New Delhi, July 17 -- Quantum solutions provider QpiAI became the latest startup to announce funding under the National Quantum Mission (NQM), a Rs.6,000 crore initiative led by the Department of Science and Technology (DST). The Bengaluru-based firm announced on Thursday that it has completed a $32 million Series A funding round led by Avataar Ventures and NQM.

This funding will be utilised to accelerate the delivery of its utility-scale quantum computer and expand globally. To be sure, QpiAI has a full-stack quantum computer with proprietary hardware and software to deliver real-world quantum applications in materials science and drug discovery to several global enterprises.

"We have been able to achieve great traction in the commercialisation of NISQ (Noisy Intermediate State Quantum) computers in education, research, and algorithmic prototyping. Markets are ripe for utility-scale quantum computers with logical qubits, and we are leading efforts towards building these powerful systems," said CEO and founder Nagendra Nagaraja.

"QpiAI has demonstrated strong technical and commercial leadership with its functional quantum computing technology and real-world applications at large automotive and life sciences customers," Mohan Kumar, Managing Partner at Avataar Ventures said. "They are on a path to lead the quantum wave for emerging markets with their advanced full-stack technology.

The startup, which has $39 million in funding to date, engages with customers in the automotive and pharmaceutical sectors, along with handling a few government-led projects. QpiAI has received interest from regions such as Southeast Asia, the Middle East (UAE, Saudi, Qatar) and parts of Eastern Europe, a report by BusinessWorld showed.

Notably, in April, Bengaluru-based quantum cybersecurity startup QNu Labs became one of eight startups selected for funding under the NQM. As part of its Series A round, QNu Labs raised Rs.60 crore, with NQM contributing Rs.25 crore. The remaining Rs.35 crore came from existing and new investors, including Lucky Investment, Speciale Invest, Tenacity Ventures, and Singularity AMC.

Announced in 2023, NQM seeks to create a domestic ecosystem of quantum computing research and application development, including support to industries and startups working in this field.

Published by HT Digital Content Services with permission from TechCircle.