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Quantum computing and AI firm QpiAI secures Rs 50 Cr debt financing from InnoVen Capital

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Quantum computing and AI firm QpiAI secures Rs 50 Cr debt financing from InnoVen Capital

Quantum computing and artificial intelligence company QpiAI has secured Rs 50 crore in debt financing from InnoVen Capital India Fund II, with the Bengaluru startup allotting 5,000 Series B non-convertible debentures to the fund, per RoC filings.

The debentures have a face value of Rs 1 lakh each, carry a 13.85% annual coupon, and are secured. The transaction was approved by QpiAI’s board on August 28.

The transaction adds debt alongside QpiAI’s earlier equity fundraising. The company had raised $6.5 million in a pre-Series A round in June 2024, led by YourNest and SIDBI Venture Capital, followed by a $32 million Series A in July 2025 led by Avataar Ventures and the National Quantum Mission. That puts its disclosed equity funding at $38.5 million before the latest debt round.

Companies typically use venture debt to add capital without issuing new shares, thereby limiting ownership dilution for founders and existing investors. It can also provide additional runway between equity rounds and help finance growth while a company works towards commercial milestones.

The financing comes as QpiAI pushes further into quantum hardware and software. However, the company has not disclosed a specific use for the Rs 50 crore proceeds in the board resolution; so the funds cannot be tied to a particular project.

Founded in 2019, QpiAI develops vertically integrated quantum systems and AI platforms for areas including drug discovery, materials science, manufacturing, logistics and finance. It launched its 25-qubit QpiAI-Indus system in 2025 and subsequently unveiled a 64-qubit processor.

The company has previously stated its goal to move quantum technology beyond experimentation and towards commercial use.


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