Xanadu Closes USD$100M Series C Funding

Toronto's Quantum computing scene has a front runner.

Hey Everyone,

Xanadu’s series C nearly got buried in all that IBM News this week. Such are Canadian startups at times.

Xanadu Announces Closing of $100 Million Series C Funding Round, Bringing Valuation to $1 Billion. Founded in 2016, Xanadu's mission is to build quantum computers that are useful and available to people everywhere, not unlike oh about 80 other Quantum startups I know.

Xanadu is the pride of the Toronto, Canada Quantum computing scene in 2022. They are a photonic computer platform.

The Investors are Georgian which led the round, with participation from Porsche Automobil Holding SE, Forward Ventures, Alumni Ventures, Pegasus Tech Ventures, Silicon Valley Bank, along with previous investors Bessemer Venture Partners, Capricorn, BDC Capital, and Tim Draper.

This means they’ve raised $235 million to date, which a gigantic amount. The PR states:

• Xanadu's photonic approach to building quantum computers is unique and advantageous for several reasons.

• Most importantly, using photonics enables the leveraging of modern chip manufacturing facilities, the application of optical components developed by the pre-existing telecommunications industry and the use of fibre optics to network photonic chips together.

• Such networking is needed to reach and exceed one million qubits, the scale at which useful applications can be accessed.

The company develops cloud accessible photonic quantum computers and develops open-source software for quantum machine learning and simulating quantum photonic devices.

Xanadu’s Partner Network Looks Healthy

• They seem very collaborative with other Quantum computing startups and Universities in their area.

• Xanadu has been active in establishing partnerships with other organizations to advance developments in quantum computing. The company has worked with the likes of Volkswagen Group, the University of Ottawa, NVIDIA, and Menten AI, among others.