‘Passing of torch’ in quantum computing race as Toronto’s Xanadu raises $100-million from Bessemer, CIA, Jeff Skoll

B5S4BWQZ5RB3NLWHDSQ6FTDW3M
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...

Xanadu Lands $100 Million as Investments Pour Into Quantum Computing

1621999659 social
Xanadu Quantum Technologies Inc., which aims to commercialize quantum computing using particles of light, has raised $100 million in new funding as investor interest in the industry heats up.On Tuesday, Xanadu announced a Series B funding led by Bessemer Venture Partners, one of Silicon Valley’s oldest such firms. Funding to date for the five-year-old company now totals $145 million, said Christian Weedbrook, founder and chief executive of Xanadu. Quantum computing has the potential to solve some problems many millions of times faster than a conventional computer, which is why major technology companies and startups are working to commercialize it using various approaches. Traditional computers store information as either zeros or ones. Quantum computers use quantum bits, or qubits, which represent and...

Xanadu and CMC Microsystems to collaborate on quantum computing

Screen Shot 2021 02 05 at 2.30.06 PM
Building on a partnership agreement to sponsor development of applications for quantum computing, CMC Microsystems and Xanadu Quantum Technologies, have announced five projects that will receive ongoing support.The Xanadu Quantum Sandbox, was created by the two organizations to support the creation of new applications for quantum computing. We are proud to announce that the following projects have been accepted and will receive ongoing development support from CMC and Xanadu:Professor Chris Beck, University of Toronto, Building Quantum Schedules in the Sand; Combinational Optimization, Resource Allocation and Scheduling in the Xanadu SandboxProfessor Sonia Lopez Alarcom, RIT, Design Space of Heterogeneous Quantum ComputingIFF Technologies, Diffusion Based Analysis of a Biosystem Using Gaussian Boson SamplingProfessor Stephen Hughes, Queens...