NEW YORK, Jan. 30, 2015 (GLOBE NEWSWIRE) -- Harris & Harris Group, Inc. (Nasdaq:TINY), an investor in transformative companies enabled by disruptive science, notes the announcement by portfolio company, D-Wave Systems, Inc., that it has closed $29 million (CAD) in funding from a large institutional investor, among others. This funding will be used to accelerate development of D-Wave's quantum hardware and software and expand the software application ecosystem. This investment brings total funding in D-Wave to $174 million (CAD), with approximately $62 million (CAD) raised in 2014. Harris & Harris Group's total investment in D-Wave is approximately $5.8 million (USD). D-Wave's announcement also includes highlights of 2014, a year of strong growth and advancement for D-Wave.
"We are continuously impressed by D-Wave's ability to execute and deliver on its aggressive technology innovation roadmap," said Alexei Andreev, a managing director of Harris & Harris Group. "With its next 1000 qubit system coming online, we are approaching a regime where quantum computers will be able to out-perform conventional solutions despite tens of years and trillions of dollars invested in digital machines to date."
"The additional funding comes as a result of D-Wave's continued progress and leadership in quantum computing," said Doug Jamison, CEO of Harris & Harris Group. "We agree with Vern Brownell and D-Wave that by making quantum computing available to more organizations, D-Wave is toward its goal of finding solutions to the most complex optimization and machine learning applications."
D-Wave's press release may be viewed on the company's website. The press release also contains highlights for D-Wave from 2014.
In a recent blog post, titled "Getting in on the Ground Floor: Investing in Quantum Computing," Mr. Andreev, who is a member of D-Wave's board of directors, wrote about the value of investing in D-Wave and quantum computing.
About Harris & Harris Group
Harris & Harris Group is a publicly traded venture capital firm that is also a business development company. Detailed information about Harris & Harris Group and its holdings can be found on its website at www.HHVC.com, on Facebook at www.facebook.com/harrisharrisvc and by following on Twitter @harrisandharrisgroup.
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Source:Harris & Harris Group