial Intelligence Starts on Jun 26, 2024 Get Details Skills you'll gain: Data Analysis & Interpretation Programming Proficiency Problem-Solving Skills Machine Learning & Artificial Intelligence Duration: 24 Months Vellore Institute of Technology VIT MSc in Data Science Starts on Aug 14, 2024 Get Details Accompanied by President Muizzu, Modi witnessed the Independence Day parade at Republic Square. The celebrations featured a colourful march by the Maldivian National Defence Force and other local units, along with cultural performances highlighting the country's achievements as a modern nation. Extending warm greetings to the government and people of the Maldives, Modi lauded their hospitality and said his participation as Guest of Honour underscored the growing warmth in bilateral ties. The visit comes as India and the Maldives mark 60 years of diplomatic relations in 2025. Later, Modi met leaders from various Maldivian political parties, noting that their participation reflected bipartisan support for the "strong and time-tested friendship" between the two nations. External Affairs Minister S. Jaishankar, Foreign Secretary Vikram Misri, National Security Advisor Ajit Doval and other senior officials were present. The Prime Minister also held talks with former Maldivian President Mohamed Nasheed, assuring him of India's continued support to Male through capacity building and development cooperation. Modi praised Nasheed as a steadfast advocate of deeper friendship between India and the Maldives.

Indian man offered $150K job in US questions relocating solely for kids' education: ‘Is it really worth it?'
Indian man offered $150K job in US questions relocating solely for kids' education: ‘Is it really worth it?'

Hindustan Times

timean hour ago

  • Hindustan Times

Indian man offered $150K job in US questions relocating solely for kids' education: ‘Is it really worth it?'

An Indian man's dilemma over whether to relocate to the United States for his children's education has sparked a thoughtful discussion on Reddit. The post, shared by the user under the title 'Is it worth relocating to USA from India?', highlights his concerns about leaving behind a settled and financially secure life in India in pursuit of potential educational opportunities for his children in the US. An Indian man on Reddit sought advice on relocating to the US for his kids' education.(Representational image/Unsplash) 'Settled in India, but is it enough?' The man, who is in his 40s, shared that he has a homemaker wife and two children currently studying in the 9th and 7th grades. He revealed that his company has offered him an internal transfer to Dallas, USA, under the L1A/EB1 visa programme with a annual salary of $150,000. However, his decision isn't driven by money. 'I am thinking to take this opportunity to give better education for my kids (not money), however I am afraid, whether it really help the kids or it will create big problem in future,' he wrote. 'I settled in India with own house without any loans. Is it really worth to relocate purely for kids education only?' Mixed reactions from Reddit users The post, shared by user @Grouchy-Leg1641, prompted several responses from fellow Redditors, many of whom offered their own perspectives and shared similar personal experiences. One Redditor empathised with his uncertainty, saying, 'You're already living a stable life. Moving now is a gamble, especially when the kids are in their teens.' Another added, 'Education might be better there, but will your kids adjust? Teenagers hate change.' One user noted, 'The exposure and opportunities in the US are unmatched. If you can afford it without stress, why not?' Another pointed out, '$150K in Dallas is a solid income. With your background and no existing loans, you'll still have stability.' Some questioned the necessity of the move altogether. 'Indian education is not bad if you guide your kids well,' one user said. Another commented, 'Moving for education is noble, but think long term—social security, healthcare, family support.'

Rupee weakens 12 paise to settle at 86.52 against US dollar
Rupee weakens 12 paise to settle at 86.52 against US dollar

The Print

timean hour ago

  • The Print

Rupee weakens 12 paise to settle at 86.52 against US dollar

At the interbank foreign exchange, the domestic unit opened at 86.59 and hit the lowest level of 86.63 against the greenback. The unit touched the intra-day peak of 86.47 before ending the session at 86.52, registering a loss of 12 paise from its previous closing level. A strengthening American currency overseas and foreign fund outflows further weighed on the local unit, forex traders said. Mumbai, Jul 25 (PTI) The rupee declined 12 paise to settle at 86.52 against the US dollar on Friday, tracking negative domestic equity markets and surging global crude oil prices. On Thursday, the rupee saw some initial recovery but ended the session just 1 paisa higher at 86.40 against the US dollar. Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, said the rupee weakened due to a surge in crude oil prices and weakness in the domestic markets, which also fuelled the withdrawal of foreign institutional investors. He said the rupee is expected to trade with a slight negative bias amid uncertainty ahead of the August 1 trade deal deadline and geopolitical tensions between Thailand and Cambodia. 'Traders may take cues from the durable goods orders data from the US. Investors may remain cautious ahead of the US Federal Reserve and Bank of Japan's monetary policy decisions next week. USD-INR spot price is expected to trade in a range of Rs 86.30 to Rs 86.90,' Choudhary added. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.33 per cent to 97.44. Analysts attributed the recovery in the dollar index to favourable employment data in the US. Brent crude, the global oil benchmark, went up by 0.42 per cent to USD 69.47 per barrel in futures trade, as developing trade agreements have supported the upward movement in Brent oil prices. Forex traders said the uncertainty over the India-US trade deal has been an overhang for the forex market. If the discussions fail or get delayed, Indian exporters could face fresh pressure — adding to the rupee's challenges. However, if a deal is reached, it could offer a much-needed breather. Until then, the uncertainty is likely to keep market participants cautious. Meanwhile, in the domestic equity market, Sensex crashed 721.08 points or 0.88 per cent to 81,463.09, while Nifty tanked 225.10 points or 0.90 per cent to 24,837. Foreign institutional investors (FIIs) offloaded equities worth Rs 1,979.96 crore on a net basis on Friday, according to exchange data. The latest RBI data released on Friday showed India's forex reserve declined by USD 1.183 billion to USD 695.489 billion during the week ended July 18. PTI HVA SHW This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store