Spain's first AI startup to reach unicorn status
From the Basque Country, a seven-year-old startup is asking whether Spain is ready to crown its first artificial intelligence unicorn. Multiverse Computing, armed with technology that can compress the computational weight of AI models by ninety-five percent, is seeking €500 million at a €1.5 billion valuation—a milestone that would mark a new chapter in European tech ambition. The round, guided by JP Morgan and EY, has drawn the quiet attention of Spain's largest banks, who are learning that in the age of AI, the line between using a technology and owning a piece of it is one worth crossing.
- Multiverse Computing is racing toward a July deadline to secure investor commitments, with capital expected to flow in the second half of 2026.
- Spain's major banks—BBVA, Santander, and Sabadell among them—are circling the deal, but their due diligence lags behind technology funds already deeper in the process.
- The company's CompactifAI software cuts AI model size by up to 95%, making it a rare efficiency play in a sector where infrastructure costs are spiraling upward.
- Spanish banks are not just customers of AI anymore—they are building venture arms and taking equity stakes to stay close to the technology shaping their industry.
- If the round closes as planned, it would validate a maturing Spanish venture capital ecosystem willing to back billion-euro technology bets on home soil.
Multiverse Computing, a Basque AI startup founded in 2019 out of an innovation hub in Gipuzkoa, is preparing what could be a landmark moment for Spanish technology. The company has engaged JP Morgan and EY to lead a €500 million funding round at a €1.5 billion valuation—a figure that would make it Spain's first AI unicorn. Investor commitments are expected by July, with capital arriving in the second half of the year.
The company's core product, CompactifAI, tackles one of AI's most pressing problems: the enormous computational and energy cost of running advanced models. By compressing those models by as much as 95 percent, Multiverse offers both efficiency and speed at a moment when AI infrastructure costs are climbing steeply. The firm already received €59.2 million in public backing through Spain's state technology entity SETT last year.
The round has attracted technology funds and corporate investors, while several of Spain's largest banks—including BBVA, Santander, and Sabadell—are studying whether to participate. Their interest remains cautious and preliminary, with some weighing secondary market entry or future rounds instead. Only two banking-connected entities, the Kutxa Foundation and Santander Climate VC, currently hold stakes in the company.
The broader banking sector's engagement with AI is already deep. Santander projects €1 billion in efficiency gains from AI over four years. BBVA has partnered with OpenAI and Google, with over half its workforce using these tools and 8,000 active use cases identified. Banks are also building dedicated venture vehicles—BBVA Spark, Sabadell's BS Startup, and others—to invest in emerging AI firms, seeking both strategic insight and financial upside.
Multiverse's CEO, Enrique Lizaso, spent two decades in traditional banking before moving into AI, a biography that mirrors the convergence his company now embodies. Should the round close as planned, it would signal not only that Spanish venture capital has grown bold enough for billion-euro technology bets, but that the country's financial establishment has begun to see AI as an investment frontier, not merely an operational tool.
Multiverse Computing, a Basque artificial intelligence company founded in 2019, is preparing to test whether Spain's financial markets are ready to back a homegrown tech unicorn. The firm has enlisted JP Morgan and EY to orchestrate a €500 million funding round that would value the company at €1.5 billion—a threshold that would make it Spain's first AI startup to reach that rarified status. The company expects to secure investor commitments by July, with capital flowing in during the second half of the year.
The startup emerged from BIC Gipuzkoa, an innovation hub in the Basque region, and has built its business around quantum-enabled artificial intelligence. Its flagship product, CompactifAI, addresses a fundamental problem in modern AI: the sheer computational weight of advanced models. The software can compress AI models by as much as 95 percent, reducing both the energy required to run them and the latency users experience. In a landscape where AI infrastructure costs are climbing steeply, this kind of efficiency technology has obvious appeal. Last year, Multiverse received €59.2 million in public investment through Spain's state-backed technology transformation entity, SETT.
The funding round has attracted interest from technology funds and corporate investors eager to gain exposure to AI development. Several major Spanish banks are also analyzing whether to participate, though their interest remains preliminary compared to investors from other sectors who are already deeper into due diligence. The banking community's hesitation may reflect the fact that many of Spain's largest financial institutions are still in the early stages of evaluating the company. Some are considering whether to join now, others are weighing whether to wait for secondary market opportunities or future funding rounds. Still others are simply gathering intelligence on a technology that could reshape their own operations.
The banking sector's broader interest in AI is unmistakable. Santander has publicly stated it expects to realize €1 billion in efficiency gains from artificial intelligence and related technologies over the next four years, through both cost reduction and new revenue streams. BBVA has struck global partnerships with OpenAI and Google, and reports that more than half its workforce now uses these tools regularly. The bank has identified 8,000 active use cases for AI across its operations, with 700 deemed strategically significant. Unicaja has contracted with Nvidia and Deloitte to deploy AI solutions, including a voice-enabled virtual assistant. These initiatives span the entire banking sector.
Yet investment in AI goes beyond operational efficiency. Banks are increasingly positioning themselves as equity investors in emerging AI companies for two reasons: to gain intimate knowledge of how the technology develops, and to capture financial upside if those companies succeed. Several Spanish banks maintain dedicated venture capital vehicles for this purpose. BBVA operates BBVA Spark; Sabadell runs BS Startup; CriteriaCaixa manages both Caixa Capital Risc and Criteria Venture Capital; Kutxabank oversees Indar; and Fundación Unicaja operates Fundatia. So far, only two banking-connected entities hold stakes in Multiverse: the Kutxa Foundation and Santander Climate VC, both of which invested in 2025.
Multiverse's CEO, Enrique Lizaso, brings banking experience to the role. He spent two decades at Caixa d'Estalvis de Terrassa before moving to Unimm, an institution born from the merger of three regional savings banks including Terrassa, which was eventually absorbed into BBVA. His background underscores how closely the worlds of traditional finance and AI innovation are beginning to intertwine in Spain. If Multiverse closes this round as planned, it would signal not only that Spanish venture capital has matured enough to back billion-euro technology bets, but also that the country's banking establishment sees AI not merely as a tool to optimize their own businesses, but as an investment frontier worth pursuing.
Notable Quotes
Santander expects to realize €1 billion in efficiency gains from artificial intelligence and related technologies over four years— Santander's strategic plan
BBVA has identified 8,000 active use cases for AI across its operations, with 700 deemed strategically significant— BBVA
The Hearth Conversation Another angle on the story
Why does it matter that this is a Spanish company reaching for unicorn status? Isn't AI funding happening everywhere?
It does happen everywhere, but Spain hasn't produced a homegrown AI unicorn yet. This would be the first. It signals that Spanish founders and investors believe they can compete at the highest level, not just follow along.
What makes Multiverse's technology different from other AI companies?
They're focused on compression—making AI models smaller and more efficient. That's not as flashy as building the next big language model, but it's practical. Every company running AI at scale needs this problem solved.
Why are banks so interested in investing if they're already using AI internally?
Because they want to own a piece of the upside. If Multiverse succeeds, the bank profits. But also, by investing early, they get a window into how the technology is evolving. It's strategic positioning, not just financial return.
The article mentions that banking interest is still preliminary. Does that mean they might not actually invest?
Some will, some won't. The preliminary stage means they're still deciding. But the fact that major banks are even analyzing it seriously suggests the round will likely close. The real investors from other sectors are already further along in their decision-making.
What happens if Multiverse doesn't reach €1.5 billion valuation?
Then it's still a successful company, just not a unicorn. The valuation is a milestone, not a measure of whether the technology works or the business is sound. But reaching it would be symbolically important for Spain's tech ecosystem.