Xanadu Raises $100 Million USD in Series C Venture Financing

Xanadu's Series C financing follows a Series B venture investment in May 2021 that was also for $100 million bringing the total amount invested so far to $250 million with a company valuation of $1 billion. The round was led by Georgian with additional participation from Porsche Automobil Holding SE, Forward Ventures, Alumni Ventures, Pegasus Tech Ventures, Silicon Valley Bank, and previous investors Bessemer Venture Partners, Capricorn, BDC Capital, and Tim Draper. The funding will be used to help advance the company's progress towards their goal of building a fault-tolerant and error-corrected quantum computer that can scale up to one million qubits. A near term goal in this effort will be to build an initial module validating Xanadu's fault-tolerant quantum computing architecture. Additional information is available in a press release from Xanadu which can be accessed here.

November 10, 2022