Multiverse Computing targets €500m Series C round at €2bn valuation

Multiverse Computing, a Spanish scaleup specializing in reducing the computational demands of large AI models, is reportedly targeting a €500 million Series C funding round. The company aims for a post-money valuation of €2 billion, which would qualify it as a unicorn.

The funding round, co-led by US investor Forgepoint Capital, UK-based Bullhound Capital, and France's BNP Paribas Solar Impulse Venture Fund, is expected to be one of the largest ever for a private Spanish tech company. Other investors include the European Innovation Council (EIC) Fund, Spanish state-backed SETT, and Qatar Development Bank.

Multiverse has developed a technology called CompactifAI, which uses a method inspired by quantum physics to compress large AI models, such as large language models (LLMs) from companies like OpenAI. According to the company, this technology can reduce model size by up to 95% with minimal loss of accuracy, significantly decreasing the need for computational resources and enabling greater efficiency.

The company claims its compressed models can operate at full performance without relying on the extensive infrastructure typically provided by hyperscale cloud providers. "The AI industry has accepted a false constraint for years — that powerful models require expensive infrastructure. That constraint is gone," stated co-founder and CEO Enrique Lizaso. "We have proven that AI can run at full performance on a smartphone, inside a sovereign data center, on a factory floor with no cloud connection."

Multiverse reports having over 100 customers across Europe and North America in sectors including manufacturing, finance, energy, aerospace, and cybersecurity. The new capital is intended to expand its library of compressed models, accelerate R&D, and support international expansion into Asia, the Middle East, and North America.