D-Wave Systems secures bridge financing

D-Wave Systems Inc., a Vancouver based quantum computing systems and software developer, has raised $40.55 million in promissory note bridge financing from Public Sector Pension Investment Board (PSP Investments).

Blake, Cassels & Graydon LLP acted as legal counsel to D-Wave Systems.

The promissory note is convertible into: a) Series 1 Class I Preferred shares at US $2.62 per share; or b) if D-Wave completes a Qualified Financing, the preferred shares issued pursuant to the Qualified Financing.

PSP Investments led D-Wave’s $29.04 million Series G (priced at US $2.62) on December 23, 2014 and $27.45 million Series I (priced at $2.17) on March 31, 2016.

PSP Investments has so far invested $78.5 million in equity and debt financing since its initial investment in December 2014.

D-Wave Systems’ major investors include Fidelity funds, bcIMC, BDC Capital, Paul Lee’s VPL Ventures (VCC) Inc., Working Opportunity Fund (EVCC) Ltd.

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