Xanadu, a start-up based in Toronto, announced US$100 million in Series C financing to advance its photonic quantum computing.
Founded in 2016, Xanadu's photonic approach to building quantum computers leverages 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. The copmany also leads the development of PennyLane, an open-source software library for quantum computing and application development.
Canada's largest growth equity firm, Georgian, 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. To date, Xanadu has raised $250M USD, bringing the company valuation to $1B USD.
"The continued support from top-tier investors in this uncertain economic climate is a testament to the belief in our exceptional team, our photonic technology, and our ability to execute," said Xanadu founder and Chief Executive Officer, Christian Weedbrook.
"These achievements have fostered the growth of the quantum community and enabled researchers and developers globally to access the most cutting-edge computational tools to create new algorithms that will eventually solve real-world problems, such as next generation battery development, a highly strategic area for Volkswagen Group's NEW AUTO strategy," said Dr. Arne-Christian Voigt, Future Research Volkswagen AG.
