D-Wave Systems Inc., a Vancouver based quantum computing systems and software developer, has officially announced the closing a US $50 million bridge financing from Public Sector Pension Investment Board (PSP Investments), with US $30 million or CDN $40.55 million disbursed at closing with an additional US$20 million available at D-Wave’s option upon the achievement of certain milestones.
The facility brings D-Wave’s total funding to approximately US $200 million. The new capital is expected to enable D-Wave to deploy its next-generation quantum computing system with more densely-connected qubits, as well as platforms and products for machine learning applications.
“This commitment from PSP Investments is a strong validation of D-Wave’s leadership in quantum computing,” said Vern Brownell, CEO of D-Wave. “While other organizations are researching quantum computing and building small prototypes in the lab, the support of our customers and investors enables us to deliver quantum computing technology for real-world applications today. In fact, we’ve already demonstrated practical uses of quantum computing with innovative companies like Volkswagen. This new investment provides a solid base as we build the next generation of our technology.”
Blake, Cassels & Graydon LLP acted as legal counsel to D-Wave Systems.
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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 has previously led D-Wave’s $29.04 million Series G (priced at US $2.62) closed on December 23, 2014 and $27.45 million Series I (priced at $2.17) closed on March 31, 2016.
PSP Investments has now 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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photo credit: D-Wave Systems