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Indian Startup QpiAI Raises $32 Million for Quantum Computing Expansion
QpiAI, an Indian startup that combines AI and quantum computing for enterprise use cases, has secured $32 million in a recent funding round co-led by the Indian government. The company’s goal is to grow its presence and develop utility-scale quantum computers for global markets.
Push for Quantum Computing Power in India
The Indian government’s $750 million National Quantum Mission has co-led QpiAI’s Series A round, positioning the company at a post-money valuation of $162 million. This funding reflects India’s broader ambition to establish itself as a quantum computing powerhouse. Launched in 2023, the National Quantum Mission aims to develop intermediate-scale quantum computers within eight years, along with satellite-based quantum communications and other quantum technologies.
QpiAI’s Quantum Computing Innovations
QpiAI, one of eight startups selected by the National Quantum Mission, has introduced India’s first full-stack quantum computer named QpiAI-Indus. The startup, founded in 2019, integrates quantum computing and AI to provide optimization solutions in various sectors such as manufacturing, finance, and healthcare. QpiAI’s CEO, Nagendra Nagaraja, highlights the potential of AI and quantum computing in fields like simulation, drug discovery, and material exploration.
Future Plans and Expansion
QpiAI plans to launch a 64-qubit quantum computer later this year, with customer availability expected in 2023. The company also aims to begin local manufacturing of its quantum hardware by 2026. With a 100-person team, QpiAI is profitable and looks to expand into new markets like Singapore and the Middle East. The company envisions developing a 100-logical qubit system by 2030.
National Quantum Mission’s Impact
In addition to QpiAI, the National Quantum Mission supports several other quantum technology startups in India. The program aims to bolster home-grown companies in the quantum tech space and position India as a global leader in this field.
In conclusion, QpiAI’s innovative approach to integrating AI and quantum computing, along with the support of the National Quantum Mission, showcases India’s commitment to advancing quantum technologies on the global stage.
