Photonic has announced the final close of more than $200 million in investment at a $2 billion post-money valuation, bringing the Vancouver-based quantum computing company’s total capital raised to more than $350 million. The round was led by Planet First Partners, a UK-based sustainable technology growth equity firm, and adds new investors Business Development Bank of Canada, Export Development Canada, Bell Ventures, Firgun Ventures, and InBC Investment Corp., alongside existing investor Mubadala Capital. The round’s first close, announced in January 2026, attracted strategic investors Royal Bank of Canada and TELUS alongside returning investors British Columbia Investment Management Corporation and Microsoft.
Photonic is accelerating the path to fault-tolerant quantum computing through its proprietary Entanglement First Architecture, a distinctive approach that combines silicon-based qubits with native photonic connectivity, enabling scaling across existing global telecom infrastructure.
The design enables quantum systems to operate over today’s fiber networks, offering a practical, scalable path toward large-scale systems required for transformative applications in materials science, drug discovery, climate change, and security. The company is already delivering on commitments to customers including as part of the Canadian Quantum Champions Program and Stage B of DARPA’s Quantum Benchmarking Initiative.
The breadth of investors spans Canada, Europe, the United Kingdom, the United States, and the Middle East, reflecting international confidence in both Photonic’s technology and its role in establishing Canada as a leader in quantum innovation. The company employs more than 160 experts across operations in Vancouver, the United States, and the United Kingdom. Evercore acted as sole placement agent on the capital raise.
Photonic said the funding will be used to continue hitting key technical milestones, grow its team, and deepen the partnerships required to bring commercial-scale quantum computing to market.
KEY QUOTES:
“This financing unites government, strategic partners, and international investors around a shared conviction: that commercial-scale quantum computing is within reach — and that its economic impact will be transformative. Photonic is already delivering on commitments to customers, including as part of the Canadian Quantum Champions Program and Stage B of DARPA’s Quantum Benchmarking Initiative. We will use this funding to continue to hit key milestones, grow our team, and deepen the partnerships that will take us there.”
Don Mattrick, CEO, Photonic Inc.
“Distributed architectures will be an important way to scale quantum technology, and Photonic is an important partner in advancing that future. Their design allows quantum systems to operate over today’s fiber infrastructure, offering a practical and scalable path toward the large-scale systems that transformative applications will demand. We’re pleased to continue our partnership as they take this next step.”
Zulfi Alam, Corporate Vice President, Microsoft Quantum
