Multiverse Computing, the Spanish scaleup building tools to reduce the compute requirements of large AI models, has announced it is targeting a €500m Series C at a post-money valuation of €2bn.
The round, which is still open, will be one of the largest fundraises ever secured by a Spanish private tech company. It is co-led by US investor Forgepoint Capital, UK-based Bullhound Capital and French bank BNP Paribas’s climate-focused Solar Impulse Venture Fund (SIVF).
It 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, which is in its final stages but still open to additional strategic investors.
It will bring total funding raised by Multiverse to more than €700m and comes just over a year after the Spanish scaleup secured a $215m (€190m) Series B.
What does Multiverse do?
Headquartered in Donostia in Spain, Multiverse has developed a technology dubbed CompactifAI, which leverages a methodology inspired by quantum physics to compress large AI models.
According to the company, CompactifAI can reduce the size of large-language models (LLMs), such as those released by US giant OpenAI, by up to 95% with little accuracy loss. The compressed models require fewer compute resources, enabling significant efficiency gains for customers.
This means Multiverse’s models don’t require access to the large-scale infrastructure provided by US hyperscalers. “The AI industry has accepted a false constraint for years — that powerful models require expensive infrastructure," said cofounder and CEO Enrique Lizaso in a statement. "That constraint is gone.”
“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."
The company says its models are embedded in devices like drones, cameras, satellites, vehicles and telecom infrastructure.
Multiverse is also building a platform to help customers deploy the right model for each workload in a more efficient way, bringing together model compression, GPU management, AI services and control systems.
Commercialisation
Multiverse says it currently counts more than 100 customers across Europe and North America, in fields such as manufacturing, finance, energy, aerospace, cybersecurity, defence and the life sciences.
Customers range from the Bank of Canada to German multinational Bosch, through Spanish telecoms company Telefónica and insurer Allianz.
Lizaso previously told Sifted in an interview that Multiverse is set to achieve €200m in annual recurring revenues in 2026. The company says it has grown annualised revenue more than 10x compared to the same time last year.
The fresh injection of capital will help Multiverse grow its library of compressed models while accelerating research and development (R&D) efforts. The company also plans to invest in AI infrastructure, and to grow its presence in Asia, the Middle East and North America.
