QpiAI Secures $32 Million in Funding from Avataar Ventures and NQM to Develop Quantum Computers for Industries

QpiAI, a Bengaluru-based company specializing in AI and quantum solutions, has raised $32 million in funding led by Avataar Ventures and the National Quantum Mission. The funding will help build more powerful and reliable quantum computers to address challenges in industries like agriculture, drug discovery, and manufacturing. QpiAI aims to create quantum computers that can solve complex problems and plans to increase its workforce to 200-250 employees.

Bengaluru-based QpiAI, a company specializing in integrated AI and quantum solutions, has raised $32 million in Series A funding led by Avataar Ventures and the National Quantum Mission (NQM). The funding round, which also saw participation from current and new investors, will enable QpiAI to enhance its quantum computing capabilities and target industries such as agriculture, drug discovery, and manufacturing [1].

QpiAI, founded in 2019, combines quantum computing and artificial intelligence to address complex industrial and scientific challenges. The company has developed a full-stack quantum computer with proprietary hardware and software, which it uses to create quantum applications in materials science and drug discovery. With this latest funding, QpiAI aims to build more powerful and reliable quantum computers, targeting markets ripe for utility-scale quantum computers with logical qubits [2].

The funding will also support QpiAI's expansion plans, including increasing its workforce to 200-250 employees and launching a 64-qubit machine by late 2026. Additionally, QpiAI is focused on developing error-corrected logical qubits, which are crucial for commercial applications. The company's leadership team, including Dr. Nagendra Nagaraja, a seasoned tech industry professional with experience at Nvidia and Qualcomm, is driving these advancements [3].

Avataar Ventures, the VC fund focused on scaling promising technology startups in India and Southeast Asia, believes that quantum computing has the potential to advance mankind beyond imagination. Mohan Kumar, the managing partner at Avataar Ventures, praised QpiAI's technical and commercial leadership, stating that the company is on a path to lead the quantum wave for emerging markets with its advanced full-stack technology [1].

Ajai Chowdhry, Ph.D., chairman of India’s National Quantum Mission, expressed pride in QpiAI's achievements and NQM's support in helping the company raise funds from global investors. He emphasized NQM's commitment to fostering a vibrant quantum ecosystem in India and supporting home-grown product companies like QpiAI [3].

References:
[1] https://m.economictimes.com/news/company/corporate-trends/bengaluru-based-qpiai-raises-32-million-by-avataar-ventures-and-nqm/articleshow/122765905.cms
[2] https://www.business-standard.com/content/press-releases-ani/qpiai-raises-usd-32-million-inr-279-crore-in-series-a-round-led-by-avataar-ventures-and-national-quantum-mission-125071700633_1.html
[3] https://www.hpcwire.com/off-the-wire/qpiai-raises-32m-backed-by-indias-national-quantum-mission/