Xanadu Secures $100M in Series C

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TORONTO, Nov. 14, 2022 — Photonic quantum computer company Xanadu has raised $100 million in series C financing. The round follows the company’s series B round, which Xanadu closed for $100 million last year.

Xanadu’s photonics-based approach to the development of quantum computers allows it to use modern chip manufacturing facilities, the application of existing optical components used in the telecommunications industry, and fiber optics to network its photonic chips.

In June, Xanadu reported that it had achieved quantum computational advantage using its Borealis photonic quantum computer. Borealis features 216 squeezed-state qubits. In a corresponding move announced at the time, Xanadu made the computer and its capabilities available to the public through its photonic quantum computing platform, Xanadu Cloud, as well as through Amazon Bracket.

According to the company, the advancement made Borealis the first photonic quantum computer offering full programmability of all its gates to demonstrate quantum computational advantage. It also marked the first time that a machine capable of quantum advantage was available to the public in the cloud.

In October 2022, Xanadu and the Volkswagen Group established a multiyear research program to improve the performance of quantum algorithms for simulating battery materials. The goal of the collaboration is to reduce computational costs and accelerate Volkswagen’s adoption of quantum computers to develop safer, lighter, and more cost-effective battery materials.

The company said it plans to use the series C funding to build a fault-tolerant and error-corrected quantum computer capable of scaling up to 1 million qubits, and, specifically, a first module validating its fault-tolerant quantum computing architecture.

Since its founding in 2016, Xanadu has raised $250 million. It is valued at $1 billion.

Published: November 2022
The term quantum refers to the fundamental unit or discrete amount of a physical quantity involved in interactions at the atomic and subatomic scales. It originates from quantum theory, a branch of physics that emerged in the early 20th century to explain phenomena observed on very small scales, where classical physics fails to provide accurate explanations. In the context of quantum theory, several key concepts are associated with the term quantum: Quantum mechanics: This is the branch of...
quantum optics
The area of optics in which quantum theory is used to describe light in discrete units or "quanta" of energy known as photons. First observed by Albert Einstein's photoelectric effect, this particle description of light is the foundation for describing the transfer of energy (i.e. absorption and emission) in light matter interaction.
A qubit, short for quantum bit, is the fundamental unit of information in quantum computing and quantum information processing. Unlike classical bits, which can exist in one of two states (0 or 1), qubits can exist in multiple states simultaneously, thanks to a quantum property known as superposition. This unique feature enables quantum computers to perform certain types of calculations much more efficiently than classical computers. Key characteristics of qubits include: Superposition: A...
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