Tuesday, May 25, 2021

Xanadu raises $100 million for its photonic quantum computing

Xanadu, a start-up based in Toronto, announced US$100 million in Series B venture funding for its photonic quantum computing.

Xanadu was founded in 2016 to use particles of light for quantum computing to perform extremely fast and previously impossible computations at room temperature. The company says this round of funding positions it to achieve its next major milestone: the building of a fault-tolerant quantum computing module.

"The strong interest from VC firms to fund this Series B financing demonstrates significant market confidence in Xanadu's photonic approach and our world-class team," said Christian Weedbrook, founder and CEO. "We believe this confidence is grounded in the significant advantages offered by photonics: The ability to leverage preexisting foundries and off-the-shelf optical components, and the capability to naturally network photonic chips together to form a larger quantum computer with one million qubits".

"This fault-tolerant module is the size of a few conventional server racks and will be the key building block to reaching one millions qubits and to solving meaningful problems, leading to the opening up of a new global market," said Weedbrook. "Photonics has the advantage that networking these modules together is achieved using light, which is already the medium of choice for our quantum computer".

Bessemer Venture Partners led the round with participation from Capricorn, Tiger Global, BDC Capital, In-Q-Tel, along with returning investors Georgian, OMERS, and Tim Draper. The round brings Xanadu's total investment to date to US$145 million.