QpiAI Raises ₹50 Crore Debt from InnoVen Capital to Scale Quantum Computing

QpiAI Secures ₹50 Crore Debt Financing

Bengaluru-based deeptech startup QpiAI has raised ₹50 crore (500,000,000 INR) in debt financing. The round was led by InnoVen Capital.

What QpiAI Does

QpiAI builds full-stack quantum computing and AI systems. Founded in 2019 by Nagendra Nagaraja, the company develops superconducting quantum computers alongside AI software platforms applied in drug discovery, manufacturing, finance, pharma, and materials science.

The company has rolled out a 25-qubit system, QpiAI-Indus, described as the first full-stack superconducting quantum computer in India. It has also developed a 64-qubit processor, Kaveri, with commercial availability targeted for late 2026.

In 2026, QpiAI opened its own quantum chip foundry in Bengaluru to control fabrication end to end. The company has a roadmap to a 1,000-qubit system by 2030.

Deal Details

• Company: QpiAI
• Headquarters: Bengaluru, India
• Founded: 2019
• Founder: Nagendra Nagaraja
• Round: Debt
• Amount: ₹50 crore (500,000,000 INR)
• Lead Investor: InnoVen Capital
• Investors: InnoVen Capital
• Funding Date: October 5, 2026

Prior Backing

QpiAI's backers include Avataar Ventures and the National Quantum Mission, which co-led its $32 million Series A in 2025 at a valuation reported around Rs 2,050 crore.

Why It Matters

QpiAI's vertically integrated approach — spanning quantum hardware, AI software, and in-house chip fabrication — positions it as a notable player in India's quantum computing ecosystem. The debt financing from InnoVen Capital provides additional capital as the company advances its processor roadmap and prepares for commercial availability of its 64-qubit Kaveri processor.

The opening of a dedicated quantum chip foundry in Bengaluru reflects a strategy to control fabrication end to end, which could support both near-term product milestones and the longer-term goal of a 1,000-qubit system by 2030.