NEWS
Photonic raises CAD $ 180M to accelerate distributed quantum computing
Vancouver-based Photonic, a global leader in distributed quantum computing, has raised $ 180M CAD( US $ 130m in the first close of its latest investment round led by Planet First Partners with participation from new investors Royal Bank of Canada( RBC), TELUS and others.
Existing investors including BCI and Microsoft also returned, bringing total funding to $ 375m CAD( US $ 271m).
With the new capital, Photonic will advance key product milestones toward commercialisation, expand its technical and business teams and deepen customer and partner engagements.
Photonic’ s platform is distributed by design, leveraging the manufacturability of silicon spins and the connectivity of telecom networks to scale up and scale out in parallel to reach commercial scale.
The funding reinforces confidence in Photonic’ s rapid growth and its climate-focused technology ambitions. The company is accelerating progress toward fault-tolerant quantum systems using its Entanglement First Architecture, which combines siliconbased qubits with native photonic connectivity. This approach is designed to scale across existing global telecom infrastructure and the Internet.
“ Quantum computing can unlock breakthroughs in clean energy, advanced materials and human health that are beyond the reach of classical systems,” said Nathan Medlock, Managing Partner, Planet First Partners.
“ Photonic’ s architecture provides a credible path toward utilityscale systems that could accelerate battery materials, low-carbon catalysts and drug design.”
Paul Terry, CEO, Photonic, said the round attracted financial investors and strategic partners from sustainability, telecommunications, finance and security supporting commercialisation and long-term global market adoption for quantum technologies.
US Energy Department opens applications for Industrial Technology Validation program
The US Department of Energy( DOE) is selecting applications for its Industrial Technology Validation program – a new effort designed to accelerate commercialization of high impact industrial technologies and strengthen US manufacturing competitiveness.
The program provides awards of up to $ 400,000 to teams of technology developers and industrial host sites to evaluate emerging technologies under real world operating conditions. The initiative supports innovations that improve performance, optimize operations and reduce costs across the industrial sector.
“ ITV will help companies develop, deploy and scale solutions faster so US industry can lead in domestic and global markets.”
Through the program, technology developers and host sites will be matched with each other and will collaborate with Lawrence Berkeley National Laboratory and DOE to validate technologies in active facilities. Developers will supply the equipment while host sites will manage installation and share performance data from both baseline systems and the new technology.
Lawrence Berkeley National Laboratory will analyze results and publish a public measurement and verification report.
Selected teams must provide a 50 % cost share for part of the project with funding divided between the developer and host site.
The program is managed by EnergyWerx in partnership with DOE through a Partnership Intermediary Agreement that expands engagement with partners nationwide.
“ The ITV program was designed to help American industry overcome barriers and benefit from the latest industrial technology innovations,” said Avi Shultz, Director of the DOE office overseeing industrial technologies.
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