QpiAI Closes $6.5 Mill Pre-Series A Funding Led by Yournest and SIDBI Venture Capital to Enable Intelligence Modelling and Intelligence Compute Using Quantum Computers
June 21 2024 - 8:09AM
Business Wire
- QpiAI closed first ever external investment with the pre-series
A funding of $6.5 million led by Yournest and SVCL.
- WFC, an angel group; Ramesh Radhakrishnan, a successful serial
entrepreneur and venture capitalist; Ramaswamy Prabhakar, a
Technologist and angel investor from Silicon Valley; Quick Heal
Security founders Kailash Katkar and Sanjay Katkar and their family
office; Lakshmeenarayanan, Former Chairman and CEO of Cognizant;
Bhupinder Singh, former CPO of Bentley; Pratap Reddy, Silicon
Valley serial entrepreneur and angel investor: Sahasra capital; and
other angels also participated in the round.
- With this funding, QpiAI will be implementing full stack 25
qubit Quantum computers that are scalable from 25 to 1000 physical
superconducting qubits with the same infrastructure.
- QpiAI will be aiming to increase revenues from software
licensing of 7 software platforms: QpiAI-pro, QpiAI-explorer,
QpiAI-opt, QpiAI-pharma, QpiAI-ML QpiAI-logistics and QpiAI-matter,
which are based on Quantum computing and Generative AI
technologies.
- QpiAI is a revenue generating, enterprise focused technology
startup and counts Fortune 500 companies globally as its customers
in pharma, materials, chemical, cosmetics, automotive, financials
and manufacturing.
- Debraj Banerjee from SIDBI ventures will be joining the board
of QpiAI as nominee of SIDBI venture capital.
- Ramesh Radhakrishnan, the first external investor in QpiAI,
joined the board as a nominee director of Qpi Technology, holding
company of QpiAI
QpiAI, a leader in quantum computing and generative AI,
announced its maiden external funding of $6.5 million to build
Quantum computing and Generative AI products and platforms.
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Dr Nagendra Nagaraja, Founder, CEO and
Chairman of QpiAI (Photo: Business Wire)
Dr Nagendra Nagaraja CEO and Founder of QpiAI quoted, “The
pre-series A round of QpiAI will be remembered as a landmark
funding round in Indian Deeptech. This round should allow us to lay
a foundation of intelligence modelling and intelligence compute via
Quantum computers and Generative AI. This funding will enable us to
achieve breakthrough innovation in vertical integration of
Generative AI and Quantum computing in enterprise and industrial
applications. We will also be demonstrating 25 Qubit Quantum
computers in our Bangalore HQ by Q4 CY2024/ Q1 CY 2025. With
integration of HPC built out of our lab infra and integration all
our 7 Quantum and Generative AI platforms we will have prototype of
Quantum-HPC QpiAI datacenter, this can be scaled further to offer
QCaaS (Quantum Compute as a Service). There is also good traction
with our current customers to provide Quantum-HPC solutions with
our software and compute infra. A very advanced Compute infra with
Quantum capability that we will be deploying with this funding will
allow us to innovate in Generative AI and Quantum software. QpiAI
Quantum and AI stack, including hardware and software, will have
tremendous impact on pharma, non-energy transition materials,
chemicals, manufacturing, logistics and finance.”
Dr Nagendra further added, “There is also tremendous traction in
the B2G segment with QpiAI thought leadership in Quantum and AI
that has helped shape technology and infrastructure roadmaps. QpiAI
is a Global company with its HQ in Bangalore, India and
subsidiaries in US and Finland. As we work with Global enterprises
and Governments including the US, Europe, Japan, the Middle East
and Southeast Asia, we will be expanding our presence in these
regions to create value to our customers and partners.”
Dr Manjunath R.V., Vice President for Quantum computers QpiAI,
further added, “Building Scalable Quantum computers that can solve
real world problems and bolster our industry verticals is a very
key technology development. At QpiAI, we are very excited to have
our own Quantum computers to further build Quantum and AI data
centers. Our team is really happy to have multiple QPUs in our
dilution refrigerator to make sure we achieve high quality quantum
compute infrastructure. We can’t wait to see the next steps in our
roadmap to advance Quantum computers scaling 25 qubits to 1000
qubits.”
Sachin Kumar, Lakshya Priyadarshi and Aswanth Krishnan, who
leads software products and solutions on Generative AI and Quantum
software, suggested, “In the last 4 years, we were able to
commercialize our software platforms and achieve traction across
large bluechip enterprise customers. With this funding and with all
our 7 software products ready to scale, we envision scaling our
software platforms globally. We anticipate a great time ahead for
us. There is lot of customer interest to see QpiAI Quantum and AI
software platform working on QpiAI Quantum-AI HPC datacenters to
implement their next gen applications in pharma, materials,
fintech, automotive and manufacturing.”
Sunil Goyal MD, Yournest who led the funding round, further
added, "By investing in QpiAI, we're helping to propel India to the
leading edge of quantum computing. This technology has the
potential to revolutionize fields like materials science, drug
discovery, automotive, and manufacturing. QpiAI's innovative
approach makes them a key player in unlocking this potential, and
we're thrilled to join Dr. Nagendra and the QpiAI team on this
exciting journey."
Debraj Banerjee, President at SIDBI Venture capital and Board of
Director of QpiAI who led the funding round from SIDBI ventures,
further added, “SVCL is very excited to be part of this very
important deeptech journey of national importance. Quantum
computers will change the world when we commercialize it. The
technology is of immense importance for national security and
advance computation. Having a home-grown Quantum computer will be
very important for our national institutes to further our progress
in computation technologies. We are eagerly looking forward to a
working 25 qubit machine from QpiAI by Q4 of CY24 /Q1 CY25.”
Ramesh Radhakrishnan, a very successful serial entrepreneur, a
veteran VC and Board of Director at QpiAI, further added, “Quantum
computers and AI are the future for all applied technologies in
many different market segments including pharma, transport,
cybersecurity, and financial among others. Integrating Application
software with Quantum System software and hardware to make AI and
Quantum computing work together is a fundamental innovation whose
significance is going to be enormous. With centers in the US and
Finland, QpiAI is well positioned to scale Quantum and AI
technologies and address markets globally. I am very excited to be
a part of this wonderful journey.”
About QpiAI
QpiAI (https://www.qpiai.tech) is a world leader in AI and
Quantum computing. 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. With its innovation in commercial grade Quantum
computing technology, QpiAI is providing impactful advances to
generative AI and various industry verticals.
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Contact email: info@qpiai.tech