Quantum computing startup Xanadu nabs $32 mln in OV-led Series A

Xanadu, a Toronto-based photonic quantum computing and AI startup, has raised $32 million in a Series A financing. The round brings the company's total funding to date to $41 million, according to a news release. The Series A was led by OMERS Ventures. OV, the venture arm of $97 billion Canadian pension fund OMERS, also led Xanadu’s seed financing last year. Also participating were Georgian Partners, Radical Ventures, Real Ventures, Silicon Valley Bank and individual investor Tim Draper, founder of DFJ. Launched in 2016 by CEO Christian Weedbrook, Xanadu is focused on leveraging the discovery that quantum computing can make use of photons, or particles of light, to rapidly perform complex calculations at room temperature.

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