Led by Innovation, Science and Economic Development Canada (ISED), with technical due diligence undertaken by the National Research Council of Canada (NRC), the CQCP is a three-phase, merit-based funding program. Phase 1, which begins the technical validation and benchmarking process, is launching now, with subsequent phases currently under development.
As part of Phase 1, Xanadu will receive up to CAD $23 million in funding from ISED to support its ongoing mission to build quantum computers that are useful and available to people everywhere.
"This is an important moment for quantum computing in Canada. At Xanadu, we aim to harness quantum computing to tackle problems that are beyond the reach of today's computers and unlock transformative solutions for science, industry, and society," said Christian Weedbrook, Chief Executive Officer and Founder of Xanadu. "We're proud to be selected for this initiative and look forward to working together to advance the future of quantum computing."
As a part of the CQCP, the National Research Council of Canada (NRC) will establish the Benchmarking Quantum Platforms (BQP) initiative to undertake the expert assessment of the underlying quantum technologies working closely with the companies. This initiative will use an interdisciplinary, science-based approach to assess each company's technical progress.
"Canada's investment in the Canadian Quantum Champion Program is a bold step to anchor our world-class talent and companies here at home, helping drive innovation in a field that will transform our economy and daily lives," says the Honourable Evan Solomon, Minister of Artificial Intelligence and Digital Innovation and Minister responsible for the Federal Economic Development Agency for Southern Ontario. "By strengthening our quantum ecosystem, we are building long-term economic resilience while ensuring Canada's leadership in science and technology benefits all Canadians."
Xanadu's photonic quantum computing architecture offers distinct advantages over other quantum systems, including minimal cooling requirements due to room-temperature operations, enhanced qubit connectivity that enables more efficient fault-tolerant operations, and a modular, networkable design that is critical for achieving practical quantum computing. Xanadu's latest photonic quantum computer, Aurora, serves as a proof-of-concept for this approach, providing the fundamental building blocks needed for large-scale, error-corrected quantum computing.
Participation in CQCP reinforces Xanadu's efforts to develop quantum computing solutions that deliver practical value across industries, including drug discovery, advanced chemistry, aerospace, defence and AI.
About XanaduXanadu is a Canadian quantum computing company with the mission to build quantum computers that are useful and available to people everywhere. Founded in 2016, Xanadu has become one of the world's leading quantum hardware and software companies. The company also leads the development of PennyLane, an open-source software library for quantum computing and application development. Visit xanadu.ai or follow us on X
About Crane Harbor Acquisition Corp.
Crane Harbor Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
Additional Information About the Proposed Transaction and Where to Find It
The proposed business combination transaction will be submitted to shareholders of Crane Harbor and Xanadu for their consideration. NewCo and Crane Harbor have jointly confidentially submitted a draft registration statement on Form F-4 (the "Registration Statement") to the U.S. Securities and Exchange Commission (the "SEC"). The Registration Statement includes a proxy statement/prospectus to be distributed to Crane Harbor's shareholders in connection with Crane Harbor's solicitation of proxies for the vote by Crane Harbor's shareholders in connection with the proposed transaction and other matters to be described in the Registration Statement, as well as the prospectus relating to the offer of the securities to be issued to Xanadu's shareholders in connection with the completion of the proposed transaction. After the Registration Statement has been publicly filed and declared ...
