May 15, 2017
D-Wave Closes $50M Facility to Fund Next Generation of Quantum Computers
Capital will support delivery of real-world quantum computing applications
May 16, 2017 — BURNABY, B.C. —D-Wave Systems Inc., the leader in quantum computing systems and software, today announced that it has received new capital in the form of convertible notes from the Public Sector Pension Investment Board (“PSP Investments”). PSP Investments funded US$30 million at closing, with an additional US$20 million available at D-Wave’s option upon the achievement of certain milestones. This facility brings D-Wave’s total funding to approximately US$200 million. The new capital is expected to enable D-Wave to deploy its next-generation quantum computing system with more densely-connected qubits, as well as platforms and products for machine learning applications.
“This commitment from PSP Investments is a strong validation of D-Wave’s leadership in quantum computing,” said Vern Brownell, CEO of D-Wave. “While other organizations are researching quantum computing and building small prototypes in the lab, the support of our customers and investors enables us to deliver quantum computing technology for real-world applications today. In fact, we’ve already demonstrated practical uses of quantum computing with innovative companies like Volkswagen. This new investment provides a solid base as we build the next generation of our technology.”
This latest funding comes on the heels of significant momentum for D-Wave. Milestones achieved so far in 2017 include:
- The D-Wave 2000Q™ quantum computer launched with first customer D-Wave launched a new computing system with 2000 qubits, enabling faster performance, and providing a major step toward production applications in optimization, cybersecurity, machine learning, and sampling. Cybersecurity company Temporal Defense Systems purchased the first D-Wave 2000Q system.
- Cooperation with Virginia Tech D-Wave established a joint effort with Virginia Tech’s Hume Center for National Security and Technology to provide greater access to quantum computers for researchers from the U.S. Intelligence Community and Department of Defense.
- Google, NASA, and USRA elected to upgrade their D-Wave 2X™ quantum computer to the new D-Wave 2000Q system, to support their pioneering research on how quantum computing can be applied to artificial intelligence, machine learning, and difficult optimization problems.
- Volkswagen traffic flow optimization project VW and D-Wave completed a joint project using a D-Wave quantum computer to optimize traffic flows, using data from 10,0000 taxis in Beijing, China. This project makes VW the first automaker to use quantum computers, and marks a promising step forward for practical quantum computing applications.
- D-Wave initiated an open quantum software environment with the release of qbsolv, an open-source quantum software tool that enables developers to build higher-level tools and applications leveraging the quantum computing power of D-Wave’s systems, without the need to understand the complex physics of quantum computers.
About D-Wave Systems Inc.
D-Wave is the leader in the development and delivery of quantum computing systems and software, and the world’s only commercial supplier of quantum computers. Our mission is to unlock the power of quantum computing for the world. We believe that quantum computing will enable solutions to the most challenging national defense, scientific, technical, and commercial problems. D-Wave’s systems are being used by some of the world’s most advanced organizations, including Lockheed Martin, Google, NASA Ames, USRA, USC, Los Alamos National Laboratory, and Temporal Defense Systems. With headquarters near Vancouver, Canada, D-Wave’s U.S. operations are based in Palo Alto, CA and Hanover, MD. D-Wave has a blue-chip investor base including PSP Investments, Goldman Sachs, Bezos Expeditions, DFJ, In-Q-Tel, BDC Capital, Growthworks, 180 Degree Capital Corp., International Investment and Underwriting, and Kensington Partners Limited. For more information, visit: www.dwavesys.com.