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.

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
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
SYS-CON Events announced today that MangoApps will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device.
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"This week we're really focusing on scalability, asset preservation and how do you back up to the cloud and in the cloud with object storage, which is really a new way of attacking dealing with your file, your blocked data, where you put it and how you access it," stated Jeff Greenwald, Senior Director of Market Development at HGST, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, explained how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
In today's uber-connected, consumer-centric, cloud-enabled, insights-driven, multi-device, global world, the focus of solutions has shifted from the product that is sold to the person who is buying the product or service. Enterprises have rebranded their business around the consumers of their products. The buyer is the person and the focus is not on the offering. The person is connected through multiple devices, wearables, at home, on the road, and in multiple locations, sometimes simultaneously...
“delaPlex Software provides software outsourcing services. We have a hybrid model where we have onshore developers and project managers that we can place anywhere in the U.S. or in Europe,” explained Manish Sachdeva, CEO at delaPlex Software, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor – all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
From wearable activity trackers to fantasy e-sports, data and technology are transforming the way athletes train for the game and fans engage with their teams. In his session at @ThingsExpo, will present key data findings from leading sports organizations San Francisco 49ers, Orlando Magic NBA team. By utilizing data analytics these sports orgs have recognized new revenue streams, doubled its fan base and streamlined costs at its stadiums. John Paul is the CEO and Founder of VenueNext. Prior ...
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
"We view the cloud not really as a specific technology but as a way of doing business and that way of doing business is transforming the way software, infrastructure and services are being delivered to business," explained Matthew Rosen, CEO and Director at Fusion, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.