Apr 11, 2023

Agnostiq – a Toronto-based distributed computing startup – 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. This 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 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. And 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 – which is a major step towards quantum-accelerated supercomputing. And 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. Unlike other platforms, Covalent was designed for heterogeneous workflows that cut across clouds, on-premises clusters, and even hardware paradigms (classical vs. quantum). And it is designed to reduce the cost and the operational complexity created by combining these powerful new technologies. KEY QUOTES: “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. 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.” — David Magerman, Managing Partner at Differential Ventures “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. 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.” — Oktay Goktas, CEO of Agnostiq Trending on Pulse 2.0