QpiAI secures $5.19M in debt from InnoVen Capital
What's the deal? QpiAI, a Bengaluru-based quantum computing and artificial intelligence startup, has raised US$6.79M (roughly $5.19 million) in debt funding from InnoVen CapitalDealroom has a profile for this one. Try Dealroom →. Its board approved issuing 5,000 non-convertible debentures at a face value of US$1.36K each, per a filing with the Registrar of Companies.
The terms: The debentures carry a 13.85% annual coupon rate and mature by December 1, 2028. QpiAI has not said how it will use the proceeds.
What's the endgame? Founded in 2019 by Nagendra Nagaraja, QpiAI builds proprietary quantum hardware and software for enterprises across drug discovery, manufacturing, finance, pharma, and materials science. It has developed a 25-qubit quantum computer and is working towards a 64-qubit system, with a roadmap to reach 1,000 qubits by 2030.
The money trail: The startup raised $32 million (around US$37.9M) in a Series A round in July 2025, led by Avataar VenturesDealroom has a profile for this one. Try Dealroom → and the National Quantum MissionDealroom has a profile for this one. Try Dealroom →. That round valued it at roughly $215 million, per Entrackr's estimate.
By the numbers: QpiAI has yet to file its FY26 financials. In the year ended March 2025, it stayed pre-revenue, with operating revenue of around US$271.6K and losses widening to US$2.26M.
The signal: A deeptech startup still at the pre-revenue stage turning to debt rather than equity points to confidence in its backing — and to the appetite of lenders like InnoVen for India's nascent quantum sector.
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Image credit: IBM Research
