Xanadu, the Canadian Quantum Company has raised $100 Million Series C. Some more details below –

  • Canada’s largest growth equity firm, Georgian led the round. Others that have invested include Porsche Automobil Holding SE, Forward Ventures, Alumni Ventures, Pegasus Tech Ventures, Silicon Valley Bank, along with previous investors Bessemer Venture Partners, Capricorn, BDC Capital, and Tim Draper.
  • Xanadu has achieved Unicorn status with valuation reaching $1 Billion in this round.
  • Xanadu raised $100 Million last year in Series B financing led by Bessemer. To date, its total raise is $250 Million.
  • Xanadu was founded in 2016 by Christian Weedbrook.
  • Xanadu products include a cloud offering and it is also the force behind PennyLane, an open-source software library for quantum computing and application development. We wrote earlier about Xanadu’s partnership with Volkswagen in using quantum computing in material science and optimization.
  • “Xanadu’s product achievements, notes Dr. Arne-Christian Voigt, Future Research Volkswagen AG, “have fostered the growth of the quantum community and enabled researchers and developers globally to access the most cutting-edge computational tools to create new algorithms that will eventually solve real-world problems, such as next generation battery development, a highly strategic area for Volkswagen Group’s NEW AUTO strategy.”

November 2022