Multiverse Computing Chases €500m Round Amid AI Efficiency Push

Spanish scaleup Multiverse Computing is targeting a €500m Series C round at a post-money valuation of €2bn. The funding will be one of the largest ever secured by a Spanish private tech company and co-led by US investor Forgepoint Capital, UK-based Bullhound Capital, and French bank BNP Paribas's climate-focused Solar Impulse Venture Fund.

The round includes commitments from the European Innovation Council (EIC) Fund, Spanish state-owned investor SETT, the Qatar Development Bank, and NAVentures, the corporate venture arm of the National Bank of Canada. Santander Alternative Investments, HP Inc, and Orange Ventures are also backing the round.

Multiverse has developed a technology called CompactifAI that leverages quantum physics to compress large AI models by up to 95% with little accuracy loss. This allows customers to use smaller compute resources, making it more efficient for them to run AI models.

The company's compressed models are embedded in devices such as drones, cameras, satellites, vehicles, and telecom infrastructure. Multiverse currently has over 100 customers across Europe and North America, including the Bank of Canada, German multinational Bosch, Spanish telecoms company Telefónica, and insurer Allianz.