Canadian quantum computing startup, Photonic, has raised $100m in an investment round, which included Microsoft, to continue building its quantum computing and networking platform.
The company, which operates in Canada, the US and Europe, is making fault-tolerant quantum technologies using its unique silicon spin-photon interface.
Photonic’ s partnership with Microsoft will develop new technology that is able to send quantum information safely over far distances.
“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,” said Paul Terry, Photonic CEO.
“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,” he added.
As well as Microsoft’s investment, the funding also included participation from the UK’s National Security Strategic Investment Fund, Inovia Capital, and Amadeus Capital Partners, as well as the British Columbia Investment Management Corporation.
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The total amount of funding raised by the company to date is $140m, Photonic said.
Quantum computing has been on the rise since a boom in investment and public discourse in 2021. Despite the technology arguably being sidelined by artificial intelligence (AI), the emerging technology continues to attract investors attention.
The value of global quantum computing deals in 2023 by the third quarter had already far exceeded that of the total investment for 2022, according to GlobalData's Deal Database.
Quantum computing uses the properties of quantum physics instead of classic computer's binary processing. Quantum computing replaces classical computing bits, which can exist in a state of either 0 or 1, with quantum bits or qubits.
Unlike classical bits, qubits are able to exist in multiple states simultaneously, due to a phenomenon known as superposition. This allows quantum computers to process a vast amount of information in parallel, potentially solving complex problems much faster than classical computers.