D-Wave Systems Inc., a Burnaby, Canada-based quantum computing company, closed $29m in funding.
Backers included a large institutional investor, among others.
The company, which has raised $174 million (CAD) to date, intends to use the funds to accelerate development of its quantum hardware and software and expand the software application ecosystem. D-Wave, which already employs over 120 people, plans to expand hiring in areas including research, processor and systems development and software engineering.
Founded in 1999 and led by Vern Brownell, CEO, the company integrates discoveries in physics, engineering, manufacturing, and computer science into innovative approaches to computation to solve complex challenges. It provides the D-Wave Two™ computer system, which is built around a superconducting processor that uses quantum mechanics to accelerate computation.
Customers include Lockheed Martin, Google and NASA, among others.
In the USA, it is based in Palo Alto, California. Investors include Bezos Expeditions, BDC Capital, DFJ, Goldman Sachs, Growthworks, Harris & Harris Group, In-Q-Tel, International Investment and Underwriting, and Kensington Partners Limited.