December 17, 2024 -- Quantum technology startup Quanfluence has raised $2 Mn (around INR 16.65 Cr) in a seed funding round led by pi Ventures.

The round also saw participation from Golden Sparrow and Quantum Ecosystems and Technology Council of India (QETCI) founder Reena Dayal.

The Bengaluru-based startup plans to deploy the fresh proceeds to scale up its near-term products and accelerate development of its quantum computer.

Founded in 2021 by Sujoy Chakravarty, Ravi Mehta, Biman Chattopadhyay, Anil Prabhakar, Aditi Vaidya and Sandeep Goyal, Quanfluence develops photonics-based quantum and quantum-inspired solutions. The startup was incubated at the IITM Incubation Centre.

Quanfluence’s core technology includes an optical Ising machine that uses light waves as computational units. The system can process hundreds of interconnected variables simultaneously, making it 100x faster than traditional optimisation methods.

The startup’s current system can handle 128 interconnected variables, processing about 10K permutations. It is now testing an advanced version capable of processing 10-25 Mn permutations, scheduled for release next quarter.

“This funding enables us to enhance our photonic-based technologies, scale the optimiser, and accelerate the development of our general-purpose quantum computer,” Chakravarty said.

The technology can be applied to complex optimisation problems in financial risk management, logistics, workforce scheduling, and delivery route optimiSation.

Shubham Sandeep, managing director at pi Ventures, said, “Their photonic-based technology holds the potential to transform industries by addressing complex optimiSation challenges where classical computing falls short.”

The investment comes at a time when quantum technology is gaining significant attention in India. Last year, quantum cybersecurity startup QNu Labs raised $6.5 Mn in its pre-Series A1 round led by Ashish Kacholia of Lucky Investments, marking the largest private investment in an Indian quantum technology startup.

The sector has received strong government backing through the National Quantum Mission (NQM), which was approved in 2023 with an allocation of INR 6,003.65 Cr until 2031. The Mission is now set to provide grants ranging from INR 10-50 Cr to 10-15 quantum technology startups to help them scale globally, according to NQM governing body chairman Ajai Chowdhury.