Xanadu closes $32M Series A round led by OMERS Ventures

Xanadu has raised $32 million in Series A round of equity and debt financing led by OMERS Ventures with participation from Georgian Partners, Radical Ventures, Real Ventures, Silicon Valley Bank (debt) and Tim Draper.

The round brings Xanadu’s total funding to date to $41 million. OMERS Ventures led Xanadu’s $9 million seed financing in April 2018.

Xanadu’s investors also include Golden Ventures, BDC Capital, XDL Capital, and pribvate investors.

Founded in 2016 by CEO Christian Weedbrook, Xanadu is a quantum computing company with a mission to build quantum computers that are useful and available to people everywhere. It designs and integrates quantum silicon photonic chips into existing hardware to create truly full-stack quantum computing.

Xanadu said the closing of Series A positions itself to achieve its next major milestone, the release of a quantum cloud-computing platform to create an ecosystem comprising multiple industry solutions not offered on competing platforms.

photo credit: Xanadu

News Release

Xanadu Raises $32M Series A to Bring Photonic Quantum Computing to the Cloud

The funding accelerates Xanadu’s progress toward the release of its photonic-based quantum cloud computing platform, which will include next generation consumer applications and products not available on competing platforms.

TORONTO, June 24, 2019 /CNW/ – Xanadu, the world leader in photonic quantum computing, has announced it has raised $32 million in Series A financing. OMERS Ventures led the round with participation from Georgian Partners, Radical Ventures, Real Ventures, Silicon Valley Bank and Tim Draper. The round brings Xanadu’s total investment to date to $41 million.

Xanadu was founded in 2016 by CEO Christian Weedbrook to make use of the discovery that photons—particles of light—can be used for quantum computing to perform extremely fast and incredibly complex computations at room temperature. “Confidence in Xanadu’s photonic approach to building a quantum computer is reflected in the strong interest from the highly reputable VC firms we have in this Series A financing,” said Weedbrook.

The Series A positions Xanadu to achieve its next major milestone, the release of a quantum cloud-computing platform to create an ecosystem comprising multiple industry solutions not offered on competing platforms. “Xanadu’s vision of the quantum cloud is truly unique,” said Weedbrook. “In addition to solving a different set of important problems across industries, using photonics, we have the potential of having an all-optical quantum data center. As photonics is a natural underlying substrate for many quantum technologies—quantum computing, quantum sensors, and quantum security—our platform can be used throughout the larger quantum technology sector.”

“Quantum computing has the potential to solve problems that we’ve previously only dreamed of solving,” said Seth Lloyd, Xanadu’s chief scientific advisor. “Xanadu’s quantum optical approach stands out among other quantum computing technologies. Christian and the team have made great progress to realize this approach—and this funding makes me even more excited about the future.”

Xanadu’s new cloud offering will also incorporate their two main software products: PennyLane, the industry-leading standard for quantum machine learning; and Strawberry Fields, the only full-stack platform for photonic quantum computing. PennyLane lets users run quantum machine learning algorithms on any currently available quantum computing hardware—including devices from IBM, Google and Rigetti—in combination with popular machine learning tools like PyTorch and TensorFlow. Strawberry Fields will provide the main access point for Xanadu’s unique photonic quantum computers, as well as a suite of special-purpose quantum simulators. With these offerings, developers, customers, and scientific researchers can access the most cutting-edge computational tools to create new algorithms and design new products for solving real-world problems.

“We are thrilled to continue our support of Christian and the Xanadu team,” said Sid Paquette, managing partner at OMERS Ventures. “Once they deploy the world’s most powerful cloud-computing platform, we anticipate creative approaches from developers in harnessing Xanadu’s next-generation processing capability and its potential to accelerate finance, quantum chemistry, material science, and artificial intelligence.”

About Xanadu
Xanadu is a quantum computing company with a mission to build quantum computers that are useful and available to people everywhere. It designs and integrates quantum silicon photonic chips into existing hardware to create truly full-stack quantum computing.
www.xanadu.ai

SOURCE Xanadu

For further information: Shivanu Thiyagarajah, Xanadu, press@xanadu.ai.

Ted Liu

Ted Liu, M.Sc. (Mining, Queen's), MBA (Finance, Toronto), is the Editor of Private Capital Journal, CanadaMetals.ca, TechWire.ca, and the former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, having most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA).

Ted is the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, Canada's most sophisticated and advanced all private capital and public market financing database.