Agnostiq closes $6.1m seed extension round

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Agnostiq, the Toronto-based distributed computing startup, has secured $6.1m in seed extension funding.

The new funding will help to accelerate further development and commercialisation of its enterprise-grade quantum and high-performance computing (HPC) platform.

The additional growth financing 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 had previously raised $2 million in seed funding.

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 announced its AI supercomputer on the cloud, and Nvidia unveiled its specialised 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 Agnostiq’s Covalent are required to help enterprises unlock their full potential.

Commenting Oktay Goktas, CEO of Agnostiq, said that the funding would support the development of Covalent Cloud, the company’s commercial offering of Covalent, and would provide support to the open-source offering of Covalent.

Unlike many other platforms, Covalent has been 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.