From PE HUB:
D-Wave Systems Inc, a quantum computing company headquartered in Burnaby, British Columbia, has secured C$29 million in funding. The investors in this round were not named; however, D-Wave’s previous backers include Bezos Expeditions, BDC Capital, DFJ, Goldman Sachs, Growthworks, Harris & Harris Group, In-Q-Tel, International Investment and Underwriting and Kensington Partners Limited.
Burnaby, British Columbia – January 29, 2015 – D-Wave Systems Inc., the world’s first quantum computing company, today announced that it 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,” said 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 organizations, 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....MORE