Photonic Inc, a quantum technology company, has raised over US$ 200 million (CA$ 275 million) in capital as the company pushes to scale distributed quantum computing systems using existing telecom infrastructure. The round was led by Planet First Partners and drew backing from a mix of government agencies, telecom companies and institutional investors across Canada, Europe, the United States and the Middle East.
These new investors included Business Development Bank of Canada, Export Development Canada, Bell Ventures, Firgun Ventures and InBC Investment Corp., alongside existing investor Mubadala Capital.
According to a press release, the financing values Photonic at US$ 2 billion (CA$ 2.7 billion) post-money and brings its total capital raised to more than US$ 350 million (CA$ 475 million). A first close of the round announced in January 2026 also brought in Royal Bank of Canada, TELUS, British Columbia Investment Management Corporation and Microsoft.
Don Mattrick, CEO, Photonic, said, “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. We would particularly like to recognize the meaningful contributions from the Government of Canada via both BDC and EDC.”
He continues, “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.”
Zulfi Alam, Corporate Vice President, Microsoft Quantum, said, “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.”
Photonic is developing an Entanglement First architecture, which combines silicon-based qubits with photonic networking technology. The company says the approach allows quantum systems to operate over existing fiber networks, avoiding the need for entirely new infrastructure. Photonic is positioning distributed quantum computing as a practical path toward larger-scale systems, an approach that has attracted interest from telecom and cloud infrastructure partners.