Multiverse Computing, which has been making a name for itself pursuing quantum-enabled finance applications, has received a grant of about €12.5 million (about $14 million U.S.) from the European Commission Innovation Council.
The San Sebastian, Spain company said that the financing is primarily in the form of an equity investment (€10 million) with the remainder (€2.5 million) coming via a grant.
The EIC was established by the European Commission this past March to support the commercialization of game-changing innovations in the European Union from researchers to promising start-ups. Pascal is another company from the quantum space that has received financial backing from the council. Companies selected for funding under the EIC Accelerator program are assessed by experienced investors and entrepreneurs under a rigorous process for excellence, impact and risk level.
“It is an honor for Multiverse to be recognized by the EIC as among the most innovative and promising startups in Europe. This investment serves as a testament to the incredible potential of our flagship Singularity product, the first quantum-powered computational solution for financial services,” said Enrique Lizaso, CEO of Multiverse Computing. “This is a pan-European recognition that financial institutions can derive benefit today from quantum technologies that are high performing and easy to use. Singularity is best-in-class on both fronts.”
Some of the funding will be used to further optimize the company’s Monte Carlo asset valuation engine, as well as derivative evaluation capabilities and stress test tools for financial institutions and central banks, Lisazo said. The funds will also be deployed towards attracting and retaining talent and expanding into additional vertical markets as the company accelerates the commercialization of its toolkit.