Nanotechnology Now

Our NanoNews Digest Sponsors
Heifer International



Home > Press > Harris & Harris Group Portfolio Company D-Wave Systems Raises an Additional $29 Million (CAD), Closing 2014 Financing at $62 Million (CAD)

Abstract:
Harris & Harris Group, Inc. (Nasdaq:TINY), an investor in transformative companies enabled by disruptive science, notes the announcement by portfolio company, D-Wave Systems, Inc., that it has closed $29 million (CAD) 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 (CAD) raised in 2014. Harris & Harris Group's total investment in D-Wave is approximately $5.8 million (USD). D-Wave's announcement also includes highlights of 2014, a year of strong growth and advancement for D-Wave.

Harris & Harris Group Portfolio Company D-Wave Systems Raises an Additional $29 Million (CAD), Closing 2014 Financing at $62 Million (CAD)

New York, NY | Posted on February 2nd, 2015

"We are continuously impressed by D-Wave's ability to execute and deliver on its aggressive technology innovation roadmap," said Alexei Andreev, a managing director of Harris & Harris Group. "With its next 1000 qubit system coming online, we are approaching a regime where quantum computers will be able to out-perform conventional solutions despite tens of years and trillions of dollars invested in digital machines to date."

"The additional funding comes as a result of D-Wave's continued progress and leadership in quantum computing," said Doug Jamison, CEO of Harris & Harris Group. "We agree with Vern Brownell and D-Wave that by making quantum computing available to more organizations, D-Wave is toward its goal of finding solutions to the most complex optimization and machine learning applications."

D-Wave's press release may be viewed on the company's website. The press release also contains highlights for D-Wave from 2014.

In a recent blog post, titled "Getting in on the Ground Floor: Investing in Quantum Computing," Mr. Andreev, who is a member of D-Wave's board of directors, wrote about the value of investing in D-Wave and quantum computing.

####

About Harris & Harris Group, Inc.
Harris & Harris Group is a publicly traded venture capital firm that is also a business development company. Detailed information about Harris & Harris Group and its holdings can be found on its website at www.HHVC.com, on Facebook at www.facebook.com/harrisharrisvc and by following on Twitter @harrisandharrisgroup.

This press release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect the Company's current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release. Please see the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2013, as well as subsequent filings, filed with the Securities and Exchange Commission for a more detailed discussion of the risks and uncertainties associated with the Company's business, including, but not limited to, the risks and uncertainties associated with venture capital investing and other significant factors that could affect the Company's actual results. Except as otherwise required by Federal securities laws, the Company undertakes no obligation to update or revise these forward-looking statements to reflect new events or uncertainties. The references to the websites www.HHVC.com, www.dwavesys.com and www.Facebook.com have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Harris & Harris Group is not responsible for the contents of third party websites.

For more information, please click here

Contacts:
Jessica Attanasio
Associate Vice President
Gregory FCA

610-228-2112

Copyright © Harris & Harris Group, Inc.

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

Researchers develop artificial building blocks of life March 8th, 2024

How surface roughness influences the adhesion of soft materials: Research team discovers universal mechanism that leads to adhesion hysteresis in soft materials March 8th, 2024

Two-dimensional bimetallic selenium-containing metal-organic frameworks and their calcinated derivatives as electrocatalysts for overall water splitting March 8th, 2024

Curcumin nanoemulsion is tested for treatment of intestinal inflammation: A formulation developed by Brazilian researchers proved effective in tests involving mice March 8th, 2024

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

Graphene Flagship start-up Bedimensional closes a second €10 million investment round February 10th, 2023

180 Degree Capital Corp. Reports +14.2% Growth in Q1 2021, $10.60 Net Asset Value Per Share as of March 31, 2021, and Developments From Q2 2021 May 11th, 2021

180 Degree Capital Corp. Issues Second Open Letter to the Board and Shareholders of Enzo Biochem, Inc. March 26th, 2021

180 Degree Capital Corp. Reports +6.7% Growth in Q4 2020, $9.28 Net Asset Value per Share as of December 31, 2020, and Developments from Q1 2021 Including Expected Investment in a Planned SPAC Sponsor February 22nd, 2021

Investments/IPO's/Splits

Daikin Industries becomes OCSiAl shareholder July 27th, 2021

180 Degree Capital Corp. Reports +14.2% Growth in Q1 2021, $10.60 Net Asset Value Per Share as of March 31, 2021, and Developments From Q2 2021 May 11th, 2021

INBRAIN Neuroelectronics raises over €14M to develop smart graphene-based neural implants for personalised therapies in brain disorders March 26th, 2021

180 Degree Capital Corp. Issues Second Open Letter to the Board and Shareholders of Enzo Biochem, Inc. March 26th, 2021

Quantum Computing

Researchers’ approach may protect quantum computers from attacks March 8th, 2024

Physicists ‘entangle’ individual molecules for the first time, hastening possibilities for quantum information processing: In work that could lead to more robust quantum computing, Princeton researchers have succeeded in forcing molecules into quantum entanglement December 8th, 2023

World’s first logical quantum processor: Key step toward reliable quantum computing December 8th, 2023

Optical-fiber based single-photon light source at room temperature for next-generation quantum processing: Ytterbium-doped optical fibers are expected to pave the way for cost-effective quantum technologies November 3rd, 2023

Announcements

What heat can tell us about battery chemistry: using the Peltier effect to study lithium-ion cells March 8th, 2024

Curcumin nanoemulsion is tested for treatment of intestinal inflammation: A formulation developed by Brazilian researchers proved effective in tests involving mice March 8th, 2024

The Access to Advanced Health Institute receives up to $12.7 million to develop novel nanoalum adjuvant formulation for better protection against tuberculosis and pandemic influenza March 8th, 2024

Nanoscale CL thermometry with lanthanide-doped heavy-metal oxide in TEM March 8th, 2024

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




  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More











ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project