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The additional funding marks the final close of the $180-million round that the Vancouver-based firm announced in January, bringing this financing to a total of $275 million. Photonic said it is now valued at $2.7 billion. Investors joining the round included BDC Capital’s defence-focused StrongNorth Fund; Export Development Canada; Bell’s venture arm; provincial fund InBC Investment; and Abu Dhabi sovereign wealth fund Mubadala. (The Logic)
Talking point: Founded in 2016, Photonic is one of several firms trying to build useful quantum computers. The startup’s technology is based on the property of quantum entanglement between different particles. The round is designed to take Photonic to commercialization of its science, then-CEO Paul Terry told The Logic in January, at the first close. He’s since moved to chief product officer, with longtime video game executive Don Mattrick taking over the top job. Photonic is also one of three Canadian companies selected for major programs in the U.S. and Canada designed to advance and prove out quantum computing.
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