The funding round is projected to assess the company at greater than €1.5 billion, with fresh backers participating in the transaction, according to undisclosed sources. The closure of this financial deal is anticipated during the first six months of the year.
Multiverse Computing opted not to provide a statement.
Established in 2019 and headquartered in San Sebastian, Spain, the firm aims to render AI implementation less costly and more streamlined for enterprises by diminishing the dimensions of extensive language models, thereby cutting down on their energy and computing resource utilization. This capital raise is set to elevate Multiverse Computing to the status of a European AI unicorn, boasting a valuation exceeding $1 billion.
Despite anxieties surrounding a potential “bubble”, investors persist in aggressively funding such businesses, wagering on the continued proliferation of AI. European investment vehicles, precluded from investing in American entities such as OpenAI, retain the prospect of reaping benefits from European-based teams that are developing dependable models, software, and applications.
Insiders reveal that Multiverse Computing achieved annual recurring revenue (ARR) of €100 million as of January. ARR, frequently derived by multiplying monthly subscription revenue by 12, serves as a metric for gauging startup expansion.
The company anticipates amplified demand for more resourceful AI models, spurred by the construction of novel “gigafactories” dedicated to AI production within Europe, coupled with the incorporation of this technology into devices ranging from satellites and drones to mobile phones.
Multiverse Computing is likewise poised to leverage the heightened interest in quantum computation. The startup’s team comprises experts in computer science and quantum physics, and the corporation is collaborating with “leading quantum hardware manufacturers” to engineer software solutions.
Quantum computers encode information using qubits, as opposed to the bits utilized by conventional computers, and are crafted to resolve specific problems at an accelerated pace. It is anticipated that functional quantum computers and their applications will not emerge for a minimum of 5–10 years.
Multiverse Computing’s current investors encompass HP Tech Ventures, Forgepoint Capital, CDP Venture Capital, and SETT, the digital investment entity of the Spanish government.
Source: Bloomberg