QpiAI India Pvt. Ltd. is looking to establish its home nation as a leading light in the field of quantum computing-based artificial intelligence after bagging $32 million in a Series A round of funding.

Today’s round was led by Avataar Ventures and saw participation from the Indian Department of Science and Technology’s National Quantum Mission, which is an initiative that aims to increase the country’s relevance in the nascent quantum computing industry.

Bangalore-based QpiAI wants to leverage the unique computational power of quantum computers to develop more sophisticated AI models and algorithms, and is focused on areas such as finance, logistics, healthcare and materials science.

To date, it has already developed a 25-qubit quantum computer, called QpiAI Indus, which can theoretically be scaled to more than 300 qubits by clustering multiple machines together. The startup says its system is built using superconducting qubits stored at sub-zero temperatures, which allows them to exhibit long coherence times, reducing the number of errors – which is a problem that plagues the quantum industry.

Qubits are the key to quantum computing. They’re like the “bits” found in traditional computers, but whereas the latter can only be a one or a zero, qubits can be a one, zero or both at the same time. This unique capability means they can process vastly more complex calculations, and do at speeds much faster than classical computers can ever hope to achieve.

QpiAI Indus is accessible to customers as a cloud service, and provides AI developers with a quantum-capable platform that’s combined with classical computers to perform much faster simulations and process data at unprecedented speeds. With these capabilities, it can dramatically accelerate the speed of research in areas like drug discovery and supply chain optimization.

The company is led by its founder and Chief Executive Nagendra Nagaraja, and is staffed by more than two dozen Ph.D.s from top universities in the U.S., Europe and India. The company has published an ambitious roadmap, with plans to scale its QpiAI computer from 25 to 64 qubits by the end of the year, then 128 qubits in 2027, and finally 1,000 by the end of 2028.

Nagaraja said the company has already seen impressive traction in its effort to commercialize Noisy Intermediate State Quantum computers in fields such as education and algorithmic prototyping. “The markets are ripe for utility-scale quantum computers with logical qubits, and we’re leading efforts towards building these powerful systems,” he said.

QpiAI will use the funds from today’s round to accelerate the delivery of its quantum computers and expand its services globally, Nagaraja continued.

In addition to building its machines and pursuing its commercial ambitions, QpiAI is also trying to position itself as a leader in education. It’s aiming to foster a new generation of Indian quantum computing experts, primarily by providing its research and tools to various academic institutions across the country.

That explains the interest of India’s National Quantum Mission and its decision to back the company to the tune of millions of dollars. NQM Chairman Ajai Chowdhry said QpiAI is playing a crucial role in fostering the country’s nascent quantum industry, which is seen as ripe for disruption. “We plan to continue to support home-grown product companies like QpiAI to help them expand into large enterprises and position India as a global leader in quantum technologies,” he said.

Whereas most technology industries seem to be dominated by U.S. companies, and increasingly, Chinese firms, the quantum sector has given birth to dozens of promising startups from far-flung nations, ranging from Austria to Australia to France to Spain and Japan. It’s a truly global industry that’s ripe with potential, for many believe that quantum machines may one day far surpass the capabilities of traditional computers. And if that happens, there could be billions if not trillions of dollars up for grabs.

“We plan to continue to support home-grown product companies like QpiAI to help them expand into large enterprises and position India as a global leader in quantum technologies,” he said.

Avataar Ventures Managing Partner Mohan Kumar expressed this viewpoint, saying that he believes quantum computers can “advance mankind beyond imagination,” and he believes that India is well placed to make it happen. In particular, he thinks QpiAI is well on the way to becoming a leader in quantum for emerging markets. “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,” he added.

Image: QpiAI