Vancouver-based Photonic Inc. has raised $180 million CAD ($130 million USD) in the first close of its latest funding round, marking one of the largest quantum technology financings ever announced in Canada.
The round was led by Planet First Partners, with participation from new investors including Royal Bank of Canada and TELUS, alongside returning backers BCI and Microsoft. The raise brings Photonic’s total funding to $375 million CAD ($271 million USD).
The fresh capital will be used to accelerate Photonic’s path toward commercial-scale, fault-tolerant quantum computers and quantum networks—systems the company believes can unlock breakthroughs in clean energy, advanced materials, and human health that are not possible with classical computing alone.
Founded in Vancouver, Photonic is developing what it calls an “Entanglement First™” architecture, combining silicon-based qubits with native photonic connectivity. The approach is designed to enable distributed quantum systems that can scale across existing data centre and global telecom infrastructure—a key hurdle that has slowed progress across the quantum sector.
“Quantum computing can unlock breakthroughs in clean energy, advanced materials, and human health that are beyond the reach of classical systems,” said Planet First Partners managing partner Nathan Medlock, who is joining Photonic’s board. He pointed to potential applications ranging from battery materials and low-carbon catalysts to drug discovery.
Photonic Inc.'s quantum computing chip packaging. (Credit: Photonic)
Photonic CEO Paul Terry said the round reflects growing confidence that quantum technologies are moving closer to real-world impact. “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,” he said.
For Canadian institutions, the investment also signals a strategic bet on domestic quantum leadership. RBC described the deal as its first direct equity investment in a quantum computing company, citing applications in financial security, portfolio optimization, and risk modelling. TELUS Global Ventures framed the investment as foundational to the future of secure telecommunications infrastructure.
BCI, one of Photonic’s earliest and largest shareholders, said the company has demonstrated strong capital efficiency while hitting key technical milestones. “Photonic is advancing secure quantum solutions while forging strategic commercial partnerships,” said BCI CEO Gordon Fyfe.
Photonic employs more than 150 people across Canada, the United States, and the United Kingdom, with its headquarters remaining in Vancouver.