Quantum computing startup Photonic Inc. has raised $131 million in a funding round led by Planet First Partners.

New investors, the Royal Bank of Canada and Telus, also participated in the round, alongside existing investors BCI and Microsoft.

It brings the total raised by the startup to date to $271 million. Photonic will use the funds to expand its business and technical teams and further the commercialization of its technology.

“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,” said Paul Terry, CEO of Photonic. “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.”

Canada-based Photonic was founded in 2016 with the aim of building commercial-scale fault-tolerant quantum computers and networks. The startup says its Photonic’s 'Entanglement First' architecture prioritizes “entanglement distribution across nodes,” eliminating “quantum-specific bottlenecks” that limit the ability of other systems to scale.

In November 2025, the company was one of 11 that advanced to the second stage of the United States government’s Defense Advanced Research Projects Agency’s (DARPA) Quantum Benchmarking Initiative (QBI).

The program aims to determine whether it's possible to build a fault-tolerant quantum computer within a decade and if any quantum computing approach can achieve utility-scale operation by 2033.