22nd June 2024- Bangalore-based QpiAI has successfully concluded a $6.5 million pre-Series A funding round led by Yournest and SIDBI Venture Capital. The funding marks a significant boost for QpiAI’s ambitions in advancing quantum computing and generative AI technologies, according to a company statement.
CEO and Founder Nagendra Nagaraja expressed optimism about leveraging the funding to integrate quantum computing and generative AI, with plans to unveil a 25 Qubit Quantum computer in Bangalore by late 2024 or early 2025. Additionally, QpiAI aims to develop a prototype Quantum-HPC datacenter.
The funding round received robust support from global investors. Yournest’s Managing Director, Sunil Goyal, highlighted QpiAI’s potential to revolutionize industries like materials science, drug discovery, automotive, and manufacturing. He underscored the alignment of this investment with Yournest’s vision to propel India’s leadership in quantum computing.
Debraj Banerjee, President of SIDBI Venture Capital, emphasized the strategic significance of quantum computing for national security and advanced computation capabilities. Ramesh Radhakrishnan, a Board Director at QpiAI, emphasized the transformative impact of integrating AI and quantum computing across diverse sectors.
Looking ahead, QpiAI plans to expand its global footprint and deepen collaborations with governments and enterprises worldwide. The company aims to harness its enhanced quantum and AI capabilities to foster innovation and create substantial value across industries.
Conclusion
QpiAI’s latest funding round positions it well to drive pioneering advancements in quantum computing and AI, marking a significant milestone in its journey towards global technological leadership.
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