Xanadu gets a $40 million investment from the Canadian Government

Canada Quantum

Canadian Prime Minister Justin Trudeau recently announced a $40 million federal investment to help Xanadu Quantum Technologies Inc., a quantum computing based in Toronto, commercialize the world’s first photonic-based, fault-tolerant quantum computer. Once created, the computer is set to deliver world-leading capabilities for resolving complex data problems and might be employed in various industries, including banking, transportation, environmental modelling, and health.

“Quantum technology is changing the world as we know it. With the potential to solve difficult problems in key areas such as health care, finance, and climate sciences, this sector expands the realm of possibility. Today’s announcement is great news for Canadian workers and businesses. This investment will bring good jobs, spur economic growth, boost innovation, and solidify Canada as a world leader in quantum technology.”

Hon. Justin Trudeau, Prime Minister of Canada

Founded in 2016, Xanadu aims to create quantum computers that are useful and accessible to people everywhere. Xanadu has developed PennyLane, an open-source software library for quantum computing and application development, and has become one of the world’s premier quantum hardware and software firms.

This $177.8 million project, funded by the government’s Strategic Innovation Fund, is intended to create 530 new highly skilled roles in high-tech and quantum computing disciplines.

“The government’s continued investment in quantum technologies has been invaluable to our success. We are proud to be a Canadian company and, with this investment, are excited to enter the next phase in our mission to build quantum computers that are useful and available to people everywhere.”

Christian Weedbrook, Founder and CEO, Xanadu

Canada is ideally positioned to become a global leader in the burgeoning quantum sector, providing new opportunities for Canadians and Canadian businesses, as it is home to some of the world’s largest quantum tech hubs. The Canadian government will continue to invest in creative enterprises to build the economy and create high-skilled, well-paying employment for Canadians.

The Government of Canada introduced its National Quantum Strategy in early January, investing an additional $360 million to assist Canada in cementing its position as a global leader in quantum technologies. According to research commissioned by the National Research Council in 2020, the Canadian quantum sector will be worth $139 billion by 2045, encompassing all economic benefits, and employ over 200,000 people.

Furthermore, the government has invested in bringing new quantum technologies to Canadian and global markets, including investments through Canada’s regional development agencies, the Strategic Innovation Fund, and the National Research Council of Canada’s Industrial Research Assistance Program.

“Quantum technologies will set the course of the future and thanks to companies like Xanadu, Canada is at the forefront ready to lead. With today’s announcement, our government is strengthening Canada’s position in quantum technology and helping to create more economic growth and good jobs for Canadians. We’ll continue to build this sector through our National Quantum Strategy and support made-in-Canada technology so Canada remains a world leader for decades to come.”

Hon. François-Philippe Champagne, Minister of Innovation, Science and Industry

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