Data Science Investment Counter —Funding raised by UK data science companies in 2018.
£ 5.640 Million

Xanadu raises $32m to help build ‘world’s most powerful computer’

Quantum computing startup Xanadu has raised $32-million from investors in Canada and the United States to build the world’s most powerful computer.

The Series A round brings Xanadu’s total investment to date to $41 million, and it was led by OMERS Ventures with participation from Georgian Partners, Radical Ventures, Real Ventures, Silicon Valley Bank and Tim Draper. 

Based in Toronto, Xanadu was founded in 2016 by CEO Christian Weedbrook. The company’s goal to build the world’s most powerful computer is based on the discovery that photons can be used for quantum computing to perform fast and extremely complex calculations 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,” Weedbrook said.

The new investment will enable Xanadu to reach their next milestone, the creation a quantum cloud-computing platform featuring an ecosystem of multiple industry solutions that, according to the company, are “not offered on competing platforms”.

Weedbrook called the company’s vision of the quantum cloud as “truly unique.” He said this is so because “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”, the CEO explained.

The company’s new cloud offering will also include their two main software products: PennyLane, the first dedicated machine learning platform for quantum computers, and Strawberry Fields, open-source software for photonic quantum computing.

“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.”

 Image via Max Pixel and Pixabay.

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