During a recent episode of The BetaKit Podcast, we had the opportunity to engage in a thought-provoking conversation with a German immigrant who shared his critical views on Canada’s innovation strategy. He emphasized the need for greater courage and ambition in order to drive forward progress in the realm of innovation within the country.
In contrast, today we are shifting our focus to a different perspective as we speak with the Australian immigrant who is at the helm of Xanadu, Canada’s quantum unicorn. This individual brings a unique perspective to the table, highlighting the positive vibes and promising outlook that he sees within the Canadian innovation landscape.
It’s interesting to see the diverse viewpoints and experiences that immigrants bring to the innovation ecosystem in Canada, shaping the narrative and contributing to the overall growth and success of the industry. Christian Weedbrook, the CEO and visionary founder of Xanadu, offers a fresh and insightful perspective on the podcast this week, diverging from the prevailing sentiments that BetaKit has been encountering on a broader scale.
Adding some context to the discussion, it is worth noting that Weedbrook holds a recent position as a board member of Quantum Industry Canada. Both QIC and Xanadu have demonstrated a strong track record of receiving government support, with notable examples including $360 million CAD allocated for a national quantum strategy, $40 million CAD granted to Xanadu through the federal Strategic Innovation Fund, and recognition from Weedbrook himself that Xanadu epitomizes the essence of SR&ED credits. With this level of support and recognition, Weedbrook views Canada as an ideal environment for the development and growth of a quantum company like Xanadu.
Weedbrook’s optimism may also stem from the observation that the field of quantum technology currently operates under a lower level of scrutiny and competition compared to the highly saturated AI landscape. This lack of intense spotlight means there is less of a talent war, market frenzy, or high-profile controversies akin to those involving Scarlett Johansson.
Quantum technology is still in its nascent stages, even earlier in development than AI. Weedbrook acknowledges the uncertainty surrounding the optimal approach in this emerging field, despite having a clear vision of the ultimate objective: the creation of a quantum data center.
Weedbrook delves into the concept of a quantum data center on the podcast, outlining the current offerings of Xanadu and painting a picture of the future aspirations of the company, which are projected to materialize by 2029. While quantum technology may currently occupy a smaller niche compared to the expansive AI sector, companies like Xanadu still require customers and substantial financial backing to fuel their growth and innovation endeavors.
Weedbrook emphasized during the podcast that Xanadu is actively seeking to secure an additional $100-200 million in funding by the end of this year or early next year. The company is aiming for an all-Canadian funding round, signaling to venture capital investors to take note. Prior to receiving the $40 million CAD Strategic Innovation Fund (SIF) funding, Xanadu’s most recent institutional funding round amounted to $100 million USD in 2022, with Georgian leading the investment.
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