Agnostiq secures $2.4 million CAD to accelerate development of quantum computing software

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Toronto-based software startup Agnostiq has raised a $2.4 million CAD ($2 million USD) seed round to bolster its quantum computing platform. The round, which closed in December, was led by New York’s Differential Ventures, and saw participation from Scout Ventures, Tensility Venture Partners, Boost VC, and Green Egg Ventures. For Differential and Boost, it was their second investment in the Toronto startup, as they previously provided the majority of Agnostiq’s $1 million CAD ($830,000 USD) pre-seed round. Agnostic currently serves financial services organizations in Canada and the United States. In an interview, Elliot MacGowan, Agnostiq’s co-founder and COO, told BetaKit the company decided to raise the round after gaining some product traction and identifying a market opportunity. “We had a fair bit of product traction behind us and...

DataBank Deal Expands Funding Options for Colocation, Edge Computing

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The exterior of the DataBank SLC5 data center on the comp[any's Granite Point campus in Bluffdale, Utah. (Image: DataBank) A recent financing by DataBank breaks new ground in funding data center growth, and may help colocation and edge computing companies raise money using strategies previously limited to huge hyperscale deals. DataBank raised $658 million through the sale of secured notes, a strategy that allows companies to borrow funds at a lower rate using pools of assets and cash flow as collateral. Previous secured notes have been backed by wholesale data...

Quantum computing company D-Wave Systems secures $40M in government funding

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Burnaby, B.C.-based D-Wave Systems is getting $40 million from the federal government to help advance its efforts in the development of quantum computing. The funding comes from Ottawa’s Strategic Innovation Fund to support a $120 million project to advance D-Wave’s hardware and software. François-Philippe Champagne, Minister of Innovation, Science and Industry, speaks with the media during a virtual briefing March 11. “Quantum will help us quickly solve problems that would have otherwise taken decades,” said François-Philippe Champagne, Minister of Innovation, Science and Industry, told reporters during a virtual press briefing for the announcement. In a separate release, he added that the funding will “will help place Canada at the forefront of quantum technology development, and will create new jobs and opportunities to help...

D-Wave receives $40 million from federal government for quantum computing tech

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Burnaby, BC-based D-Wave Systems has secured $40 million from the Government of Canada to support its quantum computing systems and software. The funding is set to be announced Thursday afternoon by the recently appointed Minister of Innovation, François-Philippe Champagne. The $40 million in government funding comes in the form of Strategic Innovation Fund (SIF) financing. It will support a $120 million project D-Wave is working on to develop quantum computer hardware and software systems. The goal behind the government capital and project is to ensure Canada “remains at the forefront of quantum technology development” and help D-Wave prove the advantage of quantum technology over classical computers. The project has also received assistance from the Sustainable Development Technologies Canada program and the Government of British Columbia,...

Zapata Computing Announces $38 Million Funding for Series B

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BOSTON, Nov. 19, 2020 (GLOBE NEWSWIRE) -- Zapata Computing, Inc., the leading enterprise software company for NISQ-based quantum applications, today announced it has received $38 million in Series B funding, bringing the total investment to over $64 million. This funding round was led by Comcast Ventures, Pitango and Prelude Ventures, with the support of additional existing Series A investors, including BASF Venture Capital, Robert Bosch Venture Capital and The Engine, as well as the commitment of new investors, including Ahren Innovation Capital, Alumni Ventures Group, Honeywell Venture Capital, ITOCHU Corporation and Merck Global Health Innovation Fund. This financing testifies to the investors’ belief in the promise of quantum computing as well as Zapata’s significant progress since its Series A financing last year. In...