# Xanadu Quantum Technologies

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/xanadu-quantum-technologies

- Industry: Hardware
- Headquarters: Toronto, Canada
- Website: www.xanadu.ai
- Total disclosed funding: $221M
- Latest round: Series C (Nov 9, 2022)
- Investors on record: 16

## About

Xanadu Quantum Technologies Inc. is a Canadian company pioneering photonic quantum computing, creating advanced solutions that harness quantum technologies for diverse applications across various industries.Founded in 2016 and headquartered in Toronto, Canada, Xanadu Quantum Technologies Inc. specializes in quantum computing technologies. The company was founded by Christian Weedbrook, who has a history of innovation in quantum technologies. In March 2024, Xanadu Quantum Technologies Inc. received grant funding from National Research Council of Canada Industrial Research Assistance and Innovate UK. The round was part of a larger GBP 700,000 grant funding. Xanadu is at the forefront of the photonic quantum computing sector, offering a suite of products designed to harness the potential of quantum technologies for various applications. The company's flagship offerings include the X-Series, a series of advanced quantum computers that utilize photonic qubits, facilitating high-speed and efficient quantum computation. Additionally, Xanadu provides PennyLane, a software library that enables the development and programming of quantum applications, integrating classical and quantum workflows seamlessly. These products target sectors such as semiconductor manufacturing and artificial intelligence, aiming to solve complex computational problems that traditional computers struggle to address. The company primarily serves a diverse client base, including enterprises in North America, Europe, and Asia, who are looking to leverage quantum technologies for competitive advantage in their respective fields.Xanadu generates revenue through multiple streams, primarily by offering subscription-based access to its software tools and services, such as PennyLane. This model allows clients to integrate quantum computing capabilities into their workflows on a scalable basis. Additionally, the company engages in partnerships with industry leaders, exemplifying a B2B transaction structure that facilitates joint development of quantum applications, such as its collaboration with Mitsubishi Chemical on quantum algorithms. While detailed pricing plans for individual products are not disclosed, the subscription model typically includes tiered access levels based on the complexity and scale of usage. Xanadu's revenue structure is designed to accommodate both direct sales and partnership-driven engagements, reflecting its commitment to expanding the adoption of quantum technologies across various industries.

## Funding rounds

- Series C, Nov 9, 2022, $90M — Forward Ventures, BDC Capital, Capricorn Investment Group, Bessemer Venture Partners, Georgian, Pegasus Tech Ventures, Alumni Ventures Group, Porsche Automobil Holding
- Series B, May 9, 2021, $100M — BDC Capital, Capricorn Investment Group, Bessemer Venture Partners, Tiger Global Management, Georgian, In-Q-Tel, OMERS Ventures
- Series A, Jun 24, 2019, $24M — Georgian, Silicon Valley Bank, Real Ventures, OMERS Ventures, Radical Ventures
- Seed, May 8, 2018, $7M — BDC Capital, XDL Capital Group, Golden Ventures, Real Ventures, OMERS Ventures

## Investors

- BDC Capital (https://capitalatlas.ai/funds/bdc-capital) — Seed, Series B, Series C
- XDL Capital Group (https://capitalatlas.ai/funds/xdl-capital-group) — Seed
- Golden Ventures (https://capitalatlas.ai/funds/golden-ventures) — Seed
- Real Ventures — Seed, Series A
- OMERS Ventures (https://capitalatlas.ai/funds/omers-ventures) — Seed, Series A, Series B
- Georgian — Series A, Series B, Series C
- Silicon Valley Bank — Series A
- Radical Ventures (https://capitalatlas.ai/funds/radical-ventures) — Series A
- Capricorn Investment Group (https://capitalatlas.ai/funds/capricorn-investment-group) — Series B, Series C
- Bessemer Venture Partners (https://capitalatlas.ai/funds/bessemer-venture-partners) — Series B, Series C
- Tiger Global Management (https://capitalatlas.ai/funds/tiger-global-management) — Series B
- In-Q-Tel (https://capitalatlas.ai/funds/in-q-tel) — Series B
- Forward Ventures (https://capitalatlas.ai/funds/forward-ventures) — Series C
- Pegasus Tech Ventures (https://capitalatlas.ai/funds/pegasus-tech-ventures) — Series C
- Alumni Ventures Group (https://capitalatlas.ai/funds/alumni-ventures-group) — Series C
- Porsche Automobil Holding — Series C