SpinQ Technology has raised 1 billion yuan to enhance its quantum computing capabilities, focusing on fault-tolerant systems and international expansion.
SpinQ Technology, a Chinese firm specializing in quantum computing, has successfully raised 1 billion yuan (around $147 million) in a Series D funding round aimed at advancing its fault-tolerant quantum computing technologies. The funding was reported in a press release and highlighted by The Quantum Insider.
The financing round attracted notable investors including CICC Capital, Shenzhen TopoScend Capital, Shanghai Semiconductor Industry Investment, AVIC Honghua, and Shanghai SEARI Private Equity Investment Management, along with contributions from current shareholders.
In the last six months alone, SpinQ has reportedly secured close to 2 billion yuan, following a Series C+ funding round of 600 million yuan in April that brought Series C funding to nearly 1 billion yuan.
The newly acquired funds will be used to enhance the development of a comprehensive system for fault-tolerant quantum computing, improve manufacturing processes, and extend the company's global ecosystem. SpinQ aims to push forward research in quantum error correction, integrate hardware and software more effectively, and facilitate the commercialization of its technologies.
By 2026, the company plans to finalize error correction verification using a surface code with a distance of d=3. Additionally, SpinQ is working on its own superconducting quantum chips, having recently completed testing for next-generation chips featuring 25 and 103 qubits.
Since its establishment in 2018, SpinQ has been focused on developing superconducting and desktop quantum computers, alongside a cloud platform and application software. The company claims that its offerings are utilized by over 200 institutions across 40 countries.
