On May 13, 2022, Georgian Partners is leading a CAD128 million (US$100 million) funding round for Toronto-based Xanadu Quantum Technologies Inc., valuing the quantum computer developer at CAD1.37 billion (US$1 billion), including the new funds. This follows a similar investment last year led by Bessemer Venture Partners and supported by Jeff Skoll's Capricorn Investment Group, Tiger Global, and previous backers including Georgian, OMERS Ventures, Tim Draper, BDC Capital, and In-Q-Tel. The deal is not yet finalized, but the majority of the funds have been committed, potentially raising Xanadu's valuation to 2.5 times its previous year's figure. This news comes alongside other industry developments, such as D-Wave Systems Inc.'s plan for a public listing on the NYSE via a SPAC merger, valuing the company at CAD1.64 billion (US$1.2 billion), with the possibility of accessing CAD412 million (US$300 million) in gross proceeds and an additional CAD40 million from a private placement. Quantum computing is seen as a transformative technology, potentially revolutionizing fields like drug discovery and financial risk modeling by performing complex calculations beyond current supercomputers' capabilities. Xanadu, using a method based on firing lasers to generate quantum effects at room temperature, aims to develop cheaper and more rapidly deployable quantum computers than the supercooled models of competitors. Despite the industry's nascent stage and skepticism regarding the practicality and commercial viability of quantum computers, Xanadu provides client access to its early machines and sells quantum computing hardware. CEO Christian Weedbrook anticipates reaching significant commercial scale within five years.