Federal fund backs Xanadu with $40M to develop quantum computing technology

By Murad Hemmadi Jan 23, 2023

OTTAWA — The federal government’s innovation fund is providing Toronto-based Xanadu Quantum Technologies with $40 million in financing to develop the building blocks for a quantum computer that can solve business problems.

The venture-backed firm is one of a core group of startups across the country working to commercialize advances in the disruptive technology field. “It can be as powerful and as broadly influential as the internet one day,” Xanadu CEO Christian Weedbrook said in an interview with The Logic.

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