Agnostiq Closes $6.1 Million Seed Extension Round

The investment represents continued progress in the quantum software ecosystem and the company's rapid growth as a leading player in quantum and HPC.

TORONTO, ON / ACCESSWIRE / April 5, 2023 / Agnostiq, Inc., the Toronto-based distributed computing startup, today announced it has 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 growth financing is 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.

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

The funding comes at a time when major hardware and cloud providers are investing heavily in HPC systems to power the next generation of AI applications. AWS recently enabled larger scale cloud HPC workloads, while Microsoft recently announced its AI supercomputer on the cloud, and Nvidia announced its new specialized DGX Quantum system, a major step towards quantum-accelerated supercomputing. As more workloads require HPC, and as new computing modalities such as quantum become a major part of HPC, tools like Covalent are required to help enterprises unlock their full potential.

"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.

ABOUT AGNOSTIQ INC.:

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.Learn more at www.agnostiq.ai or www.covalent.xyz.

MEDIA CONTACT:

Nina Pfister, MAG PR at nina@mooringadvisorygroup.com; T: 781-929-5620.

SOURCE: Agnostiq, Inc.