Backers pump extra $6m into quantum high-performance start-up

Backers pump extra $6m into quantum high-performance start-up

Oktay Goktas.jpg

Another quantum computer company has raised US$6.1 million in seed extension funding.

Agnostiq, based in Toronto, said the money will be used to accelerate further development and commercialisation of its enterprise-grade quantum and high-performance computing (HPC) platform.

Oktay Goktas (pictured), 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.”

Agnostiq says its “products are cloud native and are designed to meet the unique challenges of quantum and high performance computing at scale”. Its team is distributed across Canada and the US.

The company previously raised $2 million in seed funding. Differential Ventures led the additional growth financing.

David Magerman, managing partner at Differential Ventures, said: “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.”

He said quantum computing is “one of the most transformative technologies of our time”.

Agnostiq said that, unlike other platforms, Covalent is designed for heterogeneous workflows that cut across clouds, on-premises clusters, and even hardware paradigms – classical versus quantum. It is designed to reduce the cost and the operational complexity created by combining these powerful new technologies, the company added.

Goktas said: “We’re grateful to have investors who believe in our mission of democratising access to the world’s most advanced computing technologies and share our commitment to building a company at the forefront of this important movement.”

Gift this article