Photonic Inc., a global leader in distributed quantum computing, announced today that it has raised $180M CAD ($130M USD) in the first close of its latest investment round, led by Planet First Partners, with participation from new investors Royal Bank of Canada (RBC), TELUS, and others. This significant raise underscores strong investor confidence and the company’s rapid growth. Existing investors – including BCI and Microsoft – also returned for this round, bringing the total raised by the company to $375M CAD ($271M USD).
Photonic is accelerating the path to fault‑tolerant quantum systems with their Entanglement First™ Architecture – a unique approach that combines silicon‑based qubits and native photonic connectivity, enabling seamless scaling across existing global telecom infrastructure. With this new funding, the company will continue advancing key product milestones toward commercialization, expanding its technical and business teams, and deepening customer and partner engagements.
“Quantum computing can unlock breakthroughs in clean energy, advanced materials, and human health that are beyond the reach of classical systems,” said Nathan Medlock, Managing Partner at Planet First Partners, who is joining the Board. “Photonic’s distributed architecture provides a credible path to rapidly scale towards utility-scale systems – enabling innovations in areas such as battery materials, low-carbon catalysts, and drug design that can meaningfully accelerate climate solutions and improve global wellbeing.”
“Photonic’s game‑changing approach to deliver on the decades‑old promises of quantum computing continues to be fueled by committed investors and best‑in‑class employees,” said Paul Terry, CEO of Photonic. “This funding round attracted not only new financial investors but also partners from sectors poised to be transformed by quantum technology—including sustainability, telecommunications, finance, and security.”
“This marks our first direct equity investment in a quantum computing company, and we’re proud to support Photonic as they pioneer the next era of distributed quantum technologies,” said Barrie Laver, Managing Director, Head of Venture Capital & Private Equity with Royal Bank of Canada. “We believe Photonic’s scalable quantum architecture has the potential to unlock key applications in the financial sector, ranging from security through to portfolio optimization and risk modelling. In our view, Photonic’s team and technology helps position them as a leader in bringing practical quantum capabilities to market.”
“At TELUS Global Ventures, we invest in breakthrough technologies that create tangible value today and for the future and believe quantum computing represents a transformational technology that will fundamentally reshape secure telecommunications infrastructure,” said Terry Doyle, Managing Partner at TELUS Global Ventures. “Photonic’s approach to distributed quantum computing and networking is exactly the kind of game-changing innovation we seek. Together, we’re not just investing in technology, we’re building Canada’s quantum future and delivering solutions that will transform industries worldwide.”
Gordon J. Fyfe, Chief Executive Officer and Chief Investment Officer at BCI, added: “Since our initial investment in Photonic, the company has achieved significant technical milestones and demonstrated exceptional capital efficiency. Photonic is advancing secure quantum solutions while forging strategic commercial partnerships. As one of Photonic’s largest shareholders, BCI is proud to support the Photonic team in the pursuit of developing one of the world’s first fault-tolerant quantum computers.”
Evercore is acting as the sole placement agent to Photonic on the capital raise.
About Photonic Inc.
Photonic Inc. is a leading quantum technology company developing commercial-scale quantum computers and quantum networks to address some of the world’s most pressing challenges in materials science, drug discovery, climate change, and security. The company’s approach unlocks performance at scale through unmatched distributed quantum computing capabilities. Photonic’s high-connectivity Entanglement First™ architecture leverages a unique qubit modality—optically linked silicon spin qubits—to enable powerful computation, efficient error correction, and seamless integration with existing data center and telecom environments. Headquartered in Vancouver, British Columbia, with operations in the United States and United Kingdom, Photonic’s team of 150+ experts is advancing quantum technologies alongside leading investors, partners, and customers worldwide. Learn more at https://www.photonic.com.
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