HomeLoansXanadu Receives a $3.75 Million CAD ($2.78M USD) Loan from the Canadian...

Xanadu Receives a $3.75 Million CAD ($2.78M USD) Loan from the Canadian Government

The 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 also support the creation of 22 new quantum jobs, further strengthening Canada’s quantum workforce. The project’s objectives include advancing the operating infrastructure to provide a…

Read more at quantumcomputingreport.com

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