July 26, 2022 -- InvestorsHub NewsWire -- via NetworkNewsWire
Editorial Coverage: The world may be on the cusp of a new
generation of computing. Its name? Quantum computing. Much like its
precursors, quantum computing doesn’t have a sole inventor or a
single brand; it is the collective product of decades of work by
many of the brightest minds in science and technology. The nascent
industry is highly complex employing varied approaches to harness
the power of quantum mechanics to solve challenges that classic
computers simply cannot handle. A paradigm shift of computing may
be coming, and it would have a far-reaching impact. Currently real,
practical quantum computing applications are helping solve a myriad
of business challenges. Hundreds of early quantum applications have
been built attempting to address resource scheduling, mobility,
logistics, drug-discovery, portfolio optimization and manufacturing
processes. The world’s first commercial supplier of quantum
computers, D-Wave Systems
Inc. (“D-Wave”) is a leader in the development and
delivery of quantum computing systems, software, and services and
is the only company building both annealing quantum computers and
gate-model quantum computers. D-Wave’s customers include more than
two dozen of the Forbes Global 2000 companies, including
Volkswagen, Accenture, NEC Corporation and Lockheed Martin. Of
major interest is that D-Wave is working to complete a business
combination transaction (Business Combination) with blank-check
company DPCM Capital Inc. (NYSE:
XPOA) (DPCM
Capital Profile) to bring it
public. In geekdom, D-Wave is already a household name, but as a
public company, it is expected to gain even greater recognition for
its products and services by helping to bring quantum computing
into the mainstream. Other companies, such as Microsoft Corporation (NASDAQ:
MSFT), Alphabet Inc. (NASDAQ:
GOOGL), International Business Machines
Corporation (NYSE: IBM) and Honeywell International Inc. (NASDAQ:
HON), are also seeking to make significant
contributions to quantum computing.
- D-Wave offers the only
commercial end-to-end quantum solution, encompassing hardware,
software, real-time quantum cloud service, developer tools and
powerful quantum hybrid solvers.
- The company counts more than
two dozen Fortune Global 2000 companies as clients.
- D-Wave’s client roster
includes Volkswagen, GlaxoSmithKline, Save-On-Foods, Lockheed
Martin and DENSO, among others
Click here to view the custom infographic of
the D-WAVE Systems editorial.
Targeting a Major Market
Since the early days of computers, engineers have looked for
ways to process calculations more rapidly and how to utilize
comprehensive analytics to make prescient decisions. Each new
generation of computers, from the transistor to the microprocessor,
has gotten smaller and more powerful, improving on the prior
iteration. These advancements have dovetailed with, and supported
the emergence of, the worldwide web and the proliferation of
smartphones and voice assistants. Just as those technical
advancements have become engrained in countless global industries
and cultures, quantum computing has the potential to represent the
next technological breakthrough.
Bringing quantum phenomena, such as superposition and
entanglement, into computers to perform computations may sound like
science fiction or technology that’s still light years away, but
it’s happening now in real time. Hundreds of early quantum
computing applications are emerging today that are seeking to
address a litany of business challenges. As it happens, quantum
computing’s value may be enhanced against the backdrop of supply
chain disruptions, inflation, employment strains, ESG
(environmental, social, and governance) initiatives and other
complexities testing companies’ decisions to optimize efficiency in
scheduling, logistics, drug discovery, manufacturing and more.
Boston
Consulting Group notes that the quantum computing total
addressable market (TAM) could reach up to $5 billion in the near
term and between $450 and $850 billion by 2040, with combinatorial
optimization problems, which are best suited for annealing systems,
representing approximately 24% to 26% of the TAM, which translates
to $500 million to $1.2 billion in the near term,
potentially growing to $112 billion to $212 billion
longer term. The 20% of this TAM that is expected to be available
to quantum hardware, software and service providers such as D-Wave
is $100 million to $250 million in the near term,
potentially growing to $22 billion to $42 billion longer
term.
