Photonic, a Vancouver-based quantum technology company focused on distributed quantum computing and quantum networking, said it has raised $180 million CAD (about $130 million USD) in the first close of its latest financing round. The raise was led by Planet First Partners, with new participation from Royal Bank of Canada (RBC), TELUS, and other investors, while existing backers including BCI and Microsoft also returned.
The first-close financing lifts Photonic’s total capital raised to $375 million CAD (about $271 million USD), adding fresh resources as the company works toward product milestones it says are required to move fault-tolerant quantum systems from R&D into early commercial deployments. Photonic said it will use the proceeds to advance its technology roadmap, expand technical and commercial teams, and deepen engagement with customers and partners.
At the center of Photonic’s strategy is what it calls its Entanglement First Architecture, which combines silicon-based qubits with native photonic connectivity. The company argues that this approach is designed to support scaling beyond a single machine by linking quantum systems together—an architectural bet that could help distribute quantum workloads and integrate future systems with existing data center and global telecommunications infrastructure.
Planet First Partners framed its investment as aligned with climate-focused technology, pointing to potential quantum-enabled advances in areas such as battery materials, catalysts, and drug design. Managing Partner Nathan Medlock is joining Photonic’s board as part of the transaction, providing additional strategic support as the company ramps up commercialization efforts.
The round also brought in strategic perspectives from finance and telecom. RBC described the investment as its first direct equity stake in a quantum computing company and highlighted potential financial-sector applications, including security and advanced modeling. TELUS Global Ventures emphasized quantum’s role in reshaping secure telecommunications infrastructure and positioned Photonic’s distributed approach as a fit for next-generation networking.
Photonic said it is headquartered in Vancouver with operations in the United States and the United Kingdom and employs more than 150 people. Evercore served as the sole placement agent on the capital raise, according to the company.
KEY QUOTES:
“Quantum computing can unlock breakthroughs in clean energy, advanced materials, and human health that are beyond the reach of classical systems.”
Nathan Medlock, Managing Partner, Planet First Partners (joining Photonic’s Board)
“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.”
Paul Terry, CEO, Photonic
“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.”
Barrie Laver, Managing Director, Head of Venture Capital & Private Equity, Royal Bank of Canada
“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.”
Terry Doyle, Managing Partner, TELUS Global Ventures
“Since our initial investment in Photonic, the company has achieved significant technical milestones and demonstrated exceptional capital efficiency.”
Gordon J. Fyfe, Chief Executive Officer and Chief Investment Officer, BCI
