The bright future for photonic quantum cloud computing firm Xanadu. The corporate announced this week that it had raised $32 million in Series A financing. OMERS Ventures led the round with participation from Georgian Companions, Radical Ventures, Real Ventures, Silicon Valley Bank and Tim Draper. To-date, Xanadu has raised $41 million in the capital.
Xanadu isn’t shying away from what it believes is the future of quantum computing. CEO Christian Weedbrook based the startup in 2016 based on the discovery that photons—particles of light—can be utilized for quantum computing. “Confidence in Xanadu’s photonic approach to constructing a quantum pc is reflected in the strong interest from the highly reputable VC companies we have on this Series A financing,” stated Weedbrook, in a statement.
With this latest funding, Toronto-based Xanadu is preparing to release its quantum cloud-computing platform. Weedbrook describes its vision as unique, offering the potential of an all-optical quantum data center with attraction across industries including pharmaceutical drug development and finance.
“Quantum computing has the potential to solve issues that we have previously only dreamed of solving,” mentioned 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 in realizing this strategy—and this funding makes me even more excited about the future.”
“We’re thrilled to continue our support of Christian and the Xanadu team,” mentioned Sid Paquette, the 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-era processing capability and its potential to speed up finance, quantum chemistry, material science, and artificial intelligence.”