Xanadu in Canada has raised another $100m to build its fault tolerant million qubit photonic quantum computer with technology from imec in Belgium
The Series C round was led by Canadia equity firm Georgian with participation from car maker Porsche, Forward Investments, Alumni Ventures, Pegasus Tech Ventures, Silicon Valley Bank, along with previous investors Bessemer Venture Partners, Capricorn, BDC Capital, and Tim Draper.
This brings the total raised so far to $250m and a valuation of $1bn, compared to $655m raised by competitor PsiQuantum in California which is working with GlobalFoundries in Dresden, Germany.
Xanadu was founded in 2016 and uses wafer fabs and optical components developed by the telecoms industry and fibre optics to network photonic chips together. Such networking is needed to reach and exceed one million qubits.
The company has already launched a cloud-based photonic quantum computer that runs a widely used quantum software framework called PennyLane.
The team’s next goal is key to build a fault-tolerant and error-corrected quantum computer capable of scaling up to one million qubits. The funding will be used to build a first module validating their fault-tolerant quantum computing architecture. It has been working with imec on the photonic technology.
“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 at Volkswagen.
This round is led by Canada’s largest growth equity firm, Georgian. “We’ve been long-time supporters of Xanadu and believe they will bring the first commercially available quantum computers to market and make quantum computers useful and available to people everywhere,” said Margaret Wu, Lead Investor at Georgian.
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