Photonic secures US $100M new funding

CPE News

CPE News (11.8.2023) – Photonic Inc. has raised US $100 million in new funding from British Columbia Investment Management Corporation (BCI), Microsoft Corporation, the UK government’s National Security Strategic Investment Fund (NSSIF), Inovia Capital, and Amadeus Capital Partners.

The new financing brings the company’s total funding raised to date to US $140 million.

Led by founder Dr. Stephanie Simmons and CEO Paul Terry, Vancouver based Photonic is building one of the first scalable, fault-tolerant, and unified quantum computing and networking platforms, uniquely based on proven spin qubits in silicon. Photonic’s platform offers a native telecom networking interface and the manufacturability of silicon. Headquartered in Vancouver, Canada, Photonic also has offices in the United States and the United Kingdom.

photo credit: Photonic

News Release

Photonic Raises $100 Million USD for Quantum Technology from BCI, Microsoft, and Other Investors

Total Funding of $140 Million to Date Fuels Fast-Paced Development of Scalable, Fault-tolerant, Quantum Computing and Networking Platform

November 08, 2023 10:02 AM Eastern Standard Time

VANCOUVER, British Columbia–(BUSINESS WIRE)–Photonic Inc., a company building one of the world’s first scalable, fault-tolerant, and unified quantum computing and networking platforms based on photonically linked silicon spin qubits, today announced it has raised an investment round of $100M USD. The funds were raised from organizations including British Columbia Investment Management Corporation (BCI), Microsoft Corporation, the UK government’s National Security Strategic Investment Fund (NSSIF), Inovia Capital, and Amadeus Capital Partners. This brings the company’s total funding raised to date to $140M USD.

Photonic is making fault-tolerant quantum technologies a reality with its unique silicon spin-photon interface. The technology leverages the memory and computing capabilities of spins and the connectivity of photonics to build one of the world’s first scalable, fault-tolerant, and networked quantum computers. The company has over 120 employees with a head office in Canada and has recently opened offices in the United Kingdom and the United States.

“Photonic’s game-changing approach to deliver on the decades-old promises of quantum computing continues to be fueled by our committed investors and best-in-class employees,” said Paul Terry, Chief Executive Officer of Photonic. “The support of such knowledgeable investors who believe in our work is a testament to our team, our technology, and the direction we’re headed in.”

Hermann Hauser, Co-founder and Venture Partner, Amadeus Capital Partners, added, “Photonic is solving one of the central challenges for scalable quantum computing. By linking qubits with photons on a silicon-based architecture, the power of quantum processing can be unleashed across a distributed computing network with confidence that error correction is able to keep pace. This is an innovation with awesome potential.”

“Since our initial investment in Photonic, the company has reached several major technical milestones related to developing secure quantum solutions, while establishing key commercial partnerships,” said Gordon J. Fyfe, Chief Executive Officer and Chief Investment Officer at BCI. “As one of Photonic’s largest shareholders, BCI is excited to partner with its management team with the goal of developing one of the first fault-tolerant quantum computers in the world.”

In related news, Photonic also announced today Photonic Collaborating with Microsoft to Power Global Quantum Ecosystem, and Photonic Accelerating Quantum Computing’s Transformational Benefits with New Architecture. In addition, a Photonic technical paper, Scalable Fault-Tolerant Quantum Technologies with Silicon Colour Centres, details the company’s novel architecture, and a Microsoft blog post, Microsoft and Photonic join forces on the path to quantum at scale, offers more perspective on that company’s collaboration with Photonic.

About Photonic

Photonic is building one of the first scalable, fault-tolerant, and unified quantum computing and networking platforms, uniquely based on proven spin qubits in silicon. Photonic’s platform offers a native telecom networking interface and the manufacturability of silicon. Headquartered in Vancouver, Canada, Photonic also has offices in the United States and the United Kingdom. To learn more about the company, visit www.photonic.com.
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