Agnostiq, Inc., a Toronto, Canada-based quantum computing SaaS startup, raised $2m in seed funding.
The round was led by Differential Ventures, with follow-on participation from Scout Ventures, Tensility Venture Partners, Boost VC, and Green Egg Ventures.
The company intends to use the funds for continued development of its software platform.
Co-founded by CEO Oktay Goktas and COO Elliot MacGowan in 2018, Agnostiq is an interdisciplinary team of physicists, computer scientists, and mathematicians with the shared aim of using technology to build practical applications for industry. The company combines quantum applications, privacy tools, and support for all of the latest quantum hardware into a platform designed to help organizations solve mission critical tasks.
The platform is comprised of three main technologies that make it easier for enterprises to build their own quantum computing applications:
- Workflow management tools for non-experts to access, submit and scale jobs on hybrid quantum computers
- Privacy and quantum obfuscation tools that keep workloads private while they are run over the cloud
- Pre-built applications such as Portfolio Optimization and Options Pricing and their underlying algorithms that can be used by beginners and experts (with different levels of functionality for each)