Xanadu Receives a $3.75 Million CAD ($2.78M USD) Loan from the Canadian Government
dougfinke2024-12-28T14:41:18-08:00The Government of Canada, through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), has provided a repayable contribution of $3.75M CAD to Xanadu, a leading company in photonic quantum computing. This funding is part of the Regional Quantum Initiative (RQI) which will have $23 million ($17M USD) available for funding over a six year period. The Xanadu funding will be used to accelerate the development of PennyLane, Xanadu’s open-source, cloud-based software framework for quantum machine learning, quantum chemistry, and quantum computing. The investment aims to advance Canada’s position in quantum technology, boost economic growth, and create jobs. It will [...]