D-Wave Systems raises an additional $29 million, closing 2014 financing at $62 million
29 Jan 2015 Burnaby -
D-Wave Systems Inc., a quantum computing company, has closed $29 million in funding from a large institutional investor, among others. This funding will be used to accelerate development of D-Wave's quantum hardware and software and expand the software application ecosystem. This investment brings total funding in D-Wave to $174 million (CAD), with approximately $62 million raised in 2014.
"The investment is a testament to the progress D-Wave continues to make as the leader in quantum computing systems", stated Vern Brownell, CEO of D-Wave. "The funding we received in 2014 will advance our quantum hardware and software development, as well as our work on leading edge applications of our systems. By making quantum computing available to more organisations, we're driving our goal of finding solutions to the most complex optimization and machine learning applications in national defense, computing, research and finance."
The funding follows a year of strong growth and advancement for D-Wave. Highlights include:
- Significant progress made towards the release of the next D-Wave quantum system featuring a 1000 qubit processor, which is currently undergoing testing in D-Wave's labs.
- The company's patent portfolio grew to over 150 issued patents worldwide, with 11 new U.S. patents being granted in 2014, covering aspects of D-Wave's processor technology, systems and techniques for solving computational problems using D-Wave's technology.
- D-Wave Professional Services launched, providing quantum computing experts to collaborate directly with customers, and deliver training classes on the usage and programming of the D-Wave system to a number of national laboratories, businesses and universities.
- Partnerships were established with DNA-SEQ and 1QBit, companies that are developing quantum software applications in the spheres of medicine and finance, respectively.
- Research throughout the year continued to validate D-Wave's work, including a study showing further evidence of quantum entanglement by D-Wave and USC scientists, published inPhysical Review Xthis past May.
Since 2011, some of the most prestigious organisations in the world, including Lockheed Martin, NASA, Google, USC and the Universities Space Research Association (USRA), have partnered with D-Wave to use their quantum computing systems. In 2015, these partners will continue to work with the D-Wave computer, conducting pioneering research in machine learning, optimization, and space exploration.
D-Wave, which already employs over 120 people, plans to expand hiring with the additional funding. Key areas of growth include research, processor and systems development and software engineering.