Photonic raises CAD $275 million, at CAD $2.7B valuation
Tue, 12th May 2026 (Today)
Photonic has closed an investment round of more than CAD $275 million, giving the Vancouver-based quantum computing company a post-money valuation of CAD $2.7 billion.
The round was led by Planet First Partners, a UK investor focused on sustainable technology, and brings Photonic's total capital raised to more than USD $350 million.
New backers in the final close included Business Development Bank of Canada, Export Development Canada, Bell Ventures, Firgun Ventures, InBC Investment Corp. and existing investor Mubadala Capital. The first close had already brought in Royal Bank of Canada, TELUS, British Columbia Investment Management Corporation and Microsoft.
Photonic develops distributed quantum computing systems and quantum networks. Its approach combines silicon-based qubits with photonic links, allowing systems to connect over existing fibre infrastructure.
The fresh capital will be used to meet technical milestones, expand the workforce and deepen commercial partnerships. Photonic also highlighted work with customers through the Canadian Quantum Champions Program and Stage B of DARPA's Quantum Benchmarking Initiative.
Quantum financing has remained selective as investors look for signs that companies can move beyond laboratory research toward larger-scale systems. Photonic is positioning itself around distributed architectures, a segment focused on linking multiple quantum systems rather than relying on a single monolithic machine.
Chief Executive Officer Don Mattrick described the significance of the financing.
"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," said Don Mattrick, Chief Executive Officer, Photonic.
Several investors tied their support to Photonic's efforts to build systems that work across existing communications networks. That point is central to the company's case for distributed quantum computing, particularly as telecom and cloud infrastructure groups look for routes to commercial deployment.
Returning investor Microsoft highlighted the role of distributed architectures in scaling the technology.
"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," said Zulfi Alam, Corporate Vice President, Microsoft Quantum.
Evercore acted as sole placement agent on the capital raise.
Canadian public and corporate investors also used the round to underline the strategic dimension of quantum technologies. Business Development Bank of Canada invested through its StrongNorth Fund, which backs defence and dual-use technologies.
"Through its StrongNorth Fund, BDC invests in Canadian companies developing defence and dual-use technologies that underpin Canada's resilience, security, and long-term economic leadership. Photonic fits that thesis: it is advancing scalable quantum capabilities, working with leading global partners, and building on a strong base of Canadian talent," said Peter Suma, Managing Partner, StrongNorth Fund, Business Development Bank of Canada.
TELUS, which joined at the first close, pointed to the fit between Photonic's architecture and telecom networks.
"We've seen firsthand how Photonic's Entanglement First Architecture can seamlessly integrate with our PureFibre infrastructure to deliver transformative quantum capabilities. This milestone represents not just a financial achievement, but validation of a partnership and vision that positions Canada at the forefront of quantum innovation-technology that will reshape industries and create secure, connected solutions for the future," said Nazim Benhadid, Chief Technology Officer, TELUS.