Xanadu Has Landed a $100 Million Contract For Quantum Computing Endeavors

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Particles of light will now pave the way for quantum computing and have secured a lucrative investment as the interest in this technology has spiked.

Bessemer Venture Partners, have announced their Series B funding ventures with Xanadu.

How Quantum Computing Can Solve Problems

This next-gen technology can solve a series of complex problems much quicker than the average computer currently in use. Hence the reason why many start-ups and other larger companies are in the race to become the pioneer of commercializing this type of tech.

Standard computers currently store data as a series of ones and zeros. Quantum computing stores info in what is termed a quantitive state. This is a combination of the aforementioned zeros and ones. The units of storage are referred to as qubits (quantum bits).

Headquartered in Toronto, Canada, Xanadu uses particles of light (photons) to facilitate the qubits. The quantum bits then use the light particles to calculate data. The best of all is that it doesn’t even need to be cooled off and can function at its best in room temperature conditions.

So, What is Next?

Xanadu is experiencing stiff competition from fellow competitor PsiQuantum Group, which is deploying similar strategies and technology to advance quantum computing commercialization!

This type of technology is still being developed for the commercial phase. However, giants such as IBM and Google have already started crafting the blueprints for their plan and have implemented the various stage gates needed to achieve this.

The surge in public interest will bring about even more investment opportunities in raising the required funds to develop the technology. Last year alone, investors have poured in $557.5 million in no less than 28 different types of venture deals.

Why Are Large Amounts of Funds Required?

The developing companies require large amounts of funds as they need to scale the qubits with chip foundries in mind, which might need hardware that is customized for this purpose. It is said by the turn of this decade. We will own computers a trillion times faster than what they are now…imagine the possibilities!

Image by Pete Linforth from Pixabay

Article source: The Wall Street Journal