Photonic has raised $180 million in the first close of its latest investment round, marking a major milestone for the distributed quantum computing company as it pushes toward commercialization.
The round was led by Planet First Partners, with participation from new investors including Royal Bank of Canada and TELUS. Existing backers, including BCI and Microsoft, also returned. The financing brings Photonic’s total capital raised to $375 million.
Photonic is developing fault-tolerant quantum systems using its Entanglement First™ Architecture, which combines silicon-based qubits with native photonic connectivity. The approach is designed to enable seamless scaling across existing global telecommunications infrastructure.
The company said the new funding will be used to advance key product milestones on the path to commercialization, expand technical and business teams, and deepen engagement with customers and partners.
Photonic is a member of the BC Tech Association.
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“Photonic’s distributed architecture provides a credible path to rapidly scale towards utility-scale systems,” said Nathan Medlock, managing partner at Planet First Partners, who is joining the company’s board. He pointed to potential applications across clean energy, advanced materials, and human health, including battery materials, low-carbon catalysts, and drug design.
Photonic CEO Paul Terry said the round reflects growing confidence in the company’s approach. “This funding round attracted not only new financial investors but also partners from sectors poised to be transformed by quantum technology—including sustainability, telecommunications, finance, and security,” he said.
RBC described the investment as its first direct equity stake in a quantum computing company, highlighting potential applications in financial security, portfolio optimization, and risk modelling. TELUS Global Ventures said Photonic’s distributed quantum networking aligns with the future of secure telecommunications infrastructure.
BCI CEO Gordon J. Fyfe said Photonic has achieved significant technical milestones since BCI’s initial investment and demonstrated strong capital efficiency, adding that the firm is proud to support Photonic’s efforts to develop one of the world’s first fault-tolerant quantum computers.
In recent months, Photonic has continued to build momentum beyond fundraising. The Coquitlam-based quantum innovator was tapped for Canada’s federal Quantum Champions Program, a national initiative aimed at accelerating fault-tolerant quantum technology development — potentially bringing up to $23 million in additional support to the company’s efforts.
Photonic has also been recognized for its leadership in distributed quantum computing through selection into the U.S. Defense Advanced Research Projects Agency’s Quantum Benchmarking Initiative and has earned government grants for quantum networking and defence technologies, underscoring its growing role in both domestic and international quantum ecosystems.
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