Welcome!

News Feed Item

D-Wave Systems Secures $30M (CAD) Funding to Accelerate Quantum Computing Software Development

BURNABY, BC -- (Marketwired) -- 07/11/14 -- D-Wave Systems Inc., the world's first commercial quantum computing company, today announced that it has closed $30 million in funding from both new and existing investors including Goldman Sachs (GS), BDC Capital (BDC), Harris & Harris Group (HHGP) and DFJ. The funding will be used to advance and scale D-Wave's quantum computing technology, accelerate software development and build a software application ecosystem. With this $30 million investment, D-Wave has now raised a total of $160 million.

"This funding is a strong endorsement of D-Wave's ability to deliver the first viable quantum computer to organizations in need of a new caliber of computing," said Vern Brownell, CEO at D-Wave. "For quantum computing to achieve its enormous potential in such diverse areas as genetically personalized medicine, mission planning, systems optimization and machine learning, we need to build a software ecosystem through partnerships with world experts. This new capital will allow us to fund the software development and personnel needed to deliver the first quantum applications."

"As the only company delivering a commercial quantum computing solution, D-Wave occupies a unique place in the market and has a head start few other organizations could match," said David Campbell, Managing Director in the Merchant Banking Division of Goldman Sachs. "D-Wave is redefining the science of computing and ushering in new technology with the potential to solve some of the most complex computing challenges in the world."

"The opportunity to invest in a company that has built a technology that will exponentially accelerate computing power is rare," said Geoff Catherwood, Partner with BDC Capital's Industrial, Clean and Energy (ICE) Technology Venture Fund. "By taking risks early on in a field understood by very few, D-Wave has demonstrated to investors and the world that quantum computers are not just possible, but a reality that will impact many industries in the near future."

FUNDING TO DRIVE QUANTUM COMPUTING DEVELOPMENT
D-Wave has a proven ability to bring an unprecedented product to market and aims to harness this funding to expand and evolve its software applications in multiple spheres.

  • Critical industry applications: Some of the most difficult challenges people and organizations face today have the potential to benefit from D-Wave's quantum computing approach. From genomic analysis in drug research to solving complex optimization problems found throughout industry to using machine learning to gain critical insight from enormous data sets, the potential of the D-Wave system is immense. This funding will enable the expansion of important research into these areas and key partnerships with world experts.
  • Expanding the software team: D-Wave currently has 25 people on staff focused on software development, and plans to double the size of this team by the end of the year. D-Wave scientists have a proven track record in breakthrough research, and will continue to focus on how quantum computing can be best applied to real-world problems.
  • Domestic and international sales growth: Over the past year, D-Wave has expanded its global footprint by launching its US operation and establishing new sales offices in the US, Europe and Asia. This funding will allow for continued expansion and growth in these important markets.

KEY PARTNERS AND RESEARCH
Since 2011, when Lockheed Martin bought the first D-Wave system, D-Wave has brought quantum technology to some of the most visionary organizations in the world. In 2013, collaboration among NASA, Google and the Universities Space Research Association (USRA) led to the installation of the D-Wave Two™ quantum computer at the Quantum Artificial Intelligence Lab at NASA's Ames Research Center. Research at the facility has centered on complex problems including machine learning and the search for exoplanets.

Earlier this year, D-Wave announced partnerships with companies DNA-SEQ and 1QBit, which are using D-Wave's quantum technology to develop targeted drug therapies and optimized financial modeling, respectively. Already, D-Wave's system is supporting the development of critical, real-world applications. As D-Wave expands the availability of quantum computing technology through the cloud, the potential of the technology is increasingly accessible to innovators in all fields.

Research into the science of the D-Wave system continues apace, both internally and by third-party researchers. Scientists from D-Wave and USC recently published evidence in Physical Review Letters X of quantum entanglement in the D-Wave processor, a key confirmation of its quantum nature. Scientists within D-Wave also continue to rapidly produce research with over 100 US patents and more than 70 peer-reviewed papers.

About D-Wave Systems
Founded in 1999, D-Wave Systems is the first commercial 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 512-qubit D-Wave Two™ computer, 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, the D-Wave U.S. offices are located in Palo Alto, California and Vienna, Virginia. 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.

Media contacts:
Beth Sanzone and Peter Sadler
415-625-8555
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Evan Kirstel is an internationally recognized thought leader and social media influencer in IoT (#1 in 2017), Cloud, Data Security (2016), Health Tech (#9 in 2017), Digital Health (#6 in 2016), B2B Marketing (#5 in 2015), AI, Smart Home, Digital (2017), IIoT (#1 in 2017) and Telecom/Wireless/5G. His connections are a "Who's Who" in these technologies, He is in the top 10 most mentioned/re-tweeted by CMOs and CIOs (2016) and have been recently named 5th most influential B2B marketeer in the US. H...
Disruption, Innovation, Artificial Intelligence and Machine Learning, Leadership and Management hear these words all day every day... lofty goals but how do we make it real? Add to that, that simply put, people don't like change. But what if we could implement and utilize these enterprise tools in a fast and "Non-Disruptive" way, enabling us to glean insights about our business, identify and reduce exposure, risk and liability, and secure business continuity?
DXWorldEXPO LLC announced today that Telecom Reseller has been named "Media Sponsor" of CloudEXPO | DXWorldEXPO 2018 New York, which will take place on November 11-13, 2018 in New York City, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
Enterprises are universally struggling to understand where the new tools and methodologies of DevOps fit into their organizations, and are universally making the same mistakes. These mistakes are not unavoidable, and in fact, avoiding them gifts an organization with sustained competitive advantage, just like it did for Japanese Manufacturing Post WWII.
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
When building large, cloud-based applications that operate at a high scale, it's important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. "Fly two mistakes high" is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Le...
Transformation Abstract Encryption and privacy in the cloud is a daunting yet essential task for both security practitioners and application developers, especially as applications continue moving to the cloud at an exponential rate. What are some best practices and processes for enterprises to follow that balance both security and ease of use requirements? What technologies are available to empower enterprises with code, data and key protection from cloud providers, system administrators, inside...
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
Daniel Jones is CTO of EngineerBetter, helping enterprises deliver value faster. Previously he was an IT consultant, indie video games developer, head of web development in the finance sector, and an award-winning martial artist. Continuous Delivery makes it possible to exploit findings of cognitive psychology and neuroscience to increase the productivity and happiness of our teams.
To Really Work for Enterprises, MultiCloud Adoption Requires Far Better and Inclusive Cloud Monitoring and Cost Management … But How? Overwhelmingly, even as enterprises have adopted cloud computing and are expanding to multi-cloud computing, IT leaders remain concerned about how to monitor, manage and control costs across hybrid and multi-cloud deployments. It’s clear that traditional IT monitoring and management approaches, designed after all for on-premises data centers, are falling short in ...
"Calligo is a cloud service provider with data privacy at the heart of what we do. We are a typical Infrastructure as a Service cloud provider but it's been designed around data privacy," explained Julian Box, CEO and co-founder of Calligo, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and G...
With more than 30 Kubernetes solutions in the marketplace, it's tempting to think Kubernetes and the vendor ecosystem has solved the problem of operationalizing containers at scale or of automatically managing the elasticity of the underlying infrastructure that these solutions need to be truly scalable. Far from it. There are at least six major pain points that companies experience when they try to deploy and run Kubernetes in their complex environments. In this presentation, the speaker will d...