Xanadu Quantum Technologies Inc., based in Toronto, Ontario, recently received a $40 million investment from the Canadian Government to commercialize the world’s first photonic-based, fault-tolerant quantum computer. The investment was announced by the Canadian Prime Minister Justin Trudeau as part of the government’s National Quantum Strategy.
The $40 million investment comes as part of the government’s $360 million commitment to the National Quantum Strategy, which aims to help Canadian firms become more competitive and to prepare the future economy of Canada.
The investment brings the total amount provided by Canadian investors to more than $90 million in the past several months. The company has received another $40 million from the Venture Capital Fund Longview and various private investors. The final list of investors is expected to be updated soon, with announcements from other interested parties still pending.
The funds will support the development of Xanadu’s photonic-based quantum computers, which are fault-tolerant and can perform much more complex calculations than current technologies. The computers can handle huge amounts of data and should help businesses with faster and better decision-making capabilities.
Xanadu is one of the leading quantum computing companies in the world, and their development has especially been crucial in Canada. The country is home to some of the world’s largest quantum technology hubs and has the potential to become a global leader in the industry.
In announcing the investment, Canadian Prime Minister Justin Trudeau said that “Canada, through our National Quantum Strategy, is the global leader in quantum technology. This cutting-edge technology has the potential to revolutionize the way we communicate, transport, and even cure disease, and this $40 million investment will ensure Xanadu Quantum Technologies remains at the forefront of this field.”
Industry experts predict that the quantum sector will be worth $139 billion by 2045, and that it will employ more than 200,000 people. The government is hoping that through their investments in quantum technologies, Canada will be well positioned to take advantage of these economic benefits.
The investment in Xanadu Quantum Technologies is great news for the industry and for Canada, as it will help the company to bring their cutting-edge technology to market and be a leader in the quantum computing revolution.
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