Vancouver based quantum technology startup Photonic Inc. has raised $180 million in its latest funding round led by the U.K.’s Planet First Partners and includes first time investors Royal Bank of Canada (RBC), TELUS, and others.
The news follows an announcement in mid-December by Evan Solomon, Minister of Artificial Intelligence and Digital Innovation that the Canadian government was making an investment of up to $92 million for phase 1 of the Canadian Quantum Champions Program. Photonic was one of the recipients chosen and will receive up to $23 million.
Canada has been looking at Quantum technology as a priority for some time but only recently rolled out Canada’s National Quantum Strategy in late November 2025. The strategy comes with a commitment of $334.4 million over five years to invest in quantum technologies.
When the new Quantum Strategy was unveiled the Canadian Space Agency (CSA) issued an expression of interest call for a new initiative called Quantum Communications and Networking Demonstrator. The first CSA quantum technology demonstration satellite, QEYSSat, is expected to launch sometime this year but no launch date has been released as yet.
As for Photonic, the 2016 startup has now raised a total of $375 million, an impressive figure in so short a time. The company focuses on fault‑tolerant quantum systems and have begun rolling out their Entanglement First™ Architecture which they describe as “a unique approach that combines silicon‑based qubits and native photonic connectivity, enabling seamless scaling across existing global telecom infrastructure.”
Other returning investors include institutional investor British Columbia Investment Management Corporation (BCI) and Microsoft.
Microsoft was also part of Photonic’s 2023 November raise of ~$137 million and it was then that the companies agreed that Photonic’s technology would be integrated with Microsoft’s Azure Quantum Elements service.
As part of their investment, Planet First Partners, will be adding a board member in Nathan Medlock, Managing Partner. Medlock said of the investment, “Quantum computing can unlock breakthroughs in clean energy, advanced materials, and human health that are beyond the reach of classical systems. Photonic’s distributed architecture provides a credible path to rapidly scale towards utility-scale systems – enabling innovations in areas such as battery materials, low-carbon catalysts, and drug design that can meaningfully accelerate climate solutions and improve global wellbeing.”
Paul Terry, CEO of Photonic added, “Photonic’s game‑changing approach to deliver on the decades‑old promises of quantum computing continues to be fueled by committed investors and best‑in‑class employees. 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.”