One of Canada’s biggest venture backed quantum computing companies is getting ready to hit Wall Street next.

What’s happening:

  • Toronto based Xanadu Quantum Technologies has entered into a business combination agreement with Crane Harbor Acquisition Corp (NASDAQ: CHAC) to become a publicly traded company

By the numbers:‍

  • The SPAC deal values Xanadu Quantum Technologies at approximately $3.6B USD and will provide roughly $500M USD in growth capital to Xanadu Quantum Technologies through a concurrent financing round

Why it matters:‍

  • Xanadu Quantum Technologies is one of the most advanced quantum computing companies focused on developing photonic quantum computers that are capable of operating at room temperature

Going deeper:‍

  • Xanadu Quantum Technologies has existing contracts with Volkswagen and Rolls Royce to leverage both their quantum computing hardware and software for new breakthroughs in battery technology and material science
  • Multiple prominent venture capitalists were early investors in Xanadu Quantum Technologies including Tiger Global, Forward Ventures and Tim Draper

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