D-Wave Systems Secures $30M (CAD) Funding to Accelerate Quantum Computing Software Development
BURNABY, BC, July 11, 2014-- 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.
Beth Sanzone and Peter Sadler
Venture Capital Database