Agnostiq nets $2M in a Differential Ventures led seed round funding

SaaS News -Agnostiq-Secures-$2M-Round(source: SaaS Industry)
At a Glance

Toronto, Canada-based Agnostiq Inc. has raised $2 million in a seed round led by Differential Ventures to continue developing its quantum computing software platform. The round, which had closed in December, witnessed participation from Scout Ventures, Tensility Venture Partners, Boost VC, and Green Egg Ventures.

For Differential Ventures, this marks their second investment in the software startup after they led an $830k investment in a pre-seed round. According to Agnostiq’s co-founder and COO, Elliot MacGowan, as quoted by betakit, the proceeds shall be used in growing the team and in hiring more expert talent (PhDs mainly), which he cites as the most constrained resource in quantum computing.

Founded in 2018 with the aim of making quantum computing “as abstract as possible” for end users, Agnostiq is an “interdisciplinary team” comprising physicists, computer scientists, and mathematicians, all with the aim of using technology to build practical applications for industry. They combine quantum applications, privacy tools, and support for all of the latest quantum hardware into one platform to help organizations solve critical tasks in their mission.

With quantum computing positioned well to create a transformative impact in the coming years, it remains majorly inaccessible to the enterprise due mainly to the novelty of the technology and the high level of expertise required to build applications, as per reports. But, Agnostiq is empowered by three main technologies, which make it easier for enterprises to build their own quantum computing applications. 

They are Workflow management tools for non-experts to access, submit and scale jobs on hybrid quantum computers; privacy and quantum obfuscation tools to keep workloads private as they are run over the cloud; and pre-built applications that can be used by beginners and experts. 

Our goal is to help clients build quantum computing into their workflows sooner by making it more practical, more accessible, and more secure

David Magerman, Managing Partner and CTO at Differential Ventures

Quantum computers are inevitable, and their game-changing nature makes it imperative that businesses invest in developing in-house expertise. Agnostiq’s tools address key challenges when it comes to developing proprietary research in the space, which is ultimately what led us to invest.

David Magerman, Managing Partner and CTO at Differential Ventures
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