Photonic had the final closing of over US$200 million in investment, giving the distributed quantum computing company a $2-billion post-money valuation.
The round, led by Planet First Partners, a UK-based sustainable technology growth equity firm, brings total capital raised by Photonic to over $350 million.
Evercore acted as sole placement agent to Photonic on the capital raise.
This round adds new investors Business Development Bank of Canada (BDC), Export Development Canada (EDC), Bell Ventures, Firgun Ventures, InBC Investment Corp. and existing investor Mubadala Capital.
The round’s first close, announced in January 2026, attracted strategic investors Royal Bank of Canada (RBC) and TELUS, alongside returning investors British Columbia Investment Management (BCI) and Microsoft.
The breadth of investors demonstrates strong support across Canada, Europe, the United Kingdom, the United States, and the Middle East.
Photonic is accelerating the path to fault-tolerant quantum computing through its Entanglement First Architecture, an approach that combines silicon-based qubits and native photonic connectivity that enables seamless scaling across existing global telecom infrastructure.
“We would particularly like to recognize the meaningful contributions from the Government of Canada via both BDC and EDC,” said Don Mattrick, CEO of Photonic.
“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,” said Mattrick. 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 VP of Microsoft Quantum, said distributed architectures will be an important way to scale quantum technology.
“Their [Photonic’s] 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,” said Alam.
Peter Suma, managing partner of Business Development Bank of Canada’s (BDC) StrongNorth Fund, said they invest 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 Suma. “By investing alongside international partners, BDC is helping scale this homegrown company, strengthen a critical domestic capability, and position the economy to benefit from the next wave of computing innovation.”
Guillermo Freire, SVP of Export Development Canada’s (EDC) Mid-Market Group, said Photonic’s innovation is pushing the boundaries of advanced computing and data infrastructure, helping to build the next generation of scalable quantum technologies that can integrate with global cloud and compute ecosystems.
“This investment round demonstrates global recognition of Photonic’s breakthrough approach to distributed quantum computing,” said Nazim Benhadid, CTO of TELUS.
At TELUS, we’ve seen firsthand how Photonic’s Entanglement First Architecture can seamlessly integrate with our PureFibre infrastructure to deliver transformative quantum capabilities,” said Benhadid.
