Canadia-based D-Wave Systems has secured $40 million from the Government of Canada to support its quantum computing systems and software.
The $40 million in government funding comes in the form of Strategic Innovation Fund (SIF) financing. It will support a $120 million project D-Wave is working on to develop quantum computer hardware and software systems.
The goal behind the government capital and project is to ensure Canada “remains at the forefront of quantum technology development” and help D-Wave prove the advantage of quantum technology over classical computers. The project has also received assistance from the Sustainable Development Technologies Canada program and the Government of British Columbia, though dollar figures were not disclosed.
The company also reportedly raised $40 million in financing last year, which was part of a capital restructuring and cut D-Wave’s valuation to less than $170 million USD from $450 million USD. (Betakit)