Turing quantum completed hundreds of millions of yuan of PREA round financing, led by Junlian capital

On November 10, Turing quantum, the first domestic optical quantum computing company, announced the completion of hundreds of millions of yuan of PREA financing, which is the second financing since the establishment of the company in February this year. This round of investment is led by Junlian capital, followed by SMIC Juyuan, amber capital, Jiaotong University Hanyuan fund and other investors. The current round of financing funds will be mainly used for the R & D of the company's programmable optical quantum chip and the commercialization of streaming and quantum algorithms.

Turing quantum was founded in February 2021 and completed two rounds of financing successively within nine months, both of which are the largest early financing in the field of quantum computing in China. Under the leadership of Professor Jin Xianmin of Shanghai Jiaotong University, the Turing quantum founding team has been committed to the research on the chip and integration of quantum information. Through the research and development of Lithium Niobate Thin Film (lnoi) photonic chip and femtosecond laser direct writing technology, the Turing quantum founding team has prepared optical quantum chip that can integrate large-scale photonic circuits, and built a light quantum subsystem with a new level of scale and complexity. At present, Turing quantum has achieved international leading advantages in light quantum chip, special light quantum computer for scientific research, light quantum measurement and control system, light quantum EDA software and light quantum cloud platform.

In recent years, optical quantum computing has been favored by capital all over the world. According to the statistics of research institutions, in the first 10 months of 2021, global quantum technology companies raised US $2.8 billion (34 in total), which is 2.8 times that of US $1 billion in 2020 and the total since the financing record, of which quantum computing companies raised nearly US $2 billion. Among the Companies Financed before listing, psiquantum, a light quantity subsidiary of Silicon Valley in the United States, obtained a round B financing of US $450 million, and Xanadu, a Canadian light quantity subsidiary, completed a round B financing of US $100 million, which is unique among quantum computing startups. Therefore, 2021 is also called the first year of light quantity in the industry.

In terms of the team, Dr. Jin Xianmin graduated from the University of science and technology of China. He has been engaged in the research and development of optical quantum chip and quantum computing in Oxford University for four years. During this period, he was awarded by the European Union as a Marie Curie scholar and a scholar at Wolfson College of Oxford University. In addition, the company has a full closed-loop team from chip design to system integration to algorithm application, including nearly 150 scientists and engineers, from famous universities at home and abroad such as Oxford University, Imperial College of technology, University of California, Berkeley, Shanghai Jiaotong University and Fudan University, and has more than ten years of experience in the field of optical quantum information and photonic chip.

Professor Jin Xianmin, founder of Turing quantum, said that under the background of the end of Moore's law, quantum computing is the basic technology of a new round of scientific and technological revolution and industrial change. It is expected to solve problems that classical computing can't solve or are difficult to solve, and has incomparable advantages in computing power and energy consumption. Quantum computing can be widely used in financial technology, artificial intelligence, biomedicine, aerospace, advanced manufacturing and other fields in the future.

For a long time, China has always attached importance to the research and layout of quantum information technology, and has achieved fruitful results. Especially the photon based quantum computing and quantum simulation technology, China has always been in the forefront of the world. Turing quantum is committed to developing special light quantum computers and gradually transitioning to large-scale general-purpose light quantum computers. The road map, which is both down-to-earth and ambitious, will provide the most feasible implementation path for China to compete for the strategic commanding point in the development of light quantum information technology integration, chip and practicality. After the completion of the new round of financing, it will help the company gather more excellent scientists and engineers and accelerate the pace of product iteration and application scenario implementation. At the same time, it will also help the company build an open and sustainable industrial ecology of quantum computing applications, enabling scientific research, industrial production and other fields.

Junlian capital, the leading investor in this round of investment, is a leading early-stage venture capital and growth private equity investment fund management company in China. At present, the total management scale of the fund exceeds 60 billion yuan and has invested in more than 500 enterprises. Fan Qihui, managing director of Junlian capital, said that Junlian capital has always made a strategic layout around hard technology, and quantum computing will have a far-reaching impact on many industries in the future, and even bring disruptive changes. Many start-ups and large companies have entered the market all over the world. With the increasing participation of market-oriented companies, the process of quantum computing from laboratory to market application will be accelerated. Turing quantum team has nearly 20 years of technical accumulation and R & D advantages in the field of light quantum chips and quantum computing. Junlian capital will help Turing quantum continue to expand its leading advantages, promote the practical and industrialized implementation of light quantum computing, and contribute to further improving China's scientific and technological competitiveness.