DPCM Capital Inc. Class A (NYSE:
XPOA) was formed as a special purpose acquisition
(“SPAC”) company in 2020 with D-Wave Quantum Inc. (D-Wave Quantum),
a wholly owned subsidiary of DPCM Capital and the anticipated
parent company of D-Wave and DPCM Capital following the Business
Combination, subsequently filing a registration statement on Form
S-4 with the U.S. Securities and Exchange Commission (“SEC”) for
the Business Combination. Earlier this month, the SEC declared the
Form S-4 effective, setting the stage for a vote by DPCM Capital
shareholders on Aug. 2, 2022, to approve the Business Combination,
pursuant to which D-Wave and DPCM Capital will become wholly owned
subsidiaries of D-Wave Quantum, with the shares of common stock and
warrants of D-Wave Quantum to be listed on the NYSE.
D-Wave is a proven leader in quantum computing systems, software
and services—and the only quantum company building both annealing
and gate-model quantum computers. And this is all happening at a
time when businesses are beginning to explore quantum computing as
a business advantage, a strategic priority and a competitive
advantage.
Both annealing and gate-model quantum computers have advantages
important for their particular applications. Annealing quantum
computers are highly efficient at solving optimization problems.
D-Wave has made annealing commercially available today.
Gate-based quantum computers are good for applications that
include material and quantum simulations by using basic circuit
operations (called “gates”) and assembling them in any sequence to
build increasingly complex algorithms. However, the programming is
extremely complicated, usage comes with a higher learning curve,
and the technology is still years away from commercialization.
There is a distinct bifurcation in the strengths of annealing and
gate-model, meaning that development of both types is warranted
and, in fact, needed. D-Wave is both capitalizing on current demand
and ahead of the curve for the future.
D-Wave is differentiated from others in the space. The company
boasts a robust product portfolio and significant IP portfolio of
200-plus U.S. patents already granted and more than 200 additional
issued and pending patents worldwide applicable to both annealing
and gate-based quantum computing. D-Wave is the only complete
commercial end-to-end quantum solution in an entirely new
ecosystem, encompassing hardware, software, real-time quantum cloud
service, developer tools and powerful quantum hybrid solvers.
First to Leap to Real-World Use
Understanding the science of quantum computing is obviously not
simple for most laypersons. What is easy to
understand is that scientists and engineers are increasingly
reliant on “supercomputers,” which are essentially upsized versions
of conventional computers using more CPU and GPU cores. However,
simply adding cores doesn’t translate into efficiently solving
highly complex problems with a very high number of variables.
Enter quantum computing, which, as described by D-Wave CEO Alan
Baratz in an analyst day
presentation earlier this year, uses quantum mechanical
effects to: 1) solve exponentially hard problems currently
unsolvable by conventional computers (e.g., global weather
modeling) and/or 2) solve difficult computational problems faster
than they can be solved using classical computers (e.g.,
operational problems that can help a company reduce costs and
increase revenue).
D-Wave is a full-stack quantum computing provider pioneering the
Quantum Computer as a Service (“QCaaS”) model. As with the Software
as a Service (“SaaS”) business model, QCaaS is a cloud service that
provides customers with access to quantum computing platforms
through the internet. With more than 180 employees, including 36
PhDs, the company has spent 12 years developing its offerings,
including Leap, the first and only real-time quantum cloud
platform, and Advantage, a 5,000-qubit system and D-Wave’s
fifth-generation quantum computer, as well as many early quantum
and quantum hybrid applications, with some moving into production.
The company also offers professional services, where it generates
revenue from application development, consulting and other services
to meet its clients’ needs in understanding the power of hybrid
quantum applications and reduce the need for classical heuristic
problem solving.
Real Revenue
D-Wave operates a recurring revenue model with its Leap quantum
cloud service, which currently generates a significant portion of
the company’s revenue. Clients use applications that require
quantum compute cycles, which they pay D-Wave to access on the Leap
platform that encompasses the Advantage system, as well as other
quantum hybrid solvers. The company’s remaining revenue is derived
from professional services where the D-Wave team helps customers
understand which applications can most benefit from quantum
computing and how to build and implement those quantum hybrid
applications.
