The technological ecosystem is in a process of continuous evolution, which has helped to redefine many aspects of daily life. Especially if we start from the computer field, where technology and quantum computing have generated great changes in the financial world.
In this order of ideas, is a Basque company whose goal is to expand the horizon of the finance sector through affordable quantum computing solutions. Likewise, in order to achieve its goal, the Spanish company has recently closed one for €10 million. This investment has been led by JME Venturesand also with the participation of Quantonation, EASO Ventures, Inveready, CLAVE Capital (Mondragón Promotion Fund), Ikerlan, LKS, Penja Strategy, Seed Gipuzkoa and Ezten Risk Capital Fund.
This is Multiverse Computing
This technology company was founded in 2019 through the program Txekintek / Ekintzaile, a program to help entrepreneurs promoted by the Basque government–spri and the Provincial Council of Gipuzkoa. From here, Multiverse Computing has dedicated itself to developing its quantum computing business model. This particular type of computing is distinguished from the traditional one, by having a system of quantum algorithms. Which allow to address much more complex and deep tasks within the computational field.
In this way, the proposal of the company based in Guipúzcoa is to offer companies in the financial sector, solutions within this computer field that can be integrated into their work team without greater complexity. That is, they can be used by these companies without the need for prior knowledge about the use of quantum computers.
For this they have developed Singularity, a platform that allows industry professionals to use ultra-efficient quantum algorithms from a simple spreadsheet. This gives them the opportunity to tackle very complex problems, such as portfolio optimization or fraud detection. As stated by the Technical Director and one of the founders of the company, Sam Mugel, Ph.D.
“Thanks to our revolutionary Singularity® product, financial analysts can open a simple spreadsheet and directly use the algorithms running on a quantum computer to solve problems in ways that were previously out of their reach, all without requiring knowledge no programming or quantum computing experience.”
Multiverse Computing aims at globalization and diversification of its client portfolio
The company is currently considered one of the leading international companies in the application of quantum computing. Having as collaborating partners companies of the stature of IBM Y microsoftas well as large client banking institutions, such as BBVA, Bankia, Agricultural Credit–CACIB. This solid positioning is the product of its proposal for greater accessibility. As well as the human value that it has, with a team of experts from 10 nationalities, most of whom have a doctorate.
In this way, Multiverse Computing hopes to achieve a minimum of 24 international patents for quantum algorithms. With the goal of expand its patent portfolio to more than 150 in the coming years. On the other hand, the diversification of its business is also a point of focus, targeting new markets such as the Energy, mobility either smart manufacturing. All with an eye on globalization, which has already begun with its three international offices located in Toronto, Munich and Paris.
Finally, according to Enrique Lizaso Ph.D., CEO and co-founder of the company, his goal is to increase sales in the coming years.
«We expect to bill close to 100 million euros by 2027 with a work team of 100 people. We are a unique company in the field of quantum computing; while others are focused on improving the fundamental hardware and software components of quantum computers, we are very focused on leveraging the most advanced quantum devices available to deliver near-term value to the financial industry.”
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