QpiAI, a quantum computing company, said it has raised $32 million in a Series A funding round led by venture capital firm Avataar Ventures and India's National Quantum Mission.

Current and new investors also participated in this funding round, it said in statement. 

Earlier in June 2024, the Bengaluru-based company had raised $6.5 million in its pre-Series A funding round, led by Yournest and SIDBI Venture Capital.

The fresh capital will be used to boost the delivery of its utility-scale quantum computer and for global expansion, said Nagendra Nagaraja, CEO and founder, QpiAI.

The startup, which was founded in 2019 by quantum physicist Nagaraja, says it is a platform that integrates AI and quantum models for extreme modeling, compute, and automation at scale.

QpiAI is one of eight startups selected by the National Quantum Mission. The mission, which was launched in 2023, is an Indian government initiative that sees quantum computing as both an economic opportunity and a national security imperative. Each startup selected by the mission received an initial grant of up to $3.5 million.

The global market for quantum computing is expected to grow from $1.79 billion in 2025 to $7.08 billion by 2030, growing at a CAGR of 31.64%, according to ResearchAndMarkets. It added that India’s domestic market is forecast to rise at a 22.9% CAGR during the same period.