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Xanadu, which is trying to build a quantum computer using light particles to perform fast computations, had its round led by the Ontario Municipal Employees Retirement System. It’s also backed by Georgian Partners, Radical Ventures, Real Ventures, Silicon Valley Bank and Tim Draper, a billionaire who made early investments in Twitter and Skype. Xanadu is using the funding to commercialize its quantum technology. and from proof-of-concept projects with customers like the Bank of Montreal. It’s also offering software that allows customers to test quantum technology. (BetaKit)

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Talking point: Xanadu’s approach to building quantum technology separates it from competition; while many quantum computers require chambers for specialized chips to be cooled to just above -273.15 C to be usable, Xanadu—which uses a method at room temperature—is the only company to achieve light-based quantum effects on a chip. Seth Lloyd, an MIT professor who advises the company, said the firm still has some way to go before it can commercialize, including improving how much light it can “squeeze” from firing lasers. It’s doing so as tech giants like Google, Microsoft, Intel and IBM race to achieve “quantum supremacy” with their machines, which could solve problems that classical computers cannot.

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Sensibill’s software takes photos of receipts for mobile-banking apps. About 10 million customers use its products through their banks, but the company expects that number to triple both that number and its annualized revenues by year’s end following this investment. (Globe and Mail)

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Talking point: This is the fifth time in under a month that a Canadian startup has raised over $30 million in a financing round led by a Canadian investor. Alaya Care, Xanadu, Dialogue and Inventys have all raised $30-million-plus rounds since mid-June. Sensibill currently has over 30 partnerships with major banks, but expects to have 100 by the end of 2019. The company has been growing rapidly, though not quite at that pace, in recent years. Sensibill’s headcount has more than doubled since it raised a $17.3-million Series A round in 2017.