D-Wave Adds Feature Enhancements, Access in Israel, and $20 Million Dollars

D-Wave made several announcements pertaining to its services and financial position. The first is a software offering that will add feature selection for artificial intelligence/machine learning (AI/ML) model training. Training a machine learning model can take an enormous amount of computer time, but if an algorithm can determine which features within the data are the most representative for use in training the model, it can reduce the amount of computation needed for the training itself.

The second announcement is that the D-Wave Leap Cloud service will be available in Israel by March 8th making it the 36th country where Leap is available.

The third announcement is that D-Wave is working with external auditors to achieve SOC 2 Type 2 compliance. This is a standard that has been developed by the Association of International Certified Professional Accountants (AICPA) for certifying that service providers meet the relevant standards for system security, availability, processing integrity, and confidentiality. Achieving this requires working with external auditors to audit and provide the certification and D-Wave is working with auditors right now to provide D-Wave's users with assurance of the safety and privacy of their data.

Finally, as we reported last August, as part of the D-Wave's SPAC merger transaction they also put in place an arrangement with Lincoln Park Capital to form an Equity Line of Credit (ELOC) with Lincoln Park Capital, LLC that would allow D-Wave to sell up to $150,000,000 of common stock to Lincoln Park Capital over a 36-month period. The company has now reported that they have raised about $20 million in funding via this ELOC since their last financial report for the period ending September 30, 2022 and have increased their cash reserves.

A news release with additional information about these announcement can be accessed here.

February 16, 2023