SpinQ Technology raises hundreds of millions of yuan for quantum computers

SpinQ Technology, a Chinese quantum computing company, has announced that it raised hundreds of millions of yuan in a Series C round. The deal points to growing interest and investment in quantum technology in China and worldwide.

The round was led by Longli Technology, Yida Capital and other financial institutions. SpinQ Technology was founded in 2018 and is based in Shenzhen. It develops and manufactures both industrial superconducting quantum computers, such as the Ursa Major series, and educational nuclear magnetic resonance quantum computers, such as the Gemini and Triangle series. The company also builds quantum software and a cloud platform, including SpinQit, a framework for programming quantum computers, and SpinQ Cloud.

The new funds will go toward further development of superconducting quantum computers, including new chips, quantum error correction, control systems and hardware integration. SpinQ Technology has full-cycle chip design and manufacturing capabilities and pays particular attention to quantum error correction, building an integrated "hardware–algorithm–control" system. It has also built its own superconducting chip production line with an annual capacity of several thousand units.

Quantum computing is seen as a key route past the limits of classical computing, especially in complex scenarios such as artificial intelligence, finance, medicine and materials development. Forecasts say quantum computing could create a market worth hundreds of billions of yuan.

SpinQ Technology has already built a business dominated by superconducting technology, with revenue from superconducting and nuclear magnetic resonance technologies split roughly 6:4. The company says it has exported China's first superconducting chip and first superconducting system abroad.

The team has international research and engineering experience, and its members graduated from leading universities such as the Massachusetts Institute of Technology, Harvard University, the University of Cambridge and Tsinghua University. Founder and CEO Xiang Jingen holds a bachelor's, master's and doctorate in physics from Tsinghua University, and did postdoctoral work at Harvard University.

The round should let SpinQ Technology speed up development and commercialization of its quantum technology, strengthen its market position and contribute to quantum computing in China and worldwide. Interest in quantum computing, fueled by the needs of AI, suggests the field is poised for significant growth, and companies like SpinQ Technology are at the forefront of this progress.