Coquitlam-headquartered quantum computing firm Photonic Inc. announced a major investment on Tuesday, serving as a keynote for British Columbia's sales pitch at the international tech conference Web Summit, currently taking place in Vancouver.
Photonic's Landmark Investment
Photonic, one of B.C.'s most prominent emerging tech stars, unveiled a US$200 million investment raised by U.K. equity firm Planet First Partners, with participation from the Business Development Bank and Export Development Canada. The announcement was made just before the day's events at Web Summit.
By 11:30 a.m., Jobs and Economic Growth Minister Ravi Kahlon was promoting Photonic on Web Summit's media theatre stage as the type of company the government aims to attract through its Look West strategy, which seeks to lure high-tech industry to the province.
Government and University Support
Minister Kahlon predicted that Photonic would become a household name within a decade. He was at Web Summit to launch a new round of provincial funding: $7.5 million from InBC, an investment fund operated as a Crown corporation, matched by $7.5 million from Simon Fraser University to back future SFU spinoff ventures.
Photonic's chief quantum officer, Stephanie Simmons, who is also an associate professor in SFU's silicon quantum technologies lab, noted that she chose SFU because of its intellectual property policy, which allows academics to own their inventions. She described this policy as a competitive advantage for B.C. and expressed support for the new SFU Innovates Venture Fund.
B.C.'s Look West Strategy
The latest investment values Photonic at US$2 billion, making it an attractive poster firm for B.C.'s tech sector at Web Summit. Simmons characterized British Columbia within Canada as almost a perfect place to run a business, citing its ability to recruit skilled people in a stable location with a strong Canadian brand.
B.C. spent $6 million to bring Web Summit from Toronto for a three-year stint. Premier David Eby described the conference as a strategic part of the province's Look West plan, integral to economic development efforts. Eby is betting that B.C. can position itself as a more welcoming destination for international talent compared to the America-first agenda of U.S. President Donald Trump, with Web Summit providing a large audience for that message.
Web Summit Growth
Attendance at the 2026 event has increased by 30 percent to 20,235 delegates from more than 100 countries, compared to the inaugural event in 2025. The number of investment firms has also risen by 13 percent to 768, including top venture capital firms such as Khosla Ventures, Benchmark, and Insight Partners.
