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One of Canada’s most exciting quantum computing startups has just raised a massive new round of funding. And some of the biggest venture capital funds in the world are behind it.

What’s happening:

  • Vancouver, British Columbia based Photonic has successfully raised $200M USD In a new financing round

By the numbers:‍

  • The new funding round gives Photonic a valuation of roughly $2B USD

Why it matters:‍

  • Photonic is developing a commercial scale quantum computer that enables quantum information to be shared between distant nodes and is led by legendary technology entrepreneur Don Mattrick who previously sold Distinctive Software to EA and then led both Xbox and Interactive Entertainment for Microsoft (NASDAQ: MSFT)

Going deeper:‍

  • Multiple notable venture capital investors participated in Photonic’s new capital raise including Export Development Canada, Business Development Bank of Canada and Bell Ventures
  • The alternative asset management arm of Abu Dhabi’s sovereign wealth fund Mubadala Investment Company was an early investor in Photonic and also participated in the $200M USD financing round

The intrigue:‍

  • Photonic also has a strategic partnership with Microsoft to integrate their quantum hardware into Microsoft’s Azure Quantum Elements platform

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