SAN SEBASTIÁN, Spain--(BUSINESS WIRE)--Multiverse Computing today announced it will receive €12,500,000 ($14.2 million USD) as part of the latest funding from the European Innovation Council (EIC) Accelerator program, making Multiverse one of the most well-capitalized quantum startups in Europe.
The investment comes on the heels of Multiverse’s €10,000,000 seed round less than 2 months ago. This latest financing is primarily an equity investment (€10,000,000) with the remainder (€2,500,000) coming in the form of a grant.
The EIC was established by the European Commission this past March to support the commercialization of game-changing innovations in the European Union from researchers to promising start-ups. Companies selected for funding under the EIC Accelerator program are assessed by experienced investors and entrepreneurs under a rigorous process for excellence, impact and risk level.
“It is an honor for Multiverse to be recognized by the EIC as among the most innovative and promising startups in Europe. This investment serves as a testament to the incredible potential of our flagship Singularity product, the first quantum-powered computational solution for financial services,” said Enrique Lizaso, CEO of Multiverse Computing. “This is a pan-European recognition that financial institutions can derive benefit today from quantum technologies that are high performing and easy to use. Singularity is best-in-class on both fronts.”
Some of the funding will be used to further optimize the company’s Monte Carlo asset valuation engine, as well as derivative evaluation capabilities and stress test tools for financial institutions and central banks, Lisazo said. The funds will also be deployed towards attracting and retaining talent and expanding into additional vertical markets as the company accelerates the commercialization of its toolkit.
“This announcement is a sign that the market has confidence in what we’ve accomplished thus far and what will be able to achieve in the future. The science is solid and there is a lucrative global market for our products which is ready to be cultivated,” said Román Orús, Chief Scientific Officer at Multiverse Computing. “It also brings us tremendous pride as a Spanish startup in particular to have the confidence of the EIC in an emerging field often dominated by actors from outside continental Europe.”
Multiverse’s Singularity toolkit for financial institutions is designed to leverage the power of quantum computing to outperform leading classical approaches to solving many business challenges in finance, including capital allocation, fraud detection and risk management. With its intuitive UX and PC-based interface, Singularity enables financial professionals to harness the capabilities of quantum computing with a few clicks of a mouse without any special expertise or training.
About Multiverse Computing
Multiverse Computing is a leading quantum software company that applies quantum and quantum-inspired solutions to tackle complex problems in finance to deliver value today and enable a more resilient and prosperous economy. The company’s expertise in quantum control and computational methods as well as finance means it can secure maximum results from current quantum devices. Its flagship product, Singularity, allows financial professionals to leverage quantum computing with common software tools. The company is headquartered in San Sebastian, Spain with offices in Toronto, Canada and Paris.
For more information, visit www.multiversecomputing.com.