Bangalore-based quantum computing startup QpiAI has secured $6.5 million in a pre-Series A funding round led by Yournest and SIDBI Venture Capital. The funding will support QpiAI’s mission to pioneer advancements in quantum computing and generative AI technologies.
QpiAI plans to use the funds to scale its operations and establish a 25-qubit quantum computer at its Bangalore headquarters by late 2024 or early 2025. This quantum computer is part of a broader strategy to develop a Quantum-HPC (High-Performance Computing) data center prototype, capable of scaling to 1,000 physical superconducting qubits.
The investment round saw participation from several notable investors, including WFC, angel investors Ramesh Radhakrishnan and Ramaswamy Prabhakar, Quick Heal Security founders Kailash Katkar and Sanjay Katkar, former Cognizant CEO Lakshmeenarayanan, former Bentley CPO Bhupinder Singh, Silicon Valley entrepreneur Pratap Reddy, and Sahasra Capital.
QpiAI, founded by CEO Nagendra Nagaraja, aims to integrate quantum computing and AI to revolutionize various fields such as materials science, drug discovery, automotive, and manufacturing. The company’s seven software platforms—QpiAI-pro, QpiAI-explorer, QpiAI-opt, QpiAI-pharma, QpiAI-ML, QpiAI-logistics, and QpiAI-matter—leverage these advanced technologies to provide innovative solutions across multiple industries.
With this funding, QpiAI plans to enhance its Quantum Compute as a Service (QCaaS) offerings and expand its operations globally. The company is poised to make significant contributions to the field of quantum computing, aiming to develop scalable quantum computers capable of solving real-world problems and driving advancements in enterprise and industrial applications.
As part of the funding agreement, Debraj Banerjee from SIDBI Ventures and Ramesh Radhakrishnan will join the QpiAI board, bringing their expertise to support the company’s growth. QpiAI’s focus on combining quantum computing with high-performance computing and generative AI sets it on a path to become a key player in the global quantum technology landscape.