Royal Bank, Telus back $130-million financing for quantum developer Photonic [Globe and Mail, The (Toronto, Canada)]
Royal Bank Of Canada (RY)
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Source: Globe and Mail, The
Tijana Martin/The Globe and Mail The pair have invested in a US$130-million equity financing by Vancouver quantum computer developer Photonic inc., bolstering its standing as one of the most promising players in the field. Canada had – and lost – its lead in AI. Can it avoid making the same mistake in the next emerging global technology race? Federal government funds four quantum computer developers, aiming to keep them in Canada Past backers Microsoft Corp. MSFT-Q decrease and pension giant British Columbia Investment Management Corp. also participated in the funding. Microsoft isn't just an investor, but a key partner : It plans to install Photonic technology within its Azure cloud-computing facilities and provide access to its quantum power to customers over the internet. Other investors in Photonic, which has raised US$271-million to date, include the British government's National Security Strategic Investment Fund and Canadian financiers Inovia Capital and Yaletown
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