Xanadu has closed a $9 million seed round of financing led by OMERS Ventures with participation from Golden Ventures and Real Ventures.
Founded by Dr. Christian Weedbrook, Ph.D., Toronto based Xanadu is a quantum technologies company powered by light. Xanadu designs and integrates quantum silicon photonic chips into existing hardware to create truly full-stack quantum computing.
Xanadu intends to use new funds to capitalize on the rapid development of its unique approach to quantum computing, one that is based on building quantum photonic chips which will enable the creation of the world’s most powerful computer.
Xanadu’s investors also include BDC Capital, XDL Capital and others.
Xanadu currently has 23 employees, all but one are holders of Ph.D. degrees (as listed by Xanadu).
photo credit: Xanadu
Xanadu Raises $9M Seed Round to Build Game-Changing Photonic Quantum Computers
World-Renowned MIT Professor and Quantum Computing Pioneer, Seth Lloyd, joins as Chief Scientific Advisor
TORONTO, May 8, 2018 /CNW/ – Xanadu, a leader in photonic quantum computing, announced a seed round of $9M led by OMERS Ventures with participation from Golden Ventures and Real Ventures. The funds will help capitalize on the rapid development of their unique approach to quantum computing, one that is based on building quantum photonic chips which will enable the creation of the world’s most powerful computer.
Recent scientific breakthroughs have shown that the use of photons — particles of light — can be harnessed to perform extremely fast, incredibly complex computations, making it possible to solve some of the world’s most pressing computational problems.
With a team of world-class experts in quantum computing and hardware, Xanadu is developing a photonic quantum architecture that can help solve previously intractable problems in machine learning, chemistry, finance, sensing, and drug discovery. The team’s mission is to achieve practical quantum supremacy by building quantum processors based on silicon photonics, where fabrication is achieved using existing foundries, leading to significant cost and production savings.
Seth Lloyd, a Professor at MIT and one of the pioneers of quantum computing, has joined as Xanadu’s Chief Scientific Advisor. “Xanadu’s approach is highly flexible and eminently suitable for performing tasks such as quantum simulation and quantum machine learning. This will allow the scaling up of quantum information processing to tens of thousands of quantum operations within the next few years,” said Lloyd.
Xanadu’s customer-centric approach and focus on productization positions it well when scalability is achieved. “We’ve been customer-driven and solutions-driven from day one,” said Christian Weedbrook, founder and CEO of Xanadu. “Our hardware and software are developed with direct input from forward-thinking businesses that understand the vast potential and benefits of embracing an inevitable quantum world, early on.”
The seed round represents a strong acknowledgement of the fast pace at which quantum computing is developing. “Xanadu is looking to solve tough problems in a truly innovative way, which will have a significant impact across industries globally. We’re excited about Xanadu’s potential and confident in the team’s plans to build practical quantum solutions,” said Sid Paquette, managing partner at OMERS Ventures.
Discover how Xanadu is solving the world’s toughest computational problems at www.xanadu.ai.
Xanadu is a quantum technologies company powered by light. Xanadu designs and integrates quantum silicon photonic chips into existing hardware to create truly full-stack quantum computing. Their methods will solve today’s toughest business problems significantly faster than ever imagined. www.xanadu.ai
About OMERS Ventures
OMERS Ventures is the venture capital investment arm of OMERS, one of Canada’s largest pension funds with over $95 billion in net assets. OMERS Ventures is a multi-stage investor in growth-oriented, disruptive technology companies across North America. www.omersventures.com
About Golden Ventures
Golden Ventures is a seed-stage venture capital fund based in Toronto that has been in the trenches as both operators and investors of successful high growth startups. Golden Ventures invest in extraordinary, determined entrepreneurs who must change the world. www.golden.ventures
About Real Ventures
Real Ventures firm invests throughout the life-cycle of early-stage companies and provides support for the founders it backs. Real invests in ambitious game-changing entrepreneurs that are responsible for driving the force behind emerging tech ecosystems. www.realventures.com
For further information: Contact Shivanu Thiyagarajah, Xanadu, firstname.lastname@example.org
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.
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