‘Passing of torch’ in quantum computing race as Toronto’s Xanadu raises $100-million from Bessemer, CIA, Jeff Skoll
Christian Weedbrook, founder of the quantum technologies company, Xanadu, listens in as Varun Vaidya, left, discusses the working principle of one of the building blocks of quantum computers, at their office in Toronto on June 20, 2019. Tijana Martin/The Globe and Mail Toronto startup Xanadu Quantum Technologies Inc. has raised US$100-million led by U.S. venture capital giant Bessemer Venture Partners as competition intensifies to bring quantum computers to market. The financing, first reported by The Globe and Mail this month, is also backed by Canadian billionaire Jeff Skoll’s Capricorn Investment Group and U.S. investment giant Tiger Global and past investors Georgian, OMERS Ventures and U.S. venture capitalist Tim Draper. The funding values Xanadu at US$400-million post-transaction. Notably, BDC Capital and In-Q-Tel, the U.S. Central...
