(Reuters) – Quantum, a computing company owned by D-Wave Systems Inc (NASDAQ:), announced Tuesday that it would merge with blank-check firm DPCM Capital to become a public company. The deal values the combined entity at almost $1.6 billion.

D-Wave, a Vancouver-based company, is moving ahead with the transaction despite other companies, like Grab Holdings or BuzzFeed, seeing their market values plummet in these uncertain times.

D-Wave claimed it expected to receive up to $340,000,000 in gross proceeds. This includes a $40,000,000 private placement in equity public from PSP Investments or Goldman Sachs (NYSE 🙂 Asset Management.

The proceeds will be used by the company to increase its global reach to emerging markets as well as to further its 200-plus patents.

DPCM Capital shares were 0.7% higher at $9.87 just before the bell.

D-Wave, founded 1999, provides quantum systems with real-time full-stack that can power both hardware and post-processing software. These systems are used in a variety of sectors, including logistics and artificial Intelligence to financial modeling and cybersecurity.

Automotive major Volkswagen AG, software firm Accenture (NYSE 🙂 and defence systems manufacturer Lockheed Martin D-Wave has blue-chip clients such as (NYSE:).

After the merger is completed, D-Wave Quantum Inc will become D-Wave Quantum Inc. It will trade on New York Stock Exchange under “QBTS”

Morgan Stanley D-Wave’s financial advisor is (NYSE:). Citigroup (NYSE:) serves as capital market advisor for DPCM.