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D-Wave Secures $17 Million Financing Led by International Investment and Underwriters


    D-Wave Systems, developer of quantum computers targeted at
    commercial applications, has announced 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 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."

    About D-Wave Systems

    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, visit www.dwavesys.com.

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    About our investors

    IIU www.iiu.ie
    Harris & Harris Group www.tinytechvc.com
    Draper Fisher Jurvetson www.dfj.com
    BDC Venture Capital www.bdc.ca
    GrowthWorks Capital www.growthworks.ca
    British Columbia Investment Management Corporation www.bcimc.com
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