- 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://nnw.fm/Mbqdt).
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://nnw.fm/ZEjwX).
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://nnw.fm/QBTS
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