Xanadu Quantum Technologies Inc. and the Agency for Science, Technology and Research (A*STAR) have formalized an expanded research and development partnership through a Memorandum of Understanding. This agreement builds upon existing collaboration with A*STAR’s Institute of Microelectronics and now includes the Institute of High Performance Computing and Quantum Innovation Centre, all based in Singapore. The organizations intend to jointly advance quantum technologies, focusing on areas like error mitigation for GKP state generation, quantum light sources, and integrated photonic chips. This collaboration aims to leverage Xanadu’s expertise in photonic quantum computing with A*STAR’s capabilities in photonics, semiconductors, and advanced packaging to accelerate quantum innovation.

Xanadu and A*STAR Expanded Collaboration

Xanadu and A*STAR have expanded their partnership through a Memorandum of Understanding (MoU). This builds on existing collaboration with A*STAR’s Institute of Microelectronics and now includes the Institute of High Performance Computing and the Quantum Innovation Centre. The intention is to advance research and development in quantum technologies, potentially creating joint quantum laboratories and operations within Singapore. This collaboration leverages A*STAR’s strengths in areas like photonics, semiconductors, and advanced packaging, combined with Xanadu’s expertise in photonic quantum computing.

The expanded collaboration will focus on several quantum-focused projects. These include error mitigation for GKP state generation, development of quantum light sources, and quantum connectivity using integrated photonic chips. Additionally, the teams will explore packaging and custom ASIC integration, with the possibility of hosting Xanadu’s photonic quantum computers in Singapore. A*STAR will deploy its research expertise and industry-grade facilities to shorten development cycles and create manufacturable quantum solutions.

NewCo, formed from Xanadu’s business combination with Crane Harbor Acquisition Corp., is expected to be capitalized with approximately US$500 million. This includes US$225 million from Crane Harbor’s trust account and US$275 million from strategic and institutional investors. NewCo is anticipated to be listed on both the Nasdaq Stock Market and the Toronto Stock Exchange, further supporting Xanadu’s goal of building useful and accessible quantum computers.

A*STAR’s Research and Technology Capabilities

A*STAR possesses strong research and technology capabilities in several key areas crucial for quantum technology development. These include photonics, heterogenous integration, quantum sensing, quantum software and algorithms, quantum materials and devices, semiconductors, and advanced packaging. This expertise is intended to support collaboration with Xanadu on projects like error mitigation for GKP state generation, development of quantum light sources, and integrated photonic chip connectivity. A*STAR aims to shorten development cycles and translate early-stage concepts into manufacturable solutions.

The collaboration between A*STAR and Xanadu is focused on advancing photonic quantum computing. Specifically, they intend to explore quantum connectivity using integrated photonic chips and packaging, along with custom ASIC integration. There are also plans to potentially host photonic quantum computers in Singapore, aiming to deliver the next generation of quantum research and innovation. This partnership leverages Xanadu’s hardware and software expertise alongside A*STAR’s research strengths.

As Singapore’s lead public sector R&D agency, A*STAR bridges the gap between academia and industry. Its R&D spans biomedical sciences to physical sciences and engineering, with research entities located in Biopolis and Fusionopolis. A*STAR’s capabilities are intended to create economic growth and jobs for Singapore, while also enhancing societal outcomes in areas like healthcare and sustainability, solidifying its role in nurturing scientific talent and leading quantum innovation.

A*STAR has developed strengths in semiconductor technologies, including integrated photonics and advanced packaging.

Prof Yeo Yee Chia, Deputy Chief Executive (Innovation & Enterprise), A*STAR

Quantum Technology Development & Applications

Xanadu Quantum Technologies and Singapore’s A*STAR have signed a Memorandum of Understanding to advance quantum technology development. This expanded collaboration builds upon existing partnerships and will include A*STAR’s Institute of High Performance Computing and Quantum Innovation Centre. Joint projects will focus on error mitigation for GKP state generation, developing quantum light sources, and quantum connectivity using integrated photonic chips. The goal is to strengthen research and potentially host photonic quantum computers in Singapore.

A*STAR brings strong capabilities in photonics, heterogenous integration, quantum sensing, and advanced packaging to this partnership. Xanadu will contribute its expertise in photonic quantum computing hardware, software, and algorithms. This collaboration aims to shorten development cycles and create manufacturable quantum solutions, positioning Singapore as a key player in the next generation of quantum technologies. A*STAR’s research expertise and industry facilities are key to this effort.

