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Startup Funding: May 2021

Startup Funding: May 2021
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Agnostiq secures $2.4 million CAD to accelerate development of quantum computing software

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

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Agnostiq Raises $2M in Seed Funding

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. ....

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Deeplite Raises $6M in Seed Funding

Deeplite Inc., a Montreal, Canada-based AI optimization software startup, closed a $6m seed financing round.
The round was led by PJC with participation from Innospark Ventures, Differential Ventures, Ajay Shah, Executive Chairman, Smart Global Holding, and existing backers Somel Investments, BDC Capital and Desjardins Capital.
The company intends to use the funds to accelerate R&D development, expand the team and accelerate market expansion for its software.
Co-founded by Davis Sawyer, Ehsan Saboori and Nick Romano, Deeplite provides an optimization software to optimize DNN (Deep Neural Network) models and enable AI for edge computing on edge devices such as cameras, sensors, drones, phones and vehicles. ....

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Deeplite raises $7.5 million CAD seed round to optimize deep neural networks

Deeplite raises $7.5 million CAD seed round to optimize deep neural networks
Montréal-based Deeplite has raised $7.5 million CAD ($6 million USD) in seed funding as the startup looks to accelerate its software that optimizes deep neural networks.
Nick Romano, CEO and co-founder of Deeplite, told BetaKit the round consisted of two components: the first was a $2 million USD convertible note completed in July 2020, which included participation from Desjardins Capital, Somel Investments, and BDC Capital through its Bridge Financing Program.
Deeplite is collaborating with Yoshua Bengio on new ways to optimize AI-based neural networks.
The $4 million USD priced round, which closed at the end of March, was led by Boston-based venture capital firm PJC, with participation from Innospark Ventures, Differential Ventures, and Ajay Shah, who is the executive chairman of Smart Global Holdings. BDC Capital, Desjardins Capital, and Somel Investments also provided ....

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