Quantum computing start-up secures €10m investment

Spanish company Multiverse Computing, which describes itself as the first quantum computing start-up dedicated to finance, has announced a seed funding round of €10 million.

The round was led by JME Ventures and also included Quantonation, EASO Ventures, Inveready, CLAVE Capital (Mondragón Fondo de Promoción), Ikerlan, LKS, Penja Strategy, Seed Gipuzkoa, and Ezten Venture Capital Fund.

The company’s product is designed to help financial professionals run quantum algorithms on any quantum computer from a spreadsheet to address highly complex problems, such as portfolio optimisation and fraud detection, without requiring any knowledge of quantum computers.

The funding will be used to consolidate the company's growth and globalisation strategy as well continue to advance its technology and marketing.

“We are a unique company in the quantum computing field,” said Enrique Lizaso, Ph.D., co-founder and CEO of Multiverse Computing. “While other firms are focused on improving the fundamental hardware and software components of quantum computers, we are keenly focused on leveraging the most advanced quantum devices available now to deliver near-term value for the financial sector.”

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