D-Wave Systems Raises $28 Million More for Quantum Computing

D-Wave Systems, the world’s first commercial quantum computing company, has raised $28.4 million in venture capital from Fidelity Canada Fund, Goldman Sachs, Business Development Bank of Canada and Draper Fisher Jurvetson.

Vancouver-headquartered D-Wave Systems has been getting a lot of recognition lately for its innovative, groundbreaking technology, including being named one of the world’s smartest tech companies and making the cover of TIME magazine.

In 1999 D-Wave Systems was spun out of the University of British Columbia to commercialize superconductor-based, quantum computer processors.

The once unknown firm is being lauded for its so-called “infinity machine,” which promises to solve incredibly complex problems and is backed by the likes of NASA and Amazon’s Jeff Bezos—yet it’s virtually impossible to explain how it actually works.

SEE ALSO: D-Wave Makes Cover of TIME Magazine for Quantum Computing Innovation

In 2011, the Canadian Innovation Exchange (CIX) awarded Dr. Geordie Rose, founder and CTO of D-Wave Systems with the inaugural CIX Innovator of the Year Award.

In 2012 D-Wave Systems announced that they have raised a $30 million round from investors including the firm that manages Amazon founder Jeff Bezos’s venture investments and an investment arm of the Central Intelligence Agency.

D-Wave has now raised $160 million since it was founded in 1999.