D-Wave Systems Raises an Additional $29M, Closing 2014 Financing at $62M
Burnaby, British Columbia – January 29, 2015 – D-Wave Systems Inc., the world’s first quantum computing company, today announced that it has closed $29 million in funding from a large institutional investor, among others. This funding will be used to accelerate development of D-Wave’s quantum hardware and software and expand the software application ecosystem. This investment brings total funding in D-Wave to $174 million (CAD), with approximately $62 million raised in 2014.
“The investment is a testament to the progress D-Wave continues to make as the leader in quantum computing systems,” said Vern Brownell, CEO of D-Wave. “The funding we received in 2014 will advance our quantum hardware and software development, as well as our work on leading edge applications of our systems. By making quantum computing available to more organizations, we’re driving our goal of finding solutions to the most complex optimization and machine learning applications in national defense, computing, research and finance.”
The funding follows a year of strong growth and advancement for D-Wave. Highlights include:
• Significant progress made towards the release of the next D-Wave quantum system featuring a 1000 qubit processor, which is currently undergoing testing in D-Wave’s labs.
• The company’s patent portfolio grew to over 150 issued patents worldwide, with 11 new U.S. patents being granted in 2014, covering aspects of D-Wave’s processor technology, systems and techniques for solving computational problems using D-Wave’s technology.
• D-Wave Professional Services launched, providing quantum computing experts to collaborate directly with customers, and deliver training classes on the usage and programming of the D-Wave system to a number of national laboratories, businesses and universities.
• Partnerships were established with DNA-SEQ and 1QBit, companies that are developing quantum software applications in the spheres of medicine and finance, respectively.
• Research throughout the year continued to validate D-Wave’s work, including a study showing further evidence of quantum entanglement by D-Wave and USC scientists, published in Physical Review X this past May.
Since 2011, some of the most prestigious organizations in the world, including Lockheed Martin, NASA, Google, USC and the Universities Space Research Association (USRA), have partnered with D-Wave to use their quantum computing systems. In 2015, these partners will continue to work with the D-Wave computer, conducting pioneering research in machine learning, optimization, and space exploration.
D-Wave, which already employs over 120 people, plans to expand hiring with the additional funding. Key areas of growth include research, processor and systems development and software engineering.
About D-Wave Systems Inc.
Founded in 1999, D-Wave Systems is the first quantum computing company. Its mission is to integrate new discoveries in physics, engineering, manufacturing, and computer science into breakthrough approaches to computation to help solve some of the world’s most complex challenges. The company’s flagship product, the D-Wave Two™ computer system, is built around a novel type of superconducting processor that uses quantum mechanics to massively accelerate computation.
D-Wave’s customers include some of the world’s most prominent organizations including Lockheed Martin, Google and NASA. With headquarters near Vancouver, Canada, D-Wave U.S. is based in Palo Alto, California. D-Wave has a blue-chip investor base including Bezos Expeditions, BDC Capital, DFJ, Goldman Sachs, Growthworks, Harris & Harris Group, In-Q-Tel, International Investment and Underwriting, and Kensington Partners Limited. For more information, visit: www.dwavesys.com.
News Release Source : D-Wave Systems Raises an Additional $29M, Closing 2014 Financing at $62M
Image Credit : www.dwavesys.com