Multiverse Computing Raises Over $11.5 Million to Bring Quantum Computing to the Finance World

By Thomas Price | Wednesday, 20 October 2021 | Startup, Tech, Finance

Multiverse Computing is a quantum computing startup that has created a quantum computer built specifically to handle high-level financial algorithms. The company recently closed its Seed funding round to rapidly scale up its business and improve the current technology used in its product.

Multiverse Computing Flagship Product and Early Success

Quantum computing startup Multiverse has developed and launched its own quantum computer named Singularity. The company has leveraged its quantum calculation speeds and technology for business in the financial industry to create a fully capable product for large-scale financial institutions. 

When Singularity is presented with a financial problem or long-term projection, the algorithm calculates the best possible quantum structure to solve the problem. The quantum computing startup has designed the computer so that it’s capable of handling everything from building a spreadsheet to optimizing investment strategies over fixed year periods. It even detects fraud from account monitoring.

In addition to the wide range of capabilities, the company has also proven its quantum computing product to be faster and more efficient than traditional computers. In a simulated test between a regular computer and the quantum computer built by the startup, the regular computer was predicted to come up with a solution in 5 billion years to find the exit to a cluster maze. This type of calculation is estimated to take Singularity just 1.3 hours to find. 

The impressive result of its product has led to several business partnerships across both the tech and finance sectors. Multiverse Computing has now collaborated and done business with companies such as IBM, Microsoft, Amazon AWS, Xanadu, and Fujitsu, among others. 

The company now projects to scale up at a rate that will generate around $116 million, or €100 million, in annual revenue by 2027. Multiverse Computing also expects to have a staff of over 100 employees by 2027.

Multiverse Computing Funding Round and Future Plans

In its Seed funding round, Multiverse Computing raised over $11.5 million, or €10 million, in capital. The funding round was led by JME Ventures with participation from Quantonation, EASO Ventures, Inveready, CLAVE Capital, Ikerlan, LKS, Penja Strategy, Seed Gipuzkoa, and Ezten Venture Capital Fund. 

The startup’s funding will largely be used to support the continued growth of the company by acquiring new business partnerships, hiring new employees, and presenting more practical financial applications of the quantum computer to larger institutions. A portion of the capital will also be spent on marketing the company’s product to potential buyers and investors. The quantum computing startup will also invest in its own technology to push current applications to more efficient and effective levels of operation. 

When commenting on the latest funding round and the potential future business applications of Singularity, co-founder and technical director of Multiverse Computing, Sam Mugel Ph.D., said, “Thanks to our revolutionary product Singularity, users can open a simple spreadsheet and directly use the quantum algorithms that are needed. The algorithms are executed on a quantum computer to solve problems that were out of reach until now, all without requiring programming or quantum computing experience.”

About the Author

Thomas Price

Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.