Xanadu completes $100m Series C round, achieves $1bn valuation

Founded in 2016, Xanadu has to date raised $250 million, bringing the company's valuation to $1 billion.

  • Georgian, a Canadian growth equity firm, led the round
  • Other investors in the round were Porsche Automobil Holding SE, Forward Ventures, Alumni Ventures, Pegasus Tech Ventures, Silicon Valley Bank, Bessemer Venture Partners, Capricorn, BDC Capital and Tim Draper
  • Founded in 2016, Xanadu is led by founder and CEO Christian Weedbrook

Xanadu, a Toronto-based photonic quantum computing platform, has secured $100 million in Series C financing.

Georgian, a Canadian growth equity firm, led the round. Other investors in the round were Porsche Automobil Holding SE, Forward Ventures, Alumni Ventures, Pegasus Tech Ventures, Silicon Valley Bank, as well as returning backers Bessemer Venture Partners, Capricorn, BDC Capital and Tim Draper.

Founded in 2016, Xanadu has to date raised $250 million, bringing the company’s valuation to $1 billion.

Xanadu’s photonic approach to building quantum computers is unique, the company said. Using photonics enables the leveraging of modern chip manufacturing facilities, the application of optical components developed by the pre-existing telecommunications industry and the use of fibre optics to network photonic chips together. Such networking is needed to reach and exceed one million qubits, the scale at which useful applications can be accessed.

The company’s achievements include launching the world’s first cloud-deployed photonic quantum computer via Xanadu Cloud, building the widely used quantum software framework PennyLane, establishing key strategic partnerships with leading global enterprises and, most recently, demonstrating quantum computational advantage on their quantum computer Borealis.

“The continued support from top-tier investors in this uncertain economic climate is a testament to the belief in our exceptional team, our photonic technology, and our ability to execute,” said Xanadu founder and Chief Executive Officer, Christian Weedbrook, in a statement.

“We’ve been long-time supporters of Xanadu and believe they will bring the first commercially available quantum computers to market and make quantum computers useful and available to people everywhere,” said Margaret Wu, lead investor at Georgian.