D-Wave Systems disclosed selling 81% of its $35.15 million brokered equity offering to thirty-three investors. The sale started almost two weeks ago according to the document filed at the SEC. Based on the offering’s structure, the company has until June 2015 to raise an extra $6.79 million. The private placement’s expected net proceeds will amount to $34.83 million excluding $319,000 paid in brokerage fees by the company. A total of five unregistered securities offerings closed by the company raised an estimated $45.88 million.
The amount offered reported to the SEC represents the portion of the placement earmarked by the company for US investors.
The company is a commercial quantum computing organization. The company applies new discoveries in physics and computer science into breakthrough approaches to computation. its flagship product, the 512-qubit D-Wave Two computer, is built around a novel type of superconducting processor that uses quantum mechanics to massively accelerate computation. The company is backed by Bezos Expeditions, Business Development Bank of Canada, Draper Fisher Jurvetson, Goldman Sachs, Growthworks, Harris & Harris Group, In-Q-Tel, International Investment and Underwriting, and Kensington Partners.
The company is headquartered in Burnaby Canada. D-Wave Systems elected to keep its revenues undisclosed.
The executive team includes David Pires, Eric Ladizinsky, Geordie Rose, Jeremy P Hilton, Robert H Ewald, Shelley Bubb, Steven Cakebread, Tanya Rothe, Vern Brownell and Warren Wall.
The board of directors includes Alexei A Andreev, Don Listwin, Geoff J Catherwood, J Haig Deb Farris, Steve Jurvetson, Steven M West and V Paul Lee.
The company has raised an estimated total of $74.24 million via private unregistered security offerings.
Status: First close
Company: D-Wave Systems
Industry: Other Technology
Amount offered: $35.15 million
Amount placed: $28.36 million
First sale: 06-27-2014
Data as of: 07-10-2014