Multiverse Computing targeting up to $570M in latest round

A Spanish scaleup looking to make AI cheaper and more efficient for enterprises says it is targeting up to $570m in its latest funding round, at an elevated $1.7bn valuation. Multiverse Computing is working at the intersection of AI and quantum, providing tech which it claims can reduce the size of LLMs amid demands for cheaper AI compute.

The funding round in Multiverse Computing is co-led by Forgepoint Capital International, BNPP SIVF, and Bullhound Capital. The round, which is still open, also includes commitments from Santander Alternative Investments, Tikehau Capital, Orange Ventures and Scania Invest amongst others, the scaleup said.

Once complete, total funding in Multiverse Computing will be around $800m, it said. The $1.7bn valuation would mark a five-fold increase on its Series B valuation when it raised $215m, the scaleup said.

Multiverse Computing's bet is that AI is increasingly moving towards edge devices, such as mobile phones and smart cameras, in a bid to make AI cheaper and more energy efficient by processing data directly on devices rather than relying on large data centres.

The scaleup’s key technology is called CompactifAI, which is based on quantum physics, and makes LLMs smaller, cheaper and able to run on edge devices, it said. It says its tech reduces the size of LLMs by up to  80-95 per cent with immaterial accuracy loss.

Multiverse Computing's tech is already being deployed across devices and systems, including drones, cameras, satellites, vehicles, and telecom infrastructure. Customers and partners span manufacturing, finance, energy, aerospace, cybersecurity, defense, and health and life sciences, including Allianz, Bank of Canada, Bosch, Iberdrola, Indra, PwC, and Telefónica, it said.

Damien Henault, managing director & partner, Forgepoint Capital International, said: "Multiverse sits at the intersection of the infrastructure and the application layers and has evolved from being the leading downstream LLM compression technology to becoming a complete AI foundry and Operating System. It is the only company we've seen that has both the technical foundation and the commercial traction to be that critical platform."