Investors, government have provided hundreds of millions of dollars to Burnaby company since 1999
and Canada’s Xanadu Quantum Technologies Inc. to build the first machine that can outperform supercomputers.
There were few buyers; early machines were of limited use beyond giving scientists at well-funded research organizations, including NASA, Google, Lockheed Martin Corp. and the U.S. Los Alamos National Laboratory, a chance to tinker with cutting-edge technology. Meanwhile, the industry’s future shifted to the cloud. In 2017, D-Wave hired Mr. Baratz as chief product officer. The Silicon Valley veteran had led Sun Microsystems Inc.’s efforts in the 1990s to transform Java from a nascent programming language into the internet’s main software-writing platform.
Existing investors injected US$30-million to tide D-Wave over. It then raised US$40-million in 2020 from backers PSP, BDC Capital, Goldman Sachs and newcomer NEC. The deal cut its valuation to less than US$170-million from US$450-million. Other investors saw their holdings mostly wiped out. Redemptions at other SPACs climbed as the process unfolded. By June, Mr. Baratz wanted the Lincoln Park line of credit as backup, but DPCM CEO Emil Michael worried the threat of dilution would increase SPAC redemptions, regulatory filings show. So they redrew the deal and D-Wave agreed to cut the minimum required funding to US$30-million from US$115-million.
The company’s future remains uncertain. Can it find funding at a time when investors are hesitant to back unprofitable tech companies? Will it slash costs like other tech companies? Will PSP step up again?
المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين
Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.
Two-unit strata in Burnaby deadlocked over failing retaining wallA quorum for a two-unit strata is two, but owners at a Dufferin Avenue duplex can’t agree on a plan to replace a failing retaining wall – and their Civil Resolution Tribunal dispute didn’t solve much.
اقرأ أكثر »
Police called to 'possible threat' at Burnaby high schoolSeven Burnaby RCMP vehicles descended on Burnaby Mountain Secondary School Tuesday morning after reports of a 'possible threat' at the school.
اقرأ أكثر »
Large police presence at Mulberry Place in BurnabyPolice on scene at housing complex near Lougheed.
اقرأ أكثر »
It is always sunny in Burnaby: New breakfast spot just opened its doorsQuebec-based breakfast chain Pür & Simple, opens its doors in Metrotown.
اقرأ أكثر »
Residential, single-family housing prices in Burnaby dropped again during January'With mortgage rates having risen so rapidly over the last year, we anticipated sales [in the region] this month would be among the lowest in recent history.'
اقرأ أكثر »
Man dead after targeted shooting in BurnabyA man has been found dead in a vehicle in Burnaby after what police believe was a targeted shooting.
اقرأ أكثر »