Xanadu Closes $100M Series C to Accelerate Development of Fault-Tolerant Quantum Computers

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Eighteen months after obtaining $100 million in their Series B round, Xanadu raises $100 million C Series, demonstrating support for their photonics technology.

TORONTO, November 9, 2022 /PRNewswire/ – Xanadu (xanadu.ai), the world leader in photonic quantum computing, announced that it has raised 100 million US dollars in Series C funding. Georgian led the round with participation from Porsche Automobil Holding SE, Forward Ventures, Alumni Ventures, Pegasus Tech Ventures, Silicon Valley Bank, as well as previous investors Bessemer Venture Partners, Capricorn, BDC Capital and Tim Draper. To date, Xanadu has raised 250 million US dollarsraising the company’s valuation to 1 billion US dollars.

Since its inception in 2016, Xanadu has been on a mission to build quantum computers that are useful and available anywhere in the world. Xanadu’s photonics approach to building quantum computers is unique and advantageous for several reasons. More importantly, the use of photonics makes it possible to take advantage of modern chip manufacturing facilities, the application of optical components developed by the pre-existing telecommunications industry, and the use of fiber optics to network photonic chips. Such networking is necessary to reach and exceed one million qubits, the scale at which useful applications can be accessed.

“The continued support of leading investors in this uncertain economic climate speaks to confidence in our exceptional team, our photonics technology and our ability to execute,” said Xanadu Founder and CEO, Christian Weedbrook.

Notable achievements of Xanadu include the launch of the first cloud-deployed photonic quantum computer via Xanadu Cloudcreating the widely used quantum software framework PennyLane, establishing key strategic partnerships with leading global companies, and most recently demonstrating the advantage of quantum computing on their quantum computer Borealis.

“These achievements have fostered the growth of the quantum community and given researchers and developers around the world access to the most advanced computational tools to create new algorithms that will eventually solve real-world problems, such as the development of new-generation batteries, a highly strategic area for the Volkswagen Group’s NEW AUTO strategy,” said Dr. Arne Christian VoigtFuture Research Volkswagen AG.

The team’s next goal is critical to achieving the company’s mission and is one of the greatest challenges facing modern technology today: to build a fault-tolerant, error-correcting quantum computer, capable of scaling up to a million qubits. This funding round positions Xanadu to accelerate progress toward that goal, specifically building a first module validating their fault-tolerant quantum computing architecture.

This tour is led by from Canada Georgia’s largest growth capital firm. “We have been a long-time supporter of Xanadu and believe they will bring the first commercially available quantum computers to market and make quantum computers useful and available to people around the world,” said Marguerite WuLead Investor at Georgian.

About Xanadu:

Xanadu is a Canadian quantum computing company whose mission is to build quantum computers that are useful and available around the world. Founded in 2016, Xanadu has become one of the world’s leading quantum hardware and software companies. The company is also leading the development of Penny Lane, an open-source software library for quantum computing and application development. Visit www.xanadu.ai or follow us on Twitter @XanaduAI.

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