Nanotechnology Now

Our NanoNews Digest Sponsors



Heifer International

Wikipedia Affiliate Button


android tablet pc

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

Abstract:
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 Secures $17 Million Financing Led by International Investment and Underwriters

VANCOUVER, BC, Canada | Posted on January 31st, 2008

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.

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

For more information, please click here

Contacts:
D-Wave Systems
Company Contact:
Herbert J. Martin, +1-604-630-1428 (CEO)

or
Press Contact:
Chris Hipp, +1-650-472-3185

Copyright © Business Wire 2008

If you have a comment, please Contact us.

Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

News and information

Atom-thick CCD could capture images: Rice University scientists develop two-dimensional, light-sensitive material December 20th, 2014

Oregon researchers glimpse pathway of sunlight to electricity: Collaboration with Lund University uses modified UO spectroscopy equipment to study 'maze' of connections in photoactive quantum dots December 19th, 2014

Instant-start computers possible with new breakthrough December 19th, 2014

Aculon Hires New Business Development Director December 19th, 2014

VC/Funding/Angel financing/Loans/Leases/Crowdfunding

Pixelligent Closes $5.5 Million in Funding: Capital Will Be Used to Support Global Customer Growth December 12th, 2014

Eight19 secures £1m funding: Investment to develop production technology, and expand commercial activities for organic photovoltaics November 19th, 2014

Harris & Harris Group Reports Financial Statements as of September 30, 2014 November 11th, 2014

Harris & Harris Group to Host Conference Call on Third Quarter 2014 Financial Results on November 12, 2014 November 3rd, 2014

Quantum Computing

Nanoscale resistors for quantum devices: The electrical characteristics of new thin-film chromium oxide resistors that can be tuned by controlling the oxygen content detailed in the 'Journal of Applied Physics' December 9th, 2014

Electron pairs on demand: Controlled emission and spatial splitting of electron pairs demonstrated December 4th, 2014

Graphene layer reads optical information from nanodiamonds electronically: Possible read head for quantum computers December 1st, 2014

University of Minnesota engineers make sound loud enough to bend light on a computer chip: Device could improve wireless communications systems November 28th, 2014

Announcements

Atom-thick CCD could capture images: Rice University scientists develop two-dimensional, light-sensitive material December 20th, 2014

Oregon researchers glimpse pathway of sunlight to electricity: Collaboration with Lund University uses modified UO spectroscopy equipment to study 'maze' of connections in photoactive quantum dots December 19th, 2014

Instant-start computers possible with new breakthrough December 19th, 2014

Aculon Hires New Business Development Director December 19th, 2014

NanoNews-Digest
The latest news from around the world, FREE




  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoTech-Transfer
University Technology Transfer & Patents
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More










ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project







© Copyright 1999-2014 7th Wave, Inc. All Rights Reserved PRIVACY POLICY :: CONTACT US :: STATS :: SITE MAP :: ADVERTISE