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Multiverse Computing SL, based in San Sebastian, Spain, is negotiating to raise €500 million, which would value the AI firm at more than €1.5 billion. The financing round is anticipated to close in the first half of the year and will attract new backers.

The company reported €100 million in annual recurring revenue as of January. Founded in 2019, Multiverse aims to make AI deployment more efficient and is leveraging interest in quantum computing. Existing investors include HP Tech Ventures, Forgepoint Capital, CDP Venture Capital, and SETT.