Diligence memo · auto-generated · as of July 2, 2026
D-Wave Systems Inc.
D-Wave Systems Inc. looks under-valued against its niche peers and is dormant on financing cadence.
Businessfiled
D-Wave Systems Inc. operates in Software / Tech, based in BURNABY.
No verified homepage on file yet — operating evidence is limited to the public record.
Capital & rounds (filed)filed
D-Wave Systems Inc. has raised $90M in disclosed capital across 9 recorded rounds, aggregated from public filings. Its latest round is modeled as Series B (a $15M–$40M round).
Largest single filing: $28M on 2014-06-27.
Most recent recorded round closed around 2019-11-19.
Valuation (modeled)modeled
Provath models D-Wave Systems Inc. at approximately $242M (range $19M–$931M). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: Under-valued. Modeled value is 0.44× the median modeled value of Series B Software / Tech companies in 2019–2021 (142 peers) — value vs value, same stage and era.
Financing rhythm & timingmixed
Historic cadence: a new round about every 11 months.
Last raise 6.6 yr ago; this sector typically re-raises about every 13 months.
Silent for over 3× the sector's normal cadence.
The last round was 2.5× smaller than the prior — a bridge or down round.
Comparablesmixed
Capital scale ranks ahead of 95% of Software / Tech peers (3920 compared).
Modeled value ranks above 84% of those peers.
Closest niche peers: Trackonomy Systems, Inc., Tray.IO Inc., Unravel Data Systems, Inc., Salus Labs, Inc., Anchor Labs, Inc..
Peoplefiled
24 named people on file across officers, directors and signatories.
Risks & flagsmixed
Financing has been silent well beyond sector cadence — possibly defunct, acquired, or paused.
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.