Xanadu Quantum Technologies Inc.

Xanadu Quantum Technologies Inc. raises $32 million Series A for Quantum Cloud Computing Platform.

Client

Xanadu Quantum Technologies Inc.

Value

$32 million

Service

Emerging and High Growth Companies

Date Closed

June 2019

Industry

Venture Capital

Lead Office

Toronto

On June 24, 2019, Xanadu Quantum Technologies Inc. announced that it raised $32 million in a Series A round led by OMERS Ventures. Georgian Partners, Radical Ventures, Real Ventures, Silicon Valley Bank and Tim Draper all were participants. This new raise will help Xanadu with efforts to release its photonic-based quantum cloud performing platform. This new cloud computing platform will combine Xanadu’s two flagship software products, PennyLane and Strawberry Fields and will include next-generation consumer applications that are not available on other platforms.

Xanadu is a photonic quantum computing and advanced artificial intelligence company founded in 2016. Its mission is to create the world’s first practical quantum computer.  

Osler, Hoskin & Harcourt LLP advised Xanadu with a team led by Chad Bayne and consisting of David Jamieson, Andrew Irwin and Sahil Chopra (Emerging & High Growth Companies). Osler, Hoskin & Harcourt LLP also advised Georgian Partners with a team consisting of André Perey and Justin Dharamdial (Emerging & High Growth Companies). Osler, Hoskin & Harcourt LLP also advised Radical Ventures with a team consisting of Chima Ubani and Natasha Gould (Emerging & High Growth Companies).