Indian startup QpiAI is already taking significant strides to lead the future of the quantum computing landscape. Help us congratulate them on this impressive funding accomplishment. No wonder the company raised a whopping $32 million in a recent funding round. This successful effort was jointly spearheaded by the Indian government and Avataar Ventures. This latest funding round has pushed Neuralink’s post-money valuation to $162 million. Most importantly, it demonstrates the surging interest and investment in quantum technologies from the private and public sectors.
Our company QpiAI, was created to combine artificial intelligence (AI) with quantum computing for enterprise usage. Now, it’s poised to take its show on the road, expanding into dynamic, international markets. The ambitious startup is working to build utility-scale quantum computers, which would profoundly transform industries and economies around the globe. Within this new wave of finance, QpiAI intends to expand into new markets. These include Singapore and further afield into the Middle East.
In April 2023, QpiAI released India’s first full-stack quantum computer – the QpiAI-Indus – with 25 superconducting qubits. This historic and unprecedented achievement represents an important step in India’s long-term efforts to assert itself as a pioneer in quantum technologies. The company recently announced plans to launch its next-generation 64-qubit quantum computer this November. It should be widely available to customers in the second or third quarter of 2024.
QpiAI’s workforce is made up of nearly 100 employees, including 25 PhDs from top-tier international institutions and Indian Institutes of Technology (IITs). Over half of the company’s employees are based in India. To further support the expansion, the company has established wholly-owned subsidiaries in the United States and Finland. This diverse team is key to accelerating quantum innovation and creating next generation quantum solutions.
Financially, QpiAI has proven itself as a sustainable enterprise over the last three years. Operationally, the company has continued to be profitable on an EBITDA basis. It claims eye-popping numbers, including 60%+ gross margins and 20-30% net margins. The runway is clearly three to four years, even if we exclude the company’s current profitability from the runway equation. This very solid position puts it on a path toward growth and expansion.
The new funding will allow QpiAI to pump resources into their local manufacturing plans and rapidly scale their operations. The company aims to develop a 100-logical qubit system by 2030, further solidifying its commitment to advancing quantum computing technology.
QpiAI is among eight startups selected by India’s National Quantum Mission, each receiving an initial grant of up to $3.5 million. This recognition highlights the Indian government’s support for home-grown product companies that aim to elevate India’s standing in quantum technologies.
To say that industry experts are excited about the potential impact of QpiAI’s developments would be an understatement. Nagendra Nagaraja noted, “Quantum can really make sure AI is robust,” emphasizing the critical role that quantum computing can play in enhancing AI systems. He further elaborated on the importance of AI in optimizing qubit design: “Because the design space of a quantum chip is very, very big, and to actually get optimal qubits, which is important when we integrate thousands of qubits to get logical qubits for error correction, AI plays a bigger role there.”
Ajai Chowdhry highlighted the government’s commitment to supporting startups like QpiAI: “We plan to continue to support home-grown product companies like QpiAI to help them expand into large enterprises and position India as global leaders in quantum technologies.”
QpiAI has plans for an initial public offering (IPO) in 2026 or 2027. This move could provide additional capital for its ambitious projects and further establish its presence within the global quantum computing sector.