The Toronto-based quantum computing company said the round lifted its valuation to US$1 billion and total financing to US$250 million. Other investors include BDC Capital and Bessemer Venture Partners. (The Logic)

Talking point: In June, Xanadu’s Borealis machine achieved quantum computational advantage, solving an esoteric math problem significantly faster than the current fastest  supercomputer could. The feat has no practical business applications, but it’s a landmark in the firm’s development of its technology. Xanadu is signing companies up to its platform who could turn into clients when it’s ready. “Xanadu is a world leader in using quantum computing to help inform the next generation of battery development,” CEO Christian Weedbrook told The Logic earlier this year. In October, Volkswagen announced it would team up with the company to improve algorithms that simulate battery materials; the German automaker’s subsidiary Porsche participated in Xanadu’s Series C round. VW has also worked with Vancouver-based D-Wave, which is building a different kind of quantum computer.