- D-Wave’s Leap(TM) cloud service will soon be available in 39 countries, including Israel, and will be accessible directly from D-Wave or AWS Marketplace
- The company is also expanding its feature selection offering, a fundamental part of machine learning, which has already shown promising results among customers in areas such as fraud detection and TV advertising optimization
- D-Wave also shared an update to its balance sheet including $20 million raised through ELOC
D-Wave Quantum (NYSE: QBTS), a leader in quantum computing systems, software, and services is transforming multiple industries as the world’s first commercial supplier of quantum computing solutions. D-Wave recently announced a series of product and business updates demonstrating the company’s continued progress and the momentum of its leadership in driving quantum commercialization, including a broad feature selection initiative to accelerate artificial intelligence/machine learning (AI/ML) workflows and expansion of its Leap quantum cloud service to Israel (https://ibn.fm/rnUjV).
As companies across multiple industry sectors increasingly adopt AI technology, feature selection has emerged as a key building block to help with machine learning workflows. D-Wave plans to build out its feature selection market offerings, which will span the company’s quantum hybrid solvers and professional services. It will apply its systems and services to address the growing need for finding efficient solutions to the most difficult business problems.
Feature selection is the problem of determining a small set of the most representative characteristics to improve model training and performance in machine learning. It is a critical component of machine learning and yet represents a problem that is difficult to solve through classical computers. D-Wave’s feature selection offering focuses on using quantum hybrid approaches to optimize feature selection in AI/ML model training and prediction. Based on promising work with D-Wave’s customers, the feature selection offering has demonstrated early results in areas like fraud detection and TV commercial advertising optimization. Customers can access D-Wave’s feature selection offering directly from D-Wave or AWS Marketplace (https://ibn.fm/it9Hw).
In addition to feature selection, the company also announced that the Leap quantum cloud service would soon have availability in Israel. This will allow businesses, developers, and researchers to access D-Wave’s Advantage(TM) quantum computer, hybrid quantum/classical solvers, and the integrated developer environment (“IDE”) in real-time via Leap to drive the development of business-critical, in-production hybrid applications. On March 8th, 2023, Leap will be available in 39 countries worldwide, including Israel, and will be accessible directly from D-Wave or AWS Marketplace.
“D-Wave is rapidly accelerating the commercialization of quantum computing. We’re taking a number of steps to help our customers expeditiously unlock the power of quantum computing for the enterprise today, including expanding our feature selection offerings to help solve key AI/ML workstreams, enabling access to our Advantage system in new countries, including Israel, and adopting new processes and compliance measures to reinforce our commercial-readiness,” said Alan Baratz, CEO of D-Wave.
In addition, Baratz said the company is building upon its cash position by pursuing a variety of financing options to increase access to capital and to execute on the growth opportunities ahead. Since late October 2022, D-Wave has raised approximately $20 million under the previously announced $150 million Equity Line of Credit (“ELOC”) with Lincoln Park Capital. The ELOC has been an efficient source of capital for the company during this period. The company may seek to access additional capital under the ELOC when D-Wave determines appropriate as an ongoing mechanism to fund its operations.
Baratz also said the company is expected to finance cash needs through public and/or private equity (including sales pursuant to the ELOC) and/or debt financings or other capital sources, including strategic partnerships. D-Wave reported that its current cash balance has improved since its last report in September 2022.
For more information, visit the company’s website at www.DWaveQuantum.com.
NOTE TO INVESTORS: The latest news and updates relating to QBTS are available in the company’s newsroom at https://ibn.fm/QBTS
Forward-Looking Statements
This article contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which statements are based on beliefs and assumptions and on information currently available. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties, and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. We caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, which are subject to a number of risks. Forward-looking statements in this article include, but are not limited to, statements regarding D-Wave’s plans to build out its feature selection market offerings, the expansion of the Leap quantum cloud service to Israel, and its pursuit of, and the potential success and impact of, various financing options. We cannot assure you that the forward-looking statements in this article will prove to be accurate. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management’s control, including general economic conditions and other risks; customer acceptance of our products and services; and the uncertainties and factors set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the registration statement on Form S-1 filed by the Company with the SEC on February 13, 2023, as well as factors associated with companies, such as D-Wave, that are engaged in the business of quantum computing, including anticipated trends, growth rates, and challenges in those businesses and in the markets in which they operate; the outcome of any legal proceedings that may be instituted against us; risks related to the performance of our business and the timing of expected business or financial milestones; unanticipated technological or project development challenges, including with respect to the cost and or timing thereof; the performance of our products; the effects of competition on our business; the risk that we will need to raise additional capital to execute our business plan, which may not be available on acceptable terms or at all; the risk that we may never achieve or sustain profitability; the risk that we are unable to secure or protect our intellectual property; volatility in the price of our securities; the risk that our securities will not maintain the listing on the NYSE; changes in applicable laws and regulations; the effect of pandemics, geopolitical events, natural disasters, wars, or terrorist acts on our business or the economy in general; and the impact of inflation. Furthermore, if the forward-looking statements contained in this article prove to be inaccurate, the inaccuracy may be material. In addition, you are cautioned that past performance may not be indicative of future results. In light of the significant uncertainties in these forward-looking statements, you should not place undue reliance on these statements in making an investment decision or regard these statements as a representation or warranty by any person we will achieve our objectives and plans in any specified time frame, or at all. The forward-looking statements in this article represent our views as of the date of this article. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this article.
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