The funding from the European Innovation Council is comprised of an equity investment of €10 million with and a grant of €2.5 million. It is the first award the council has made to a quantum software company. This follows a €10 Million ($11.5M USD) seed round that Multiverse received in October as well as the August release of their flagship Singularity software product. Multiverse is focused on providing software that can help provide solutions to various finance related problems including portfolio optimization, capital allocation, fraud detection and risk management. Multiverse will be using some of the funds to further develop its Monte Carlo asset valuation engine, as well as derivative evaluation capabilities and stress test tools for financial institutions and central banks. It will also use some of the funds to hire more staff and to expand to additional new vertical markets. The company is among the largest quantum software companies in Europe and currently has about 35 employees. For more about this funding, you can find a news release provided by Multiverse available here.

December 17, 2021