40 million US Dollars Fund to Xanadu Quantum Technologies
Feb 27, 2023| 40 million US Dollars Fund to Xanadu Quantum Technologies
"Xanadu" is one of many companies in the world today trying to build computers in new ways, and is currently in the leading position in the global race to develop super-powerful quantum computers. "Xanadu" uses a method called "squeezing light" to develop quantum computers. This method works by emitting laser light, which causes light particles to produce quantum effects on a chip the size of a thumbnail. When the light pulses pass through the system "Borealis" of "Xanadu", the light pulses are entangled with each other, producing a mixed value capable of solving the task. One of "Xanadu's biggest advantages" is that its process can run at room temperature, while other companies such as IBM and D-Wave are developing systems that require their chips to operate at temperatures cooler than those in deep space.
In 2021, the Canadian government has provided quantum computing pioneer D-Wave with $40 million in funding through the "Strategic Innovation Fund". In that year, the deep technology venture fund of the Business Development Bank of Canada also invested 200 million US dollars in the domestic quantum field.
"The government's continued investment in quantum technology is critical to our success," said Xanadu founder and CEO Christian Weedbrook. The funding triples Xanadu's valuation to $900 million from a $100 million funding round a year ago. "We are proud to be a Canadian company, and with this investment we hope to start the next phase of our company: building quantum computers that are accessible and useful to people around the world."