Nanotechnology Now

Our NanoNews Digest Sponsors
Heifer International



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

Virginia Tech physicists propose path to faster, more flexible robots: Virginia Tech physicists revealed a microscopic phenomenon that could greatly improve the performance of soft devices, such as agile flexible robots or microscopic capsules for drug delivery May 17th, 2024

Gene therapy relieves back pain, repairs damaged disc in mice: Study suggests nanocarriers loaded with DNA could replace opioids May 17th, 2024

Shedding light on perovskite hydrides using a new deposition technique: Researchers develop a methodology to grow single-crystal perovskite hydrides, enabling accurate hydride conductivity measurements May 17th, 2024

Oscillating paramagnetic Meissner effect and Berezinskii-Kosterlitz-Thouless transition in cuprate superconductor May 17th, 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

Quantum Computing

Simulating magnetization in a Heisenberg quantum spin chain April 5th, 2024

Discovery points path to flash-like memory for storing qubits: Rice find could hasten development of nonvolatile quantum memory April 5th, 2024

With VECSELs towards the quantum internet Fraunhofer: IAF achieves record output power with VECSEL for quantum frequency converters April 5th, 2024

Chemical reactions can scramble quantum information as well as black holes April 5th, 2024

Announcements

Virginia Tech physicists propose path to faster, more flexible robots: Virginia Tech physicists revealed a microscopic phenomenon that could greatly improve the performance of soft devices, such as agile flexible robots or microscopic capsules for drug delivery May 17th, 2024

Diamond glitter: A play of colors with artificial DNA crystals May 17th, 2024

Finding quantum order in chaos May 17th, 2024

Oscillating paramagnetic Meissner effect and Berezinskii-Kosterlitz-Thouless transition in cuprate superconductor May 17th, 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