Photonic raises $100m for quantum technology from BCI, Microsoft and other investors
Nov 9, 2023
VANCOUVER, British Columbia – 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.”
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