Xanadu (xanadu.ai) announced on November 9 it has raised $100M USD in Series C financing. Quantum News Briefs summarizes the announcement below.
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.
Georgian is 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.
Since its inception in 2016, Xanadu has been on a mission to build quantum computers that are useful and available to people everywhere. Xanadu’s photonic approach to building quantum computers is unique and advantageous for several reasons. Most importantly, using photonics 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. “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.
Click here to read announcement in-entirety.