Photonic Inc. Closes Investment Round with over $200M USD ($275M CAD) VANCOUVER, British Columbia, May 12, 2026 — Photonic Inc., a global leader in distributed quantum computing, today announced the final close of over $200M USD ($275M CAD) in investment, giving the company a $2B USD ($2.7B CAD) post-money valuation. The round, led by Planet First Partners, a UK-based sustainable technology growth equity firm, brings total capital raised by Photonic to over $350M USD ($475M CAD). This round adds new investors Business Development Bank of Canada (BDC), Export Development Canada (EDC), Bell Ventures, Firgun Ventures, InBC Investment Corp. and existing investor Mubadala Capital. The round’s first close, announced in January 2026, attracted strategic investors Royal Bank of Canada (RBC) and TELUS, alongside returning investors British Columbia Investment Management Corporation (BCI) and Microsoft. The breadth of investors demonstrates strong support across Canada, Europe, the United Kingdom, the United States, and the Middle East. Photonic is accelerating the path to fault-tolerant quantum computing through its Entanglement First™ Architecture, a unique approach combining silicon-based qubits and native photonic connectivity that enables seamless scaling across existing global telecom infrastructure. "This financing unites government, strategic partners, and international investors around a shared conviction: that commercial-scale quantum computing is within reach – and that its economic impact will be transformative. We would particularly like to recognize the meaningful contributions from the Government of Canada via both BDC and EDC. Photonic is already delivering on commitments to customers, including as part of the Canadian Quantum Champions Program and Stage B of DARPA's Quantum Benchmarking Initiative. We will use this funding to continue to hit key milestones, grow our team, and deepen the partnerships that will take us there.” — Don Mattrick, CEO, Photonic Inc. “Distributed architectures will be an important way to scale quantum technology, and Photonic