Xanadu builds quantum computing hardware and software using photonic technology, enabling computations powered by light instead of superconducting circuits. The company combines in-house chip manufacturing with open-source software to accelerate adoption of quantum machine learning and advanced optimization workloads.
Its technology stack is designed to support researchers, enterprises, and developers exploring next-generation computing capabilities beyond classical systems.
What Is Xanadu and What Does It Do?
Xanadu, founded in 2016, is a Toronto-based quantum computing company specializing in photonic quantum processors and quantum software platforms. The company develops application-specific integrated circuits for quantum computing and an open-source ecosystem that includes a dedicated quantum programming language.
Xanadu employs 122 people as of December 2024 and operates at the intersection of photonics, artificial intelligence, and quantum machine learning.
How Much Funding Has Xanadu Raised?
1. Seed Round
- Amount Raised: $7.01M
- Date: May 2018
- Lead Investors: OMERS
- Motivation: To develop early photonic quantum hardware and software prototypes.
2. Series A
- Amount Raised: $24.4M
- Date: June 2019
- Lead Investors: OMERS
- Motivation: To expand quantum research and open-source software development.
3. Series A
- Amount Raised: $3.34M
- Date: January 2020
- Lead Investors: Sustainable Development Technology Canada
- Motivation: To support applied quantum research initiatives.
4. Series B
- Amount Raised: $100M
- Date: May 2021
- Lead Investors: Bessemer Venture Partners
- Motivation: To scale photonic quantum processor development.
5. Series C
- Amount Raised: $100M
- Date: November 2022
- Lead Investors: Georgian
- Motivation: To commercialize quantum computing platforms and cloud access.
6. Grant (Prize Money)
- Amount Raised: $30M
- Date: February 2023
- Lead Investors: Canadian Space Agency
- Motivation: To advance space-grade quantum technologies.
7. Conventional Debt
- Amount Raised: $2.77M
- Date: February 2024
- Lead Investors: FedDev Ontario
- Motivation: To support operational scaling and infrastructure development.
Total Funding Raised: $267.5 Million
Current Valuation: $1 Billion (as of Nov 2022)
Latest Funding Date: February, 2024
Key Investors
1. Georgian
- Details: A growth-stage investor focused on data-driven software and applied AI companies.
- Investment Focus Areas: Artificial intelligence, enterprise software, emerging technologies.
- Notable Investments: Xanadu, Shopify, FreshBooks.
2. Bessemer Venture Partners
- Details: A global venture capital firm backing disruptive technology companies across stages.
- Investment Focus Areas: Cloud software, deep tech, AI infrastructure.
- Notable Investments: Xanadu, LinkedIn, Twilio.
3. OMERS
- Details: One of Canada’s largest pension funds investing in long-term innovation.
- Investment Focus Areas: Infrastructure, private equity, technology.
- Notable Investments: Xanadu, SpaceX, Oxford Properties.
4. Capricorn Partners
- Details: A European investment firm focused on sustainable and deep-tech innovation.
- Investment Focus Areas: Clean technology, advanced materials, quantum technologies.
- Notable Investments: Xanadu, Sequana Medical, Blue Foot Membranes.
Where Is Xanadu’s Headquarters?
Xanadu is headquartered in Toronto, Canada, placing it within one of North America’s strongest quantum research and photonics ecosystems.
What’s Next for Xanadu?
Xanadu is focused on advancing fault-tolerant photonic quantum computers and expanding real-world quantum machine learning applications. With strong institutional backing and government support, the company aims to transition quantum computing from experimental research to commercially viable systems over the coming years.
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