Toronto quantum computer startup Xanadu eyes $100-million funding after launching online service

Four-year-old Xanadu Quantum Technologies believes it will become one of the leaders in a global quantum computing race that includes Google, Microsoft, Intel, IBM and Canada’s D-Wave Systems

Curated via Twitter from Globe Technology’s twitter account….

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But quantum computers are still in the early days of development and customers have been primarily limited to U. S. government labs, startups and researchers and giant companies with physicists on staff able to tinker with the technology, submitting problems over the internet for the machines to solve. Burnaby, B. C. -based D-Wave’s cloud customers have used its technology to model how to evacuate people during tsunamis, optimize urban traffic flows and design drugs.

For now, with the launch of its cloud platform last year, the 58-person company has achieved the goal it promised investors when it raised $32-million in financing last year. “Xanadu is executing on [our] original investment thesis” to be a full-fledged quantum cloud computing company, OMERS Ventures partner Laura Lenz said.

Xanadu says its process, which cuts out supercooling for part of the process, is already quicker and cheaper to develop than other quantum computers; if it can avoid supercooling altogether – which may take years of further development – it could shrink its chips enough that they could fit in computers and smartphones.

Christian Weedbrook, founder of the quantum technologies company, Xanadu, listens in as Varun Vaidya, left, demonstrates the working principle of one of the building blocks of quantum computers, at their office in Toronto on June 20, 2019.

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