Canadian quantum computing company raises $180 million from investors including RBC, Telus
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Quantum computers harness quantum bits, or qubits, to perform complex calculations beyond the scope of traditional computers. Photo by Simon Fraser University Handout/The Canadian Press/Postmedia filesArticle contentCoquitlam, B.C.-based Photonic Inc. has raised $180 million from a consortium of international and homegrown investors to accelerate its efforts to build a commercial quantum computer for industry.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentThe fresh funds will also help the startup expand its technical, sales and partnership teams. Photonic’s latest fundraiser was led by Planet First Partners Gérant Sàrl, a Luxembourg-based venture capital firm focused on technology and sustainability. New investors, including the Royal Bank of Canada and Telus Global Ventures, also participated in the round. It was RBC’s first direct equity investment in a quantum computing company.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.We apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Play VideoArticle contentArticle content“Photonic’s game-changing approach to deliver on the decades-old promise of quantum computing continues to be fuelled by committed investors and best-in-class employees,” Photonic chief executive Paul Terry said in a statement on Tuesday.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article content“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.”Article contentInvestor enthusiasm for the emerging technology surged last year as researchers made major technical breakthroughs, and companies, from International Business Machines Corp. to Toronto-based Xanadu Quantum Technologies Inc., laid out roadmaps to build large-scale, fault-tolerant quantum computers over the next several years.Article contentQuantum computers harness quantum bits, or qubits, to perform complex calculations beyond the scope of traditional computers that can be applied to new material discovery and financial and climate modelling. But building large-scale and error-free quantum computers has proven especially challenging.Article contentArticle contentNational programs are underway to help quantum computing companies scale up. Ottawa in December committed up to $92 million to fund four Canadian companies under its new Canadian Quantum Champions Program as various other countries vie for a leg up in the dual-use technology.Article contentRead More Canadian quantum companies eager for funding, even if it's from the U.S. government Opinion: Canada's AI strategy needs to avoid excessive precaution Article contentPhotonic, alongside Toronto-based Xanadu Quantum Technologies Inc., Montreal’s Anyon Systems Inc. and Sherbrooke, Que.-based Nord Quantique Inc., will receive up to $23 million each in the first phase of the program.Article contentLast November, Photonic, Xanadu and Nord Quantique advanced to the second stage of the Quantum Benchmarking Initiative, led by the United States’ Defense Advanced Research Projects Agency, a military-backed research program that aims to build a usable quantum computer by 2033.Article contentFounded in 2016, Photonic has now raised $375 million to date.Article content• Email: ylau@postmedia.com Article contentTrending Posthaste: Mortgage borrowers who held out for lower rates are paying the price News RBC CEO says he's 'more excited' about Canada's growth outlook than he has been in a decade Banking Not their parents' financial plan: Gen Z Canadians skip saving for a down payment and splurge on travel Wealth Joly presses Lockheed for jobs as crucial F-35 decision nears News Doug Ford threatens to pull Crown Royal off LCBO shelves when last worker leaves Ontario plant Retail & Marketing Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. 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