Quantum Computing

Agnostiq Closes $6.1 Million Seed Extension Round

Insider Summary

  • Agnostiq announced it has secured $6.1 million in seed renewal funding.
  • Differential Ventures led additional funding.
  • Company officials report that the additional funding will “accelerate the further development and commercialization of enterprise-grade high-performance and quantum computing (HPC) platforms.”

PERS CONFERENCE – Agnostic, Inc., a Toronto-based distributed computing startup, today announced it has secured $6.1 million in seed funding to accelerate the further development and commercialization of its enterprise-grade quantum and high-performance computing (HPC) platforms. Additional growth financing led by Differential Businesswith the continued participation of Scouting Business,Tension Business Partners,Green Egg Business and Rob Granieri, Principal at Jane’s Street capital. The company previously raised $2 million in seed funding.

“We are excited to support Agnostiq in shaping the future of high-performance and quantum computing and contributing to one of the most transformative technologies of our time,” said David Magerman, Managing Partner at Differential Ventures. “Covalent, Agnostiq’s open source workflow orchestration platform, helps customers unify access to their cloud and on-premises HPC resources, while making it easier for them to integrate new computing paradigms into their stacks, such as quantum computers and other specialized hardware.”

Funding comes at a time when major hardware and cloud providers are investing heavily in HPC systems to support the next generation of AI applications. AWS was recently activated HPC cloud workloads scale even more, as Microsoft recently announced Supercomputer AI in the cloudand Nvidia announced its new specialization DGX Quantum System, a major step toward quantum-accelerated supercomputers. As more and more workloads require HPC, and as new computing modalities such as quantum become a major part of HPC, tools like Covalent are needed to help companies unlock their full potential.

“We are grateful to have investors who believe in our mission to democratize access to the world’s most advanced computing technologies and share our commitment to building the company at the forefront of this important movement,” said Oktay Goktas, CEO of Agnostiq. “Such funding will support the development of Covalent Cloud, our Covalent commercial offering, and will provide valuable support for Covalent’s open source offering.”

Unlike other platforms, Covalent is designed for heterogeneous workflows across clouds, on-premises clusters, and even hardware paradigms (classical vs. quantum). It is designed to reduce costs and the operational complexity created by incorporating this powerful new technology.

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