Company Raised Hundreds of Millions of Yuan for Quantum Computer

Chinese quantum computing company SpinQ Technology has announced the successful raising of hundreds of millions of yuan in a Series C funding round. This development underscores growing interest and investment in quantum technologies in China and worldwide. The funding round was led by Longli Technology, Yida Capital, and other financial institutions.

Founded in 2018 and headquartered in Shenzhen, SpinQ Technology specializes in developing and manufacturing both industrial superconducting quantum computers, such as the Ursa Major series, and educational nuclear magnetic resonance quantum computers, including the Gemini and Triangle series. Additionally, the company develops quantum software and cloud platforms, including SpinQit, a framework for quantum computer programming, and SpinQ Cloud. The secured funds will be directed toward further development of superconducting quantum computers, including the creation of new chips, quantum error correction, control systems, and hardware integration.

SpinQ Technology possesses full-cycle chip development and manufacturing capabilities and places particular emphasis on quantum error correction, creating an integrated "hardware–algorithm–control" system. The company has also established its own superconducting chip production line with annual capacity of several thousand units. The quantum computing market is regarded as a key area for overcoming the limitations of classical computing, especially in complex scenarios such as artificial intelligence, finance, medicine, and materials development.

Projections suggest that quantum computing could create a market worth hundreds of billions of yuan. SpinQ Technology has already formed a business structure dominated by superconducting technology, with the revenue ratio between superconducting and nuclear magnetic resonance technologies at approximately 6:4. The company has successfully exported both the first Chinese superconducting chip and the first superconducting system abroad.

SpinQ Technology's team brings international experience in research and engineering, with members graduating from prestigious universities including MIT, Harvard University, Cambridge University, and Tsinghua University. The company's founder and CEO, Xiang Jinggen, holds bachelor's, master's, and doctoral degrees in physics from Tsinghua University, as well as a postdoctoral degree from Harvard University. This funding round will enable SpinQ Technology to accelerate the development and commercialization of its quantum technologies, strengthen its market position, and contribute to the advancement of quantum computing in China and globally.

The growing interest in quantum computing, driven by AI demands, indicates that this field is poised for significant growth, with companies like SpinQ Technology at the forefront of this technological progress.