Burnaby-based D-Wave Systems Inc. has secured $30 million in funding as it embarks on developing the world’s first commercially viable quantum computer.
The firm has raised a total of $160 million in venture capital to help its advancement of a quantum computing, which harnesses the power of subatomic particles to process complex calculations.
The latest round of funding came from Fidelity Canada Fund, Goldman Sachs, Business Development Bank of Canada and Draper Fisher Jurvetson, the company announced July 11.
“For quantum computing to achieve its enormous potential in such diverse areas as genetically personalized medicine, mission planning, systems optimization and machine learning, we need to build a software ecosystem though partnerships with world experts,” D-Wave CEO Vern Brownell said in a prepared statement.
D-Wave plans to use part of the funding to double its 25-person software development staff by the end of the year.
