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(Bloomberg) — Multiverse Computing SL, a Spanish artificial intelligence software company, is in discussions to raise about €500 million ($595 million) in fresh funding, according to people familiar with the matter.
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The round is expected to value the company at more than €1.5 billion, the people said, asking not to be identified as the information is private. The financing is expected to complete during the first half of the year and will bring in new backers, one of the people said.
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Multiverse Computing declined to comment.
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San Sebastian, Spain-based Multiverse Computing was founded in 2019 and aims to make the rollout of AI cheaper and more efficient for enterprises, shrinking large language models so they consume less energy and computing power.
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The round would add Multiverse Computing to Europe’s growing ranks of AI unicorn startups valued above $1 billion. Investors are still racing to back these companies, even as they voice concerns about a bubble, as they bet on continued adoption of AI. Funds on the continent that can’t back US players such as OpenAI still have a chance at making good returns from European teams building credible models, software businesses and applications.
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Multiverse Computing’s annual recurring revenue, an indicative metric used by software startups to demonstrate growth, reached €100 million in January, two of the people said. ARR is often calculated by a startup taking one month’s recurring revenue, such as subscriptions, and multiplying it by 12.
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The company is banking on growing demand for more efficient AI models, driven by the construction of new AI “gigafactories” in Europe, plus the implementation of the technology on devices ranging from satellites and drones to phones.
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Multiverse Computing is also positioning itself to ride the wave of current interest in quantum computing. The startup’s team includes computational scientists and quantum physicists, and it says it has partnered with “major quantum hardware manufacturers” for software development.
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Quantum computers encode data in qubits, rather than the bits used in classical computing, with the goal of solving certain problems faster than conventional machines. Useful quantum computers and applications are thought to be at least five or 10 years away.
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Multiverse Computing’s existing investors include HP Tech Ventures, Forgepoint Capital, CDP Venture Capital, and the Spanish government’s digital investment holding company SETT.
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