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

Agnostiq
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...

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

Feature quantum computing Quantum Information Science
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...