D-Wave expects to raise up to USD $340 million in gross proceeds from the deal, including a USD $40 million private placement in public equity from PSP Investments, Goldman Sachs Asset Management, NEC Corporation, Yorkville Advisors and Aegis Group Partners.
The company plans to use the proceeds to grow its global footprint to emerging markets and build on its 200-plus patents.
“Today marks an inflection point signalling that quantum computing has moved beyond just theory and government-funded research to deliver commercial quantum solutions for business,” said Alan Baratz, CEO, D-Wave.
“D-Wave, along with DPCM Capital and our new and long-term investors PSP Investments, Goldman Sachs Asset Management (Goldman Sachs), NEC Corporation, Yorkville Advisors, and Aegis Group Partners, collectively believe that this isn’t a moment of hope or science. Instead, we believe this event represents a moment of practical value creation for customers and for investors.”
“We are working with our customers to identify applications with high likelihood of quantum value and to translate those problems to run on the quantum computer and then validate that value. We expect this ‘value creation and validation’ to accelerate as an increasing number of diverse use cases emerge—creating a robust cycle of product delivery, application development, and market growth.”
Founded in 1999, D-Wave provides real-time, full-stack quantum systems that power hardware engineering, post-processing software and chip fabrication. They find use in sectors ranging from logistics and artificial intelligence to financial modelling and cybersecurity.
Upon closing of the transaction, shares of D-Wave Quantum Inc., a newly formed parent company of D-Wave and DPCM Capital, are expected to trade on the NYSE under the symbol QBTS.