Xanadu closes USD$100M Series C funding

Xanadu, a Toronto, Canada-based photonic quantum computing company, raised USD$100M in Series C funding.

The round was led by Georgian with participation from Porsche Automobil Holding SE, Forward Ventures, Alumni Ventures, Pegasus Tech Ventures, Silicon Valley Bank, Bessemer Venture Partners, Capricorn, BDC Capital, and Tim Draper. To date, Xanadu has raised USD$250M, with valuation of USD$1B.

The company intends to use the funds to accelerate progress towards the goal of specifically building a first module validating their fault-tolerant quantum computing architecture.

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Led by founder and CEO Christian Weedbrook, Xanadu is a quantum computing company building quantum computers that are useful and available to people everywhere. Founded in 2016, the company also leads the development of PennyLane, an open-source software library for quantum computing and application development. Xanadu’s photonic approach 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.

Source: FinSMEs