Agnostiq, a Toronto, Canada-based distributed computing startup, announced that it secured $6.1 million in seed extension funding to accelerate further development and commercialization of its enterprise-grade quantum and high-performance computing (HPC) platform.
The additional round was led by Differential Ventures, with follow-on participation from Scout Ventures, Tensility Venture Partners, Green Egg Ventures, and Rob Granieri, Principal at Jane Street Capital. The company previously raised $2 million in seed funding.
The investment represents continued progress in the quantum software ecosystem and the company's rapid growth as a leading player in quantum and HPC.
"We're grateful to have investors who believe in our mission of democratizing access to the world's most advanced computing technologies and share our commitment to building a company at the forefront of this important movement," says Oktay Goktas, CEO of Agnostiq. "The funding will support the development of Covalent Cloud, our commercial offering of Covalent, and will provide valuable support to the open-source offering of Covalent."
Unlike other platforms, Covalent is designed for heterogeneous workflows that cut across clouds, on-premises clusters, and even hardware paradigms (classical vs. quantum). It is designed to reduce the cost and the operational complexity created by combining these powerful new technologies.
Company: Agnostiq, Inc.
Round: Seed Round Extension
Funding Month: April 2023
Lead Investors: Differential Ventures
Additional Investors: Scout Ventures, Tensility Venture Partners, Green Egg Ventures, and Rob Granieri
Company Website: https://agnostiq.ai/
Software Category: Quantum Software
About the Company: Founded in 2018 by Oktay Goktas and Elliot MacGowan, Agnostiq is one of a handful of available SaaS-based quantum solutions hosted on the cloud. Agnostiq develops software tools that make quantum and high-performance computing resources more accessible to enterprises and developers. Along with its algorithmic research, Agnostiq is developing Covalent, an open-source workflow orchestration platform designed to help users manage and execute tasks on heterogeneous compute resources. The company is on a mission to democratize access to the world’s most advanced computing resources, including quantum computers, GPUs, multi-core CPUs, and more.