QpiAI, an Indian startup that claims to integrate AI and quantum computing for enterprise use cases, has raised $32 million in a new funding round co-led by the Indian government as the company aims to expand its presence and develop utility-scale quantum computers for markets around the world.
The Indian government’s $750 million National Quantum Mission has co-led QpiAI’s all-equity Series A round, alongside Avataar Ventures, at a post-money valuation of $162 million.
The funding reflects India’s broader push to establish itself as a quantum computing power. Launched in 2023, the National Quantum Mission is an Indian government initiative that views quantum computing as both an economic opportunity and a national security imperative. The program aims to help develop intermediate-scale quantum computers with 50-1,000 physical qubits within eight years across platforms including superconducting and photonics. It also targets the development of satellite-based quantum communications, inter-city quantum distribution, multi-node quantum networks, magnetometers, and the design and synthesis of quantum materials, including superconductors, semiconductor structures, and topological materials for quantum device fabrication.
QpiAI is one of eight startups selected by the National Quantum Mission, each receiving an initial grant of up to $3.5 million. Among these companies, the Bengaluru-headquartered startup, which has subsidiaries in the U.S. and Finland, says it has built India’s first full-stack quantum computer, called QpiAI-Indus, which it launched in April with 25 superconducting qubits.
Founded in 2019, QpiAI says it integrates quantum computing and AI to provide optimization capabilities in areas such as manufacturing, industrial, transportation, finance, pharma, and materials. The startup says it has developed specialized software, along with its proprietary hardware, to support real-world quantum applications in fields such as materials science and drug discovery.
“Quantum can really make sure AI is robust,” said QpiAI founder and CEO Nagendra Nagaraja in an interview.
The startup views simulation, drug synthesis, and material discovery as some of the key use cases where the combination of AI and quantum could provide a competitive edge.
Techcrunch event
…