Chinese company SpinQ Technology has announced the completion of a Series D funding round, raising 1 billion yuan (approximately $147 million) to develop fault-tolerant quantum computers. This was reported by The Quantum Insider citing the company's press release.
Investors in this round include CICC Capital, Shenzhen TopoScend Capital, Shanghai Semiconductor Industry Investment, AVIC Honghua, and Shanghai SEARI Private Equity Investment Management. Existing shareholders also participated in the funding.
The company claims to have raised around 2 billion yuan in the past six months. In April, SpinQ announced a Series C+ round of 600 million yuan, bringing the total for Series C close to 1 billion yuan.
The funds from this latest financing will be directed towards developing a complete stack for fault-tolerant quantum computers, upgrading manufacturing processes, and expanding the international ecosystem. The company stated that the investments will enhance efforts in quantum error correction, hardware-software integration, and commercialization.
By 2026, SpinQ aims to complete error correction verification using a surface code with a code distance of d=3. On the hardware front, the company is developing its own line of superconducting quantum chips in Shenzhen. Representatives announced the completion of the fabrication, packaging, and testing of next-generation chips with 25 and 103 qubits.
Founded in 2018, SpinQ develops superconducting and desktop quantum computers, a cloud platform, and application software. According to the company, its products and services are utilized by over 200 institutions across 40 countries and regions.
In June, the U.S. Department of Defense's Defense Innovation Unit launched the Farseer program to develop quantum sensors and portable atomic clocks for intelligence, surveillance, and reconnaissance. The initiative could receive up to $200 million over the next year.