D-Wave Quantum Inc (NYSE:QBTS), a quantum computing systems, software, and services and the first commercial supplier of quantum computers, shared a series of product and business updates.

What Happened? Feature Selection Offerings Address Key Machine Learning Problem Sets

D-Wave announced plans to build out its feature selection market offerings. The offerings will span D-Wave’s quantum hybrid solvers and professional services to apply the company’s systems and services to address the growing need for finding efficient solutions to the most challenging business problems. 

D-Wave has built a feature selection offering that uses quantum hybrid approaches to optimize feature selection in artificial intelligence/machine learning (AI/ML) model training and prediction. 

The D-Wave offering is uniquely suited to perform feature selection by constructing and solving a combinatorial optimization problem. 

Compared to classical alternatives like recursive feature elimination, this approach provides a “one-shot” solution. 

It avoids potential costly cycles of iterative model training and incremental construction of the solution while generally delivering improved model accuracy and more straightforward interpretation. 

Leap Real-Time Quantum Cloud Service Soon Available in Israel

D-Wave also announced today that it would soon open up the availability of the Leap quantum cloud service in Israel. 

Businesses, developers, and researchers in Israel will soon access D-Wave’s Advantage 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 8, Leap will be available in 39 countries globally, including Israel, and will be accessible directly from D-Wave or in AWS Marketplace. 

D-Wave is working with external auditors to achieve SOC 2 Type 2 compliance, ensuring customer data safety and privacy.

Liquidity / Balance Sheet Update 

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 company’s current cash balance has improved over the cash balance previously reported as of September 30, 2022.

Why Does It Matter? “In addition, we’re building upon our cash position by pursuing a variety of financing options to increase our access to capital and enable us to execute on the growth opportunities ahead,” said Alan Baratz, CEO of D-Wave. 

Price Action: QBTS shares closed higher by 2.03% at $0.89 on Wednesday.