Monday, February 02, 2015

Quantum Computing Company D-Wave Raises $29Mln CDN

          By Chuck Black

Burnaby, BC based D-Wave Systems has announced that it has raised another $29Mln CDN to fund further development of the unique quantum computing hardware and software developed by the company.

D-Wave on the February 17th, 2014 cover of Time magazine under the title "The Infinity Machine." The Commercial Space blog first profiled D-Wave in the July 1st, 2013 post, "Is D-Wave Systems Riding the Next Frontier of the Information Age?" Graphic c/o Time.

The company made the announcement in the January 29th, 2015 company press release, "D-Wave Systems Raises an Additional $29M, Closing 2014 Financing at $62M."

As outlined in the January 29th, 2015 Fortune article, "Quantum Computing Company D-Wave Raises $29 Million CDN," the company has raised a total of $174Mln CDN from a variety of venture and institutional investors including  Goldman Sachs, the Business Development Bank of Canada Capital, the Harris & Harris Venture Group, In-Q-Tel (a not-for-profit venture capital firm that invests in high-tech companies for the sole purpose of keeping the US Central Intelligence Agency, and other intelligence agencies, equipped with the latest in technology), Bezos Expeditions (the firm which manages the personal venture capital investments of Amazon chairman and CEO Jeff Bezos) and Draper Fisher Jurvetson.

According to the article, the current round of funding was primarily raised by “a large institutional investor,” who asked not to be named. The company indicated that the funding would be used for expansion and to hire more personnel. 

Two D-Wave quantum computers are currently in operation. 

The first, built in partnership with Lockheed Martin, is located at the University of Southern California, and the other, built in a partnership with NASA, Google and the Universities Space Research Association, is located at the NASA Ames Research Center.

The January 31st, 2015 Next Big Future article, "D-Wave Systems will be commercially releasing a new 1152 qubit quantum annealing system in March 2015," quoted D-Wave director of business development and strategic partnerships Colin P. Williams, as saying that D-Wave will be releasing a "new 1,152-qubit “Washington” processor in March of this year."

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