Burnaby, B.C.-based D-Wave Systems is getting $40 million from the federal government to help advance its efforts in the development of quantum computing.
The funding comes from Ottawa’s Strategic Innovation Fund to support a $120 million project to advance D-Wave’s hardware and software.
“Quantum will help us quickly solve problems that would have otherwise taken decades,” said François-Philippe Champagne, Minister of Innovation, Science and Industry, told reporters during a virtual press briefing for the announcement.
In a separate release, he added that the funding will “will help place Canada at the forefront of quantum technology development, and will create new jobs and opportunities to help Canadians and advance the economy.”
D-Wave is the first company to offer a commercially available quantum computer. However it’s only in the early stages of building a sustainable business after 20 years of development and more than USD $300 million in funds raised.
D-Wave promoted Silicon Valley veteran executive Alan Baratz to chief executive officer last year, replacing Vern Brownell. The company also experienced other changes at the top of the corporate ladder and has parted ways with long-time board members.