Spanish Quantum Computing Company raises over $11m, to boost Quantum Finance adoption and development in addition to new sectors

Multiverse, a Spanish-based quantum computing startup focused on finance raised a seed funding round of €10m which is around USD $11.5m. Multiverse intends to use the funds to build growth and globalization strategy as well continue to advance its technology and advertising marketing and crucially to enter new markets such as energy, mobility and manufacturing. The founding round was led by JME Ventures and also included Quantonation, a leader in investing in Quantum companies.

The C-suite of Multiverse includes Enrique Lizaso, Ph.D., co-founder and CEO, Román Orús, Ph.D., co-founder and Chief Scientific Officer, and Sam Mugel, Ph.D and is backed by the Basque Government-Spri and the Provincial Council of Guipuzkoa through the Txekintek / Ekintzaile program. The product offering from Multiverse Computing is a product named Singularity, which enables financial professionals to run quantum algorithms on any quantum computer from a simple spreadsheet to address problems, such as portfolio optimization and fraud detection, without requiring any specialist knowledge of quantum computers. By the end of the year, Multiverse Computing expects to have at least 24 quantum algorithm international patents.