D-Wave Raises $29 Million to Fund Quantum Computing

D-Wave Systems has raised $29 million.

The Canadian company, located just outside of Vancouver in Burnaby, has now raised a total of $174 million, $62 million of which was raised in 2014.

“The investment is a testament to the progress D-Wave continues to make as the leader in quantum computing systems,” said Vern Brownell, CEO of D-Wave. “The funding we received in 2014 will advance our quantum hardware and software development, as well as our work on leading edge applications of our systems.”

“By making quantum computing available to more organizations, we’re driving our goal of finding solutions to the most complex optimization and machine learning applications in national defense, computing, research and finance,” Brownell added.

The highly innovative company says that in 2014, “significant progress made towards the release of the next D-Wave quantum system featuring a 1000 qubit processor,” which is currently undergoing testing in D-Wave’s labs. Meanwhile its patent portfolio grew to over 150 issued patents worldwide, with 11 new U.S. patents being granted in 2014, covering aspects of D-Wave’s processor technology, systems and techniques for solving computational problems using D-Wave’s technology.

D-Wave did not specify who invested in this latest round of financing, other than noting—rather obviously—that it was led by “a large institutional investor.”

Founded in 1999, D-Wave Systems is the first quantum computing company.