Bengaluru-based QpiAI raises $32 million by Avataar Ventures and NQM
National Quantum Mission
(NQM) led the investment round, with participation from new and existing investors, a TOI report stated. The funding will help
QpiAI
build more powerful and reliable quantum computers. The company aims to create quantum computers that can solve complex problems in industries like agriculture, drug discovery, and manufacturing.
Founded in 2019, QpiAI combines
quantum computing
and
artificial intelligence
to address difficult challenges across various sectors. They offer software platforms designed for specific industries, improving simulation, optimization, and data analysis. QpiAI has developed a quantum computer with its own hardware and software, which it uses to create quantum applications for materials science and drug discovery.
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Dr. Nagendra Nagaraja, the founder of QpiAI, has 25 years of experience in the tech industry, including time at Nvidia and Qualcomm. He recognized the potential of quantum computing to overcome the limitations of traditional computing methods.
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Dr. Nagaraja said they created "India's most powerful quantum computer with 25 qubits and a roadmap to scale up to 1,000 qubits by 2030."
QpiAI plans to increase its workforce to 200–250 employees and is working to launch a 64-qubit machine by late next year. The company is also focused on developing error-corrected logical qubits, which are necessary for commercial applications.
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Mohan Kumar, managing partner at Avataar Ventures, said, "We believe quantum has the potential to advance mankind beyond imagination, and India has a unique opportunity to lead this frontier technology. QpiAI demonstrated strong technical and commercial leadership with its functional quantum computing technology and real-world applications at large automotive and life sciences customers. They are on a path to lead the quantum wave for emerging markets with its advanced full-stack technology."
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