D-Wave Systems Receives $40M in SIF Funding
D-Wave Systems Inc., a quantum computing company out of Burnaby, British Columbia has received a $40-million funding contribution from the Government of Canada. The funding was provided through the Collaborative Technology Development and Demonstration stream of Canada’s Strategic Innovation Fund (SIF).
“Quantum technology and artificial intelligence are key parts of our government’s plan to make our post-pandemic economy stronger than ever. This investment in D-Wave will help place Canada at the forefront of quantum technology development and will create new jobs and opportunities to help Canadians and make our economy more resilient.”
– The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry
This SIF funding was announced by Canada’s Minister of Innovation on March 11, 2021 and has been identified as a strategic push from the Canadian government to remain at the forefront of quantum computing.
What Is Quantum Computing?
Quantum computing is essentially a new information encoding process which allows computers to operate at unprecedented rates.
“Rather than store information using bits represented by 0s or 1s as conventional digital computers do, quantum computers use quantum bits, or qubits, to encode information as 0s, 1s, or both at the same time. This superposition of states—along with the other quantum mechanical phenomena of entanglement and tunneling—enables quantum computers to manipulate enormous combinations of states at once.”
-D-Wave Systems Inc., A Leader in Canadian Quantum Computing
Quantum computing is projected to be one of the largest markets in the world in less than a decade due to its unlimited opportunities. Some of the key industries that quantum computing will enrich are online security, developing tailored drug applications for unique patients, more efficient delivery systems, more accurate climate change modeling, and much more.
How Will D-Wave Systems Inc. Utilize Their SIF Funding?
D-Wave Systems Inc. is a leader in Canadian quantum computing through hardware and software development, including services. Their revolutionary quantum computer is the first of its kind in the world, allowing advanced in-product applications.
D-Wave Systems Inc. has designs on developing more efficient quantum processors, as well as championing additional advancements for quantum computers. The purpose of these tech-developments is to gain an advantage over classical computer systems through new processing and computing capabilities.
“Through support from the Government of Canada, D-Wave will continue to build a global quantum ecosystem showcasing the power of Canadian innovation. We are focused on bringing early quantum hybrid value to diverse fields, including health care, materials science, financial analysis, manufacturing and logistics, and will continue to focus on the prototyping, development, full-scale implementation and deployment of quantum computing systems and services on new innovative architectures and designs.”
-Alan Baratz, CEO, D-Wave Systems Inc.
Over 200 jobs, 10 of which are co-ops for students, will be created and maintained with the software development funding they received through SIF. D-Wave Systems Inc. has also committed to over $480 million in research and development.
These quantum computers are set to bring a new era of quantum systems to the broader international market which could have unlimited benefits.
What Is the Strategic Innovation Fund (SIF)?
This contribution is being allocated through a government funding program called the Strategic Innovation fund (SIF). SIF targets Canada’s industrial and technology sectors to support high-quality Canadian investments to stimulate the economy.
By allocating funds of up to 50% of a project’s cost, both repayable and non-repayable, the SIF program stimulates sustained productivity and economic benefits. Furthermore, both the funding amounts and types of financial support vary on a case-by-case basis.
Currently, five streams of funding are provided through the Strategic Innovation Fund; applicants should align projects to address one of the following areas:
- Research, Development, and Commercialization
- Business Growth and Expansion
- Investment Attraction and Retention
- Collaborative Technology Development and Demonstration
- National Ecosystems
Please refer to the Strategic Innovation fund (SIF) program page for full program details.
Learn More About Government Funding Opportunities
Is your business or organization interested in government funding? There are many government grants and loans available for a wide range of industries and sectors.
Mentor Works specializes in helping companies navigate the education and application process of government grants and loans, reach out to a Mentor Works representative to get a jump start today.