Xanadu is also pursuing a business combination with Crane Harbor Acquisition Corp., expected to capitalize the new company, Xanadu Quantum Technologies Limited, with approximately US$500 million. This funding, including $225 million from Crane Harbor’s trust and $275 million from investors, will be used to further develop its quantum computing platform and accelerate the delivery of fault-tolerant quantum computers. NewCo is expected to be listed on the Nasdaq and Toronto Stock Exchanges.

Xanadu’s Business Combination with Crane Harbor

Xanadu recently entered into a business combination agreement with Crane Harbor Acquisition Corp. (Nasdaq: CHAC), a publicly traded special purpose acquisition company. This combination will result in a new company, Xanadu Quantum Technologies Limited (“NewCo”), expected to be capitalized with approximately US$500 million in gross proceeds. This figure includes roughly US$225 million from Crane Harbor’s trust account and US$275 million from strategic and institutional investors participating in a private placement investment.

NewCo is anticipated to be listed on both the Nasdaq Stock Market and the Toronto Stock Exchange following the completion of the business combination. The transaction requires approval from shareholders of both Crane Harbor and Xanadu. A draft registration statement on Form F-4 has been confidentially submitted to the U.S. Securities and Exchange Commission (SEC) and will eventually be made public, detailing information about the proposed combination for shareholders to review before voting.

Details regarding the transaction, including a definitive proxy statement/prospectus, will be available through the SEC website (www.sec.gov), Crane Harbor’s website (www.craneharboracquisition.com), or by contacting investors@xanadu.ai. These materials will provide important information about NewCo, Crane Harbor, and Xanadu, enabling informed decisions by shareholders before they vote on the proposed business combination.

About Xanadu Quantum Technologies

Xanadu Quantum Technologies is a Canadian quantum computing company founded in 2016, positioning itself as a leader in both quantum hardware and software. The company’s mission centers on building quantum computers that are accessible and useful. Xanadu is also the developer of PennyLane, an open-source software library designed for quantum computing and application development, furthering its commitment to the quantum ecosystem.

A recent agreement between Xanadu and Singapore’s A*STAR aims to advance quantum technology research and development. This collaboration builds upon existing partnerships and extends to include multiple A*STAR institutes, focusing on areas like error mitigation for GKP states, quantum light sources, and photonic quantum computer hosting. The combined effort seeks to leverage A*STAR’s strengths in photonics and Xanadu’s expertise in photonic quantum computing.

Xanadu is undergoing a business combination with Crane Harbor Acquisition Corp., expected to result in approximately US$500 million in gross proceeds. This funding will support Xanadu’s growth and position the combined company, Xanadu Quantum Technologies Limited (“NewCo”), for listing on the Nasdaq Stock Market and the Toronto Stock Exchange. The transaction is designed to accelerate the delivery of fault-tolerant quantum computers capable of solving real-world problems.

This expanded collaboration with A*STAR enables us to progress our photonic quantum computing platform and accelerate our path to deliver fault-tolerant quantum computers that can solve real-world problems.

Christian Weedbrook, Founder and CEO of Xanadu

Forward-Looking Statements & Additional Information

This communication contains forward-looking statements as defined by U.S. and Canadian securities laws, identified by terms like “estimate,” “plan,” “project,” and “believe.” These statements discuss future events and expectations, and are subject to risks and uncertainties. Investors are cautioned that actual results may differ materially from those projected in these statements.

NewCo, resulting from the business combination of Xanadu and Crane Harbor Acquisition Corp., is expected to be capitalized with approximately US$500 million in gross proceeds. This includes roughly US$225 million from Crane Harbor’s trust account, assuming no redemptions, and US$275 million from strategic and institutional investors through a private placement investment. NewCo anticipates listing on both the Nasdaq Stock Market and the Toronto Stock Exchange.

Documents related to the proposed business combination transaction, including a draft registration statement on Form F-4, have been confidentially submitted to the U.S. Securities and Exchange Commission (SEC). Once publicly filed and effective, a definitive proxy statement/prospectus will be mailed to Crane Harbor shareholders for their consideration and vote. Interested parties can find these documents on the SEC website (www.sec.gov) or at Crane Harbor’s website (www.craneharboracquisition.com), or by contacting investors@xanadu.ai.