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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