Toronto based software launcher Agnostic Has mobilized 4 2.4 million CAD (US $ 2 million) seed rounds to upgrade its quantum computing base.
The round, which closed in December, was led by New York’s Differential Ventures and saw the participation of Scout Ventures, Tensile Venture Partners, Boost VC and Green Egg Ventures.
As for Differential and Boost, this is their second investment in the Toronto startup, as they previously offered Agnostic’s 1 million CAD (US $ 30,830,000) seed rounds.
Agnostic currently serves financial services companies in Canada and the United States.
In an interview, Elliott Magovan, co-founder and COO of Agnostic, decided to raise these rounds after finding some product drag and market opportunity.
“We had a fair product traction behind us and we saw that there was a clear opening in the market for the platform type solution we had,” McGowan told Betacit. Now, in the hands of new finance, Agnostic aims to help more corporate clients in the financial services industry develop quantum computing easily and securely in their workflows.
Founded in Agnostic 2018 by former McGowan from Bell Canada and trained by physicist CEO Octay Koktas. The startup aims to make quantum computing “as concise as possible” for end users. Agnostic currently serves financial services companies in Canada and the United States, including investment banks, commercial banks, hedge funds and asset management companies.
Introducing a quantum computing security software product in August 2019, McGowan said that in May 2019 Agnostic had become a full-time business. But after hearing from customers from the beginning that it needed apps to integrate with its security product, Agnostic began developing those apps in early 2020, and last summer, took the lead in delivering them.
Increased demand at the outset “may represent a broader interest in quantum computing,” McGowan said. [in the technology] From customers in financial services, in particular. ”
“We have seen a lot of people being hired for key positions on quantum research teams within banks, and we have also seen beautiful seniors from quantum computing companies go to top banks,” McGowan said. “It’s been a pretty profound change for us, even year after year.”
McGowan called quantum computing “very good for optimization” and “optimizes the problem wherever you find it, and exponentially, it’s generally a good fit for a quantum computing solution.”
“We understand that going to a bank and hiring these people and creating all of these applications is unrealistic.”
-Elliott McGowan, co-founder of COO + Agnostic
As for Agnostic, a good place to start financing. “We chose the fund because it was the right mix of complex issues, which were not properly measured, and [it’s] High value, ”the COO said.
“Taking applications and then developing them into quantum versions of these applications is incredibly research and intensive, so we thought it would make a lot of sense to get started in an industry,” he said.
According to McGowan, the biggest challenge most companies face today is, “You need a PhD to run these. [quantum computing] Machines உருவாக்க Aside from creating an app. ”
“We understand that it is unrealistic to go to a bank and hire these people and create all of these applications,” McGowan said. “So what we do is basically give them these applications, almost as ‘quantum computing-as a service’ so they can be easily plugged in and play with existing workflows and use them at a very concise level.”
The startup plans to grow its team by hiring more professional talent using the new capital, which Magovan refers to as “the most controlled resource now, mainly in quantum and PhDs”.
Agnostic currently has 10 employees, and the COO said the company will have up to 12 by the end of this month. McGowan said the startup plans to add three or four additional PhDs and two to three software engineers by the end of 2021.
The company feels it has developed strengths on the security side and plans to lean further on its site’s applications and workflow management side.
Going forward, McGowan said Agnostic’s short – term goals are to get its product, which has all the features and applications imagined, running on multiple cloud services. In the long run, the startup plans to continue to improve its base by adding more applications and layers.
Commenting on the current state of quantum computing, the COO said, “In the last two years I would say, I have seen a huge evolution on the hardware side but also on the algorithmic side.”
“It’s still in its infancy, but it’s very commercially viable,” McGowan added.
Photo by Agnostic co-founders COO Elliott Magovan and CEO Octay Koktas, courtesy of Agnostic