Photonic Inc. raises $100 million, backed by investors like the British Columbia Investment Management Corporation (BCI), Microsoft Corporation, the UK government’s National Security Strategic Investment Fund (NSSIF), Inovia Capital, and Amadeus Capital Partners in a recent investment round. The company’s total fund is currently around $140 million.
With significant advancements made in the areas of qubit quality and error correction, quantum computing was the next shift the world saw after AI. According to Fortune Business Insights, the quantum computing market size is projected to grow from $928.8 million in 2023 to $6,528.8 million by 2030, at a CAGR of 32.1%.
Photonic, a pioneer in developing one of the world's first scalable, fault-tolerant, and unified quantum computing and networking platforms, 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.
The Chief Executive Officer of Photonic, Paul Terry, expressed his gratitude:
“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. 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.”
Photonics: Innovating Quantum solutions
Photonics utilises silicon spin qubits linked through a unique silicon spin-photon interface. This technology seamlessly integrates the memory and computing capabilities of spins with the connectivity of photonics, offering a scalable, fault-tolerant, and networked quantum computing solution.
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.
Hermann Hauser, Co-founder and Venture Partner, Amadeus Capital Partners, said:
“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.”
Recent advancements made by Photonics in Quantum computing
In a strategic move towards fostering a global quantum ecosystem, Photonic recently unveiled collaborations with Microsoft. The partnership aims to leverage Photonic's expertise in scalable, fault-tolerant quantum technologies with Microsoft's extensive resources and technological prowess.
Photonic's technical paper titled "Scalable Fault-Tolerant Quantum Technologies with Silicon Colour Centres," provides a comprehensive exploration of the company's groundbreaking architecture.
"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.”