Inside Quantum Technology

Agnostiq raise $6.1M in seed extension funding

Toronto-based distributed computing startup Agnostiq has raised $6.1 million in seed extension funding 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, which developed the open-source workflow orchestration platform Covalent, previously raised $2 million in seed funding, which was announced back in May 2021.

The funding comes days after Nvidia announced its DGX Quantum platform, which was just the latest evidence of how cloud providers are investing heavily in high-performance computing (HPC) systems to power the next generation of AI applications. As more workloads require HPC, and as new computing modalities such as quantum become a major part of HPC, tools like Covalent, which supports the classical/quantum hybrid computing paradigm, are required to help enterprises unlock their full potential, Agnostic said.

“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.”

Oktay Goktas, CEO of Agnostiq, said, “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.”

Dan O’Shea has covered telecommunications and related topics including semiconductors, sensors, retail systems, digital payments and quantum computing/technology for over 25 years.

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