Total amount raised
$268.3 Millions
Latest funding date
Location
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What Is Xanadu?
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How Much Funding Has Xanadu Raised?
- Seed Round
- Amount Raised: CA$9M
- Date: May 8, 2018
- Lead Investors: OMERS Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their quantum computing technology.
- Series A
- Amount Raised: CA$32M
- Date: Jun 24, 2019
- Lead Investors: OMERS Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their research and development capabilities.
- Grant
- Amount Raised: $4.4M
- Date: Jan 16, 2020
- Lead Investors: Sustainable Development Technology Canada
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support sustainable technology initiatives within the company.
- Series B
- Amount Raised: $100M
- Date: May 25, 2021
- Lead Investors: Bessemer Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale their quantum computing solutions and enter new markets.
- Series C
- Amount Raised: $100M
- Date: Nov 9, 2022
- Lead Investors: Georgian
- Valuation at Round: At least $1 billion USD
- Motivation Behind the Round: To develop advanced quantum computing technology, including a fault-tolerant and error-corrected quantum computer.
- Grant
- Amount Raised: CA$40M
- Date: Jan 23, 2023
- Lead Investors: Strategic Innovation Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To build and commercialize the world’s first photonic-based, fault-tolerant quantum computer.
- Debt Financing
- Amount Raised: CA$3.8M
- Date: Feb 22, 2024
- Lead Investors: FedDev
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing operational expenses and further research.
Total Amount Raised: $247.2M USD
Current Valuation: At least $1 billion USD
Key Investors
- Georgian
- Details: Georgian is a growth equity firm that invests in high-growth technology companies. They focus on companies that leverage applied artificial intelligence, trust, and conversational AI.
- Investment Focus Areas: Software, data, artificial intelligence.
- Notable Investments: Shopify, FreshBooks, Ritual.
- Porsche
- Details: Porsche is a renowned German automobile manufacturer known for its high-performance sports cars. The company has also ventured into investing in innovative technologies and startups.
- Investment Focus Areas: Automotive technology, innovation, mobility solutions.
- Notable Investments: Rimac Automobili, WayRay, TriEye.
- Bessemer Venture Partners
- Details: Bessemer Venture Partners is a venture capital firm that invests in early-stage companies across various sectors. They have a long history of supporting innovative startups.
- Investment Focus Areas: Software, healthcare, financial services.
- Notable Investments: LinkedIn, Pinterest, Shopify.
- BDC Capital
- Details: BDC Capital is the investment arm of the Business Development Bank of Canada. They focus on supporting Canadian entrepreneurs and businesses.
- Investment Focus Areas: Canadian startups, small to medium-sized enterprises, various industries.
- Notable Investments: Clearpath Robotics, Hopper, Wealthsimple.
- Tim Draper
- Details: Tim Draper is the founding partner of Draper Fisher Jurvetson, a venture capital firm that invests in disruptive technologies. He is known for his early investments in several successful companies.
- Investment Focus Areas: Fintech, healthcare, education.
- Notable Investments: Tesla, SpaceX, Skype.
What's Next for Xanadu?
Xanadu stands at the cusp of a transformative era in quantum computing. With a substantial $40 million CAD federal investment, the company is poised to develop and commercialize the world’s first photonic-based, fault-tolerant quantum computer. This project, part of a larger $177.8 million initiative, promises to create over 500 high-tech jobs and significantly advance quantum research and commercialization in Canada.
Future fundraising opportunities appear promising, given the recent $100 million USD Series C round and ongoing federal support. As the global race to develop scalable quantum computers intensifies, Xanadu is well-positioned to attract further venture capital and government funding. However, the company faces significant challenges, including achieving the technical milestone of a one million qubit quantum computer and competing with industry giants like IBM and Google.
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