D-Wave Closes $50M Facility to Fund Next Generation of Quantum Computers – Marketwired (press release)

BURNABY, BC--(Marketwired - May 16, 2017) - D-Wave Systems Inc., the leader in quantum computing systems and software, today announced that it has received new capital in the form of convertible notes from the Public Sector Pension Investment Board ("PSP Investments"). PSP Investments funded US$30 million at closing, with an additional US$20 million available at D-Wave's option upon the achievement of certain milestones. This facility brings D-Wave's total funding to approximately US$200 million. The new capital is expected to enable D-Wave to deploy its next-generation quantum computing system with more densely-connected qubits, as well as platforms and products for machine learning applications.

"This commitment from PSP Investments is a strong validation of D-Wave's leadership in quantum computing," said Vern Brownell, CEO of D-Wave. "While other organizations are researching quantum computing and building small prototypes in the lab, the support of our customers and investors enables us to deliver quantum computing technology for real-world applications today. In fact, we've already demonstrated practical uses of quantum computing with innovative companies like Volkswagen. This new investment provides a solid base as we build the next generation of our technology."

This latest funding comes on the heels of significant momentum for D-Wave. Milestones achieved so far in 2017 include:

About D-Wave Systems Inc. D-Wave is the leader in the development and delivery of quantum computing systems and software, and the world's only commercial supplier of quantum computers. Our mission is to unlock the power of quantum computing for the world. We believe that quantum computing will enable solutions to the most challenging national defense, scientific, technical, and commercial problems. D-Wave's systems are being used by some of the world's most advanced organizations, including Lockheed Martin, Google, NASA Ames, USRA, USC, Los Alamos National Laboratory, and Temporal Defense Systems. With headquarters near Vancouver, Canada, D-Wave's U.S. operations are based in Palo Alto, CA and Hanover, MD. D-Wave has a blue-chip investor base including PSP Investments, Goldman Sachs, Bezos Expeditions, DFJ, In-Q-Tel, BDC Capital, Growthworks, 180 Degree Capital Corp., International Investment and Underwriting, and Kensington Partners Limited. For more information, visit: http://www.dwavesys.com.

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D-Wave Closes $50M Facility to Fund Next Generation of Quantum Computers - Marketwired (press release)