Multiverse Computing, a global leader in quantum and quantum-inspired AI software solutions, has secured an investment from CDP Venture Capital, Italy’s largest venture capital operator, as part of its Series A round.
The funding will be used to expand Multiverse Computing’s commercial presence in Italy, including growing its office in Milan and creating new public and private partnerships. The company plans to use the funds to further develop its project with EuroHPC and the Leonardo supercomputer, which aims to test advanced tensor network compression techniques for large language models.
Enrique Lizaso Olmos, CEO and co-founder of Multiverse Computing, stated that the investment will enable the company to build stronger ties with Italian companies and universities. Agostino Scornajenchi, CEO and General Manager of CDP Venture Capital, commented that the investment represents a strategic step to develop partnerships and high-impact projects in Italy, supporting visionary companies and fostering collaboration with Italian corporates.
Multiverse Computing Secures Investment from CDP Venture Capital for Italian Expansion
Multiverse Computing, a global leader in value-based quantum and quantum-inspired AI software solutions, has announced an investment from CDP Venture Capital Sgr, the most prominent Italian investor in venture capital. The investment was carried out through two compartments of the Corporate Partners I fund, ServiceTech and Energytech, a corporate venture capital fund participated by some of the leading Italian corporates as limited partners.
The new funds will grow Multiverse Computing’s commercial presence in Italy, including expanding its office in Milan, creating new public and private partnerships, and attracting new talent. The company plans to use these funds to expand existing partnerships as well, such as a project with EuroHPC and the Leonardo supercomputer located at the CINECA data center in Bologna.
Expanding Partnerships and Developing New Use Cases
Multiverse Computing has been working with Italian companies and universities for several years and will now be able to build even stronger ties and more innovative collaborations based on its quantum AI software. The company plans to use CompactifAI, its flagship product, to help industry leaders develop new use cases for large-language models that are smaller and more efficient.
CompactifAI is an LLM compressor that uses quantum-inspired tensor networks to make large language models or convolutional neural networks more efficient and portable. The project aims to test advanced tensor network compression techniques for LLMs and validate their performance and energy efficiency against the original model.
Collaborations with Italian Corporates and Universities
Multiverse Computing is also working with Leonardo, an Italian multinational company specializing in aerospace, defense, and security, to develop advanced predictive maintenance algorithms for aircraft. The multi-year project uses quantum and quantum-inspired AI technology to perform secured predictive maintenance for aircraft systems. This work is part of a larger EU project to build technology tools to support digitization and automation for European industry.
Over the last few years, the company has been building fruitful connections with the quantum community in Italy, including sponsoring the Osservatorio Digital Innovation on Quantum Computing from the School of Management of Politecnico di Milano and the Quantum 2024 Summer School, organized by the Università degli Studi di Bari Aldo Moro.
CDP Venture Capital’s Role in Boosting Italy’s Quantum Ecosystem
CDP Venture Capital has been instrumental in supporting innovative enterprises at all stages of their life cycle. The company manages 13 investment funds, amounting to over 3 billion euros in resources that support innovative enterprises. With the support of CDP Venture Capital, Multiverse Computing looks forward to collaborating with Italian universities and research communities to boost the Italian quantum ecosystem by developing practical quantum AI use cases.
Gianni Del Bimbo, Chief Operations Officer of Multiverse Computing, has participated in several events at the Osservatorio in Milan and shared market reports and trends with participants. “The quantum research communities at Italian universities like Politecnico di Milano and Università degli Studi di Bari Aldo Moro have demonstrated enormous potential to drive meaningful advancements in quantum AI applications for various industries,” said Del Bimbo.
Multiverse Computing is a leading quantum AI software company dedicated to applying quantum and quantum-inspired AI solutions to address complex financial, energy, manufacturing, logistics, space, life sciences, healthcare, and defense challenges. The company has been recognized as one of the 100 Most Promising Companies in AI by CB Insights and won the 2024 Future Unicorn award from DigitalEurope.
CDP Venture Capital is an asset management company owned by CDP Equity (70%) and Invitalia (30%). Its goal is to make venture capital a cornerstone of Italy’s economic development and innovation, creating conditions for the overall, sustainable growth of the innovation ecosystem.
External Link: Click Here For More
