- Accelerates Company's Commercial Operations, Customer Solutions Capabilities
BURNABY, British Columbia and MILPITAS, Calif., Oct. 4, 2012 /CNW/ - D-Wave Systems, Inc. today announced that it has closed a $30 million round of equity funding. Bezos Expeditions and In-Q-Tel (IQT) have joined the investment round. Bezos Expeditions is the personal investment company of Jeff Bezos. IQT is the strategic investment firm that delivers innovative technology solutions in support of the missions of the U.S. Intelligence Community.
"We are pleased to have such highly regarded investors in our company," stated Vern Brownell, CEO of D-Wave. "Jeff Bezos and In-Q-Tel are well-known visionaries. Both understand the implications of quantum computing as a world changing force, and these investments affirm their belief in D-Wave's unique approach to quantum computing. We want to thank our current investors for their abiding support. With these funds, we are accelerating our trajectory, putting this technology and its applications into the hands of users."
Bezos Expeditions and IQT join current D-Wave investors, including Business Development Bank of Canada, Draper Fisher Jurvetson, Goldman Sachs, Growthworks, Harris & Harris Group, International Investment and Underwriting, and Kensington Partners Limited.
D-Wave will use the new funding to augment its commercial operations and further increase its capabilities to provide solutions to its customers. This added capital allows D-Wave to pursue its growth strategy with the intention of making a difference to their customers' mission objectives. Those objectives are central to D-Wave technological innovation and quantum computing applications development.
"Our Intelligence Community customers have many complex problems that tax classical computing architecture," stated Robert Ames, Vice President in charge of Information and Communication Technologies at IQT, "We believe our customers can benefit from the promise of quantum computing, and this investment in D-Wave is a first step in that direction."
About D-Wave Systems Inc.
Founded in 1999, D-Wave's mission is to integrate new discoveries in physics and computer science into breakthrough new approaches to computation. The company's flagship product, the D-Wave One™, is built around a novel type of superconducting processor that uses quantum mechanics to massively accelerate computation. In 2011 Lockheed Martin purchased serial number 1, completing the historic world's first sale of a commercial quantum computer. With headquarters near Vancouver, Canada, its U.S. offices, as well as its superconducting chip foundry, are located in Silicon Valley. D?Wave has a blue-chip investor base including Business Development Bank of Canada, Draper Fisher Jurvetson, Goldman Sachs, Growthworks, Harris & Harris Group, International Investment and Underwriting, and Kensington Partners Limited. Gartner Group analysts named D-Wave 2012 Cool Vendor in High-Performance Computing and Extreme-Low-Energy Servers.
For more information, visit: www.dwavesys.com
Media contact: Janice Odell • 415.738.2165 • firstname.lastname@example.org
This press release may contain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements.
SOURCE: D-Wave Systems, Inc.
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