D-Wave Systems,
developer of quantum computers targeted at commercial applications, has
announced recently the closing of a $17 Million Series C financing. The round
was led by International Investment and Underwriting (IIU) of Dublin, Ireland
and was strongly supported by existing investors.
D-Wave further
announced it will use the funds for product development, operations and business
development activity.
“We are pleased to
welcome IIU to our investor group,” stated Herb Martin, CEO of D-Wave Systems.
“IIU is a leading international investor with a global portfolio including
several investments in North America; we are proud that IIU has added D-Wave to
their portfolio. An experienced international investor can help expand the
D-Wave business base,” continued Martin. “Our vision is to make quantum
computing power available globally and to accomplish this requires a network of
international partners.” IIU knowledge and experience will be helpful in
developing these partnerships.
D-Wave is the first
company to announce the development of a commercial quantum computer and has
twice publicly demonstrated prototype systems running real-world applications.
The D-Wave machine is intended to be deployed as a co-processor, which will
provide acceleration to applications executing on classical digital computer
systems. D-Wave’s system will be available for on-line access in early 2009 and
will be useful for accelerating high value applications involving discrete
optimization, pattern matching, machine learning and constrained search with
preferences. Such applications are found throughout the operations research,
life sciences, finance, travel, chemical and petrochemical industries.
Applications in quantum simulation and electronic design automation will follow
soon thereafter.
The latest financing
round was fully subscribed by existing investors Draper Fisher Jurvetson (DFJ),
GrowthWorks Capital Ltd, BDC Venture Capital, Harris & Harris, bcIMC and Pender
Fund.
“We are pleased to join
D-Wave’s paradigm shifting venture,” stated Jonathan Comerford, IIU Executive.
Mr. Comerford added, “Companies that can truly make a huge difference are not
plentiful, so we are happy to develop this association. D-Wave’s approach to
quantum computing promises to deliver capability far faster than previously
thought possible.”
D-Wave Systems is
actively working with scientists and partners around the world to produce the
world’s first quantum computers designed for commercial application. Quantum
technology, in concert with classical, digital processors, can and will enable
broad and significant advancements in all applications of computer science.
For more
information, please visit
www.dwavesys.com
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