Key investors include Microsoft, Amadeus Capital Partners
Photonic Inc. (Photonic) has announced that it has raised $100 million in a recent investment round, with key contributions 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. This latest injection of funds brings the company's total funding to $140 million.
“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. 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,” says Gordon J. Fyfe, CEO and CIO at BCI.
The focus of Photonic's venture is the creation of a scalable, fault-tolerant quantum computing and networking platform. Utilizing photonically linked silicon spin qubits, the company has developed a new technology that merges the memory and computing capabilities of spins with the connectivity of photonics.
This innovation positions Photonic as a pioneer in building one of the world's first scalable, fault-tolerant, and networked quantum computers.
“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,” says Paul Terry, CEO at Photonic.
“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,” says Hermann Hauser, co-founder and venture partner at Amadeus Capital Partners.