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D-Wave Receives $40 Million From Canadian Government to Develop Quantum Computer Hardware and Software Systems
Friday, March 12, 2021Company Profile | Follow Company
Burnaby, BC, March 12, 2021--(T-Net)--The Government of Canada announced today a $40-million contribution to D-Wave Systems Inc. of Burnaby, British Columbia, one of Canada's most innovative and intellectual property-rich firms.
This contribution will support a $120-million project to develop quantum computer hardware and software systems, ensuring that Canada remains at the forefront of quantum technology development.
The project will help D-Wave further the advantage of quantum technology over classical computers by enhancing the processing capabilities and computing power of its current systems. To reach this objective, the company will develop a new and more powerful quantum processor and provide additional advancements for its quantum computers.
With this project, D-Wave says it will be well positioned to bring its next-generation quantum system to market, which could improve productivity, innovation and analytical capabilities across Canada's economy.
This investment will also enable D-Wave to provide greater access to its cloud-based service, which is particularly helpful to small and medium-sized Canadian companies that would benefit from access to the power of quantum computing. This effort will strengthen the Canadian innovation ecosystem and accelerate the commercialization of quantum computing services.
Through this project, D-Wave said it commits to creating and maintaining up to 200 jobs, employing up to 10 co-op students annually, and spending more than $480 million on R&D. D-Wave will also provide quantum computing access to qualified members of the quantum computing ecosystem in Canada to encourage its development.
"Quantum technology and artificial intelligence are key parts of our government's plan to make our post-pandemic economy stronger than ever. This investment in D-Wave will help place Canada at the forefront of quantum technology development and will create new jobs and opportunities to help Canadians and make our economy more resilient." stated François-Philippe Champagne, Minister of Innovation, Science and Industry.
Alan Baratz, CEO, D-Wave Systems Inc.
"D-Wave is proud that its technologies are among those that the Strategic Innovation Fund has invested in. Through support from the Government of Canada, D-Wave will continue to build a global quantum ecosystem showcasing the power of Canadian innovation. We are focused on bringing early quantum hybrid value to diverse fields, including health care, materials science, financial analysis, manufacturing and logistics, and will continue to focus on the prototyping, development, full-scale implementation and deployment of quantum computing systems and services on new innovative architectures and designs." said Alan Baratz, CEO, D-Wave Systems Inc.
Quick facts
About D-Wave Systems Inc.
D-Wave is the leader in the development and delivery of quantum computing systems, software and services and is the world's first commercial supplier of quantum computers. Our mission is to unlock the power of quantum computing for the world. We do this by delivering customer value with practical quantum applications for problems as diverse as logistics, artificial intelligence, materials sciences, drug discovery, cybersecurity, fault detection, and financial modelling.
D-Wave's systems are being used by some of the world's most advanced organizations, including NEC, Volkswagen, DENSO, Lockheed Martin, USRA, USC, and Los Alamos National Laboratory. With headquarters near Vancouver, Canada, D-Wave's US operations are based in Palo Alto, CA. D-Wave has a blue-chip investor base including PSP Investments, Goldman Sachs, BDC Capital, NEC Corp., and In-Q-Tel. For more information, visit: www.dwavesys.com.
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