As the only known company with a commercialized quantum
annealing service, D-Wave is differentiated by generating
commercial revenue versus funding through government research or
national institution funding.
Significant Customers, Relentless Product
Delivery
Significant customers recognize and appreciate the benefits of
Leap and Advantage, evidenced by D-Wave’s client portfolio. The
company boasts more than two dozen Fortune Global 2000 clients,
including Volkswagen, GlaxoSmithKline, Save-On-Foods, Lockheed
Martin and DENSO, to name just a few.
These enterprise customers accounted for 68% of the company’s
QCaaS revenue in 2021. These leading companies lean on D-Wave,
which has built early quantum applications with its customers in
diverse areas such as resource scheduling, mobility, logistics,
drug discovery, portfolio optimization, manufacturing processes and
more. Other uses include protein design, patient clinical trials
and machine-learning training models.
The company’s transformative quantum computing service, Leap,
was launched in 2018 to provide access to D-Wave’s quantum computer
as the company transitioned from government and academic to
commercial customers. In 2020, the fifth-generation quantum
computer, Advantage, was launched.
The impact quantum computing can make in the space is
exemplified by the fact that an earlier D-Wave system (the 2000Q)
was able to perform the magnetic materials phase translation
computation known as the Kosterlitz/Thouless phase transition (the
theory behind it won the Noble Prize in Physics in
2016) three million
times faster than it can be performed using the
traditional Monte Carlo approach on a classical system, the program
of choice for solving the problem.
And last month the company introduced an experimental prototype
of its sixth-generation quantum computer called Advantage2,
available through the Leap service, demonstrating a relentless
focus on product development and delivery.
Pursuing the TAM
Since the annealing quantum computer is a native optimization
engine, it appears that D-Wave will own the market for annealing
for combinatorial optimization. Going forward, other computational
problem solving will be realized in the areas of linear algebra and
factorization (i.e., machine learning and cryptography), and use
cases in differential equations, such as materials simulations,
will also open up via further development of annealing and the
evolution of gate model systems. Several companies are taking
different approaches and making significant contributions to the
field of quantum computing. Based on their public statements:
Microsoft Corporation (NASDAQ:
MSFT) is building Azure Quantum, which takes a
comprehensive approach to all layers of the computing
stack. Microsoft currently has all the building blocks
of a topological qubit, a new and unique qubit that will be faster,
smaller and more reliable than other qubits. In time, topological
qubits are expected to power Microsoft’s fully scalable, highly
secure, next-generation quantum computer.
Alphabet Inc. (NASDAQ:
GOOGL) recently spun off its quantum technology
group Sandbox AQ, an enterprise SaaS company delivering solutions
at the nexus of quantum tech and AI. The Google parent is provider
of tools dedicated to quantum computing, including Cirq, an
open-source framework for programming quantum computers.
International Business Machines
Corporation (NYSE: IBM) has released its
quantum computing roadmap, including plans for four new quantum
processors. In its initiatives, IBM has
amassed a community of clients and partners comprised of Fortune
500 companies, academic institutions, national labs and startups,
along with what it says are 20-plus of the most powerful gate-based
quantum systems in the world.
Honeywell International Inc. (NASDAQ:
HON) has spent more than a decade working on
quantum computing to shape the adoption and integration of quantum
information systems into the industries it serves. In November
2021, Honeywell’s Quantum Solutions and Cambridge
Quantum combined to form Quantinuum, a company it touts as “the
world’s largest integrated quantum computing company.”
Decades in the making, quantum computing has been a slow journey
to fruition, but the sector has picked up steam with the
realization that quantum computing has arrived, and the technology
has matured to commercialization. A growing number of companies
will undoubtedly be considering the solutions that quantum
computing offers, problems that are far beyond the capacity of
conventional computers.
For more information about D-Wave Systems and DPCM Capital,
please visit DPCM Capital
Inc.
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