Turing Quantum completed the third round of financing within one year of its establishment

Three months after the completion of hundreds of millions of Pre-A rounds of financing, Turing Quantum, the first domestic optical quantum computing company, announced today (February 28) that it has completed the third round of Pre-A+ rounds of financing. This round of financing was led by Yuanhe Yuandian, with the participation of well-known domestic investment institutions such as Wuxi Binhu International Investment, and the old shareholders Legend Capital and Amber Capital continued to increase their investment. The funds raised will be mainly used to build the application ecology of optical quantum computing and intelligent industrialization.

So far, Turing Quantum, which has been established for less than a year, has completed three large rounds of financing, with a cumulative financing amount exceeding 500 million yuan. How can a startup run fast and be favored on the hard-core technology track?

Chip-based list of future unicorns

Turing Quantum was established in February 2021. It has completed the process of moving from laboratory to industrialization in less than a year, and formed a complete market-oriented product system. EDA software and quantum cloud platform have achieved international leading technological advantages.

The core products that have been released include the fully-integrated commercial scientific research-grade optical quantum computer—TuringQ Gen 1, three-dimensional optical quantum chip and ultra-high-speed programmable optical quantum chip, etc. The self-developed first commercial optical quantum computing simulation software FeynmanPAQS has also started commercial trial recently. It makes up for the blank of domestic technology and products in the field of photon EDA.

At present, Turing Quantum has started the construction of the first photonic chip pilot line in China. It is expected to build a photonic chip cutting-edge research and industrialization support platform focusing on the needs of a new generation of information technology within two years. The company's technical team has , packaging and testing, to system integration and full-chain R&D capabilities for quantum algorithm applications.

With its "hard core" strength, Turing Quantum, as the only innovative company in the field of quantum computing, was shortlisted for the 2021 list of 100 future unicorns in the entrepreneurial state.

Professor Jin Xianmin, founder of Turing Quantum, said that technological self-reliance and self-improvement is not only the strategic support for national development, but also the foundation of an enterprise. The key core technologies must be in their own hands to truly achieve autonomy and control, and get rid of being "stuck in the neck" "The predicament, the formation of technical barriers and moats, can become a real hard-core enterprise.

Since its establishment, Turing Quantum has adhered to the road of independent research and development, with optical quantum chips as the core, committed to the development of dedicated optical quantum computers and gradually transitioned to large-scale general-purpose optical quantum computers, and at the same time pushed quantum computing to empower all industries and technical routes Tu is both down-to-earth and lofty, and is now able to compete with international counterparts in terms of the size of the scientific research team and technical strength.

Full stack technical capabilities have obvious advantages

Fei Jianjiang, the managing partner of Yuanhe Origin, the lead investor in this round of financing, said, "The continuous expansion of data scale has brought about a surge in demand for computing power, and the imbalance between supply and demand with the supply of computing power will become more and more obvious. Quantum computing will be The basic technology for a new round of technological revolution and industrial transformation. Quantum computing has entered the NISQ (Noisy Intermediate-Scale Quantum) era, and its quantum superiority in solving certain application fields can be clearly reflected It will come out and will be gradually commercialized. The development of quantum computing technology pays more attention to the reserves of the team's full-stack technology, and is optimistic about the full-stack technology capabilities of Professor Jin Xianmin and his team in the field of optical quantum. Yuanhe Origin is keen on early investment in cutting-edge technology, and looks forward to working with Together, the team welcomes the arrival of the QPU (Quantum Processing Unit) era in the vast sky of quantum computing."

The total amount of global financing for quantum computing in the past year is 2.7 billion US dollars

2021 is a high-profile year for quantum computing, and it is also called the "first year of optical quantum computing" by the industry. Many of the largest single financings have been invested in the optical quantum route. A report released by ICV, a well-known cutting-edge technology consulting company, shows that in 2021, quantum technology companies have completed a total of 49 financings, with a total financing of nearly 3.2 billion US dollars in the whole year, which is more than three times that of 2020. Among them, quantum computing companies have taken over 42 The total financing amount is 2.691 billion US dollars. International Data Corporation (IDC) expects the global quantum computing market to grow from $412 million in 2020 to $8.6 billion in 2027, a compound annual growth rate of 50.9%.

New discoveries, new theories, and new technologies in the quantum field have emerged intensively, and the "Second Quantum Revolution" has opened up a new technological and industrial track. As Moore's Law gradually reaches its limit, quantum computing with super computing power is expected to become the next-generation disruptive technology and become an important driver of the fourth industrial revolution.

Although the quantum computing industry is currently in the initial stage of industrialization, the industrial chain has begun to take shape, and the investment in quantum computing by venture capital, government agencies and the scientific community has surged. In recent years, breakthrough innovations in the field of quantum computing have emerged one after another. Quantum technology has become the national strategy of the world's major scientific and technological powers. Domestic and foreign capital has continued to invest in the quantum computing track, and some foreign start-up quantum computing companies have also begun to go public.

Global recruitment starts in 2022

While the industry is developing fast, Turing Quantum is also favored by capital. Only one year after its establishment, it has achieved three large rounds of financing. Three months after completing the Pre-A round of financing of hundreds of millions of yuan, it completed the Pre-A+ round of financing. Yuanhe Yuandian, Wuxi Binhu International Investment and other well-known domestic investments Institutions have participated one after another, and old shareholders such as Legend Capital and Amber Capital have continued to increase their stakes. The funds raised will be mainly used to build the application ecology of optical quantum computing and intelligent industrialization and continue to introduce high-end talents.

The core team of Turing Quantum is from Oxford University, Imperial College London, Chinese Academy of Sciences, Tsinghua University, Shanghai Jiaotong University, Fudan University and other top universities and scientific research institutions at home and abroad. Artificial intelligence technology team. In the field of optical quantum computing, the company has been in the forefront of the world's first phalanx in terms of competitiveness, Know how, work style and strategic layout.

Professor Jin Xianmin said that during the initial development of computer technology from the 1940s to the 1970s, only a few countries in Europe and the United States were active; in the new wave of technology in quantum computing, China already has certain strength and research results and is in the light of quantum computing. It shows a leading edge in computing. China is participating in the international competition and cooperation of frontier science with a proactive and aggressive attitude. As a contemporary Chinese scientist, I am deeply fortunate and inspired.

The launch of the global recruitment plan this time is expected to introduce more than 100 scientists and engineers to join Turing Quantum and jointly promote the development of the quantum computing industry.