TuringQ Bags Several Hundred Million Yuan in Pre-A Round Financing, Led by Legend Capital
On Wednesday, TuringQ, a developer of optical quantum chips and optical quantum computers in China, announced that it had completed the Pre-A round of financing worth several hundred million yuan. The financing was led by Legend Capital, followed by China Fortune-Tech Capital, Ambrum Capital and Shanghai Jiaotong University Hanyuan Venture Capital Partnership.
The firm plans to invest this round of financing in the R&D of programmable optical quantum chips and the commercialization of quantum algorithms. Previously, Legend Star had led the angel round of financing for TuringQ.
TuringQ was only recently established in February 2021 and concentrates its business on lithium niobate on insulator (LNOI) photonic chips and femtosecond laser direct writing technology. The firm also focuses some of its R&D on optical quantum chips that can integrate large-scale photonic circuits. At present, TuringQ has built a lead in optical quantum chips, scientific research-level special optical quantum computers, and optical quantum measurement and control systems.
Currently, the company is planning construction of the first pilot line of photonic chips in China. It is expected to build a research and production platform of these chips focusing on the needs of the new generation of information technology within the next two years.
In the past few months, TuringQ has involved itself in building a process from laboratory research to industry production, forming a complete market-oriented product system. From the perspective of its development route, the company plans to gradually transit from the research of specialized optical quantum computers to large-scale, general computers.
As a cutting-edge technology field, optical quantum computing has been favored by the capital market in recent years. According to statistics cited by TuringQ, in the first 10 months of 2021, quantum technology companies around the world have completed 34 rounds of financing worth $2.8 billion, of which quantum computing companies raised nearly $2 billion.
