36Kr Exclusive | Nearly 1 billion yuan raised in 3 months, Shenzhen quantum computing company completes Series C+ funding and has achieved scaled profitability

Ask AI · Why can the superconducting quantum computing route fully leverage the existing semiconductor industry chain?

Author丨Ou Xue

Editor丨Yuan Silai

Hardke has learned that a domestic quantum computing company—SpinQ Technology (SpinQ)—has recently completed its Series C+ financing, with the amount reaching 600 million yuan. If the Series C financing completed three months ago is combined, the company’s total funding in just a single quarter has approached nearly 1 billion yuan.

This round of financing brought together a diversified lineup of investors. It includes well-known investment institutions such as cornerstone capital, as well as organizations backed by state-owned enterprises such as Guotai Junan Innovation Investment. It also includes regional investment platforms such as Zhejiang Caitong Capital, Sichuan Revitalization Group, and Chengdu Tianchuang Investment. Yida Capital and Huaqiang Capital continued to co-invest.

SpinQ Technology was founded in 2018. It is a high-tech company focused on the industrialization of quantum computing, headquartered in Shenzhen. The company’s founder and CEO, Xiang Jingen, graduated from the Department of Physics at Tsinghua University. He previously served as a postdoctoral researcher at Harvard University and has more than 15 years of R&D experience in the field of quantum computing. The core team comes from top domestic and international universities such as Tsinghua, Peking University, University of Science and Technology of China, Harvard, and MIT, with R&D personnel accounting for more than 70%. It is one of the few domestic teams capable of full-stack R&D—from quantum chip design, complete system manufacturing, to algorithm application.

Unlike most quantum companies that are still in the pure R&D stage, SpinQ Technology is leading the industry in commercial implementation. Its products have been sold to multiple countries and regions worldwide, making it one of the few enterprises in China’s quantum computing sector to achieve scaled revenue.

SpinQ Technology currently has two major product matrices. Its nuclear magnetic resonance quantum computer product line mainly targets universities and research institutions, for quantum computing education and fundamental research. This series of products is compact, does not require a cryogenic environment, and has been deployed at more than 200 universities and research institutions worldwide—serving as a cornerstone business for the company to achieve stable revenue.

The superconducting quantum computer product line targets cutting-edge scientific research and future industrial applications. The company has successfully developed and delivered the first complete superconducting quantum computer system overseas, and has also achieved the overseas export of its first superconducting chip. The number of qubits is expected to double year by year.

At the technical level, SpinQ Technology has formed multiple core advantages. The company has its own quantum chip laboratory, with full-chain capabilities from chip design, wafer fabrication, to packaging and testing. As the number of qubits increases, the chip fabrication process is also continuously being upgraded.

Meanwhile, the company has mastered the core technology for integrating complete superconducting quantum computer systems. It is the first company in China to complete successful overseas delivery of a superconducting complete system, which validates its system engineering capabilities. The superconducting route is highly compatible with the traditional semiconductor industrial ecosystem. This enables the company to fully leverage existing mature manufacturing processes and industry chain resources, which is an important consideration behind the company’s choice and firm commitment to the superconducting route.

SpinQ Technology-related products (Image source / company)

In terms of performance, SpinQ Technology’s order volume in the first quarter of this year increased by 80% compared with the same period last year. The company also expects its full-year performance to double. In addition, the proportion of superconducting-related business has risen from about 60% to 65%, becoming the main driving force for growth.

Its overseas market performance is especially outstanding. Both its first superconducting chip and its first superconducting complete system have already been delivered overseas, setting a domestic precedent. Currently, the company has business opportunities being discussed across various regions worldwide. Both the number of customers and the potential order amounts have increased significantly compared with last year. It is expected that this year’s overseas business share will further increase.

We conducted an interview with Xiang Jingen, and discussed his views on industry development and his future plans.

The following is an excerpt from the interview:

Hardke: When do you think the time when quantum computing truly brings economic benefits will arrive? Which scenarios will be implemented first?

**Xiang Jingen: **I think it should be possible to see it within three years. In terms of application scenarios, what the industry generally recognizes is computational problems related to the microscopic world—such as drug molecule screening, new materials R&D, and catalyst design. The essence of these fields is solving quantum mechanical equations, which is exactly what quantum computers are good at.

Companies like IBM and Google hold similar views. IBM’s roadmap is even more optimistic, believing that practical implementation could be reached as early as this year. Of course, this progress also depends on the pace of technological iteration and algorithm breakthroughs, but the direction and trend are already very clear.

Hardke: In the face of competition among various technical routes in the industry, such as neutral atoms and ion traps, why does SpinQ firmly choose superconducting?

**Xiang Jingen: **Overall, the superconducting route is still leading in performance. Recent achievements by Google and IBM demonstrating quantum supremacy are all based on the superconducting route, which proves its maturity. More importantly, the chip fabrication process of superconducting quantum systems is highly compatible with traditional semiconductor industries, allowing us to fully leverage the existing industrial ecosystem and avoid reinventing the wheel.

From the number of qubits and fidelity to quantum error correction, the superconducting route has clear physical and engineering support pathways. Of course, if we had to pick another route besides superconducting, neutral atoms could be the second most promising.

Hardke: After this round of financing, what specific plans does SpinQ Technology have for its R&D targets on superconducting qubits? When is it expected to launch the next-generation product?

**Xiang Jingen: **We have always maintained a doubling iteration pace in our superconducting qubit R&D, and that goal has not changed. A significant portion of the funds from this round of financing will be invested in upgrading chip fabrication equipment and testing equipment, which is the foundation for increasing the number of qubits.

In terms of the product level, we expect some important customer orders to land in the first half of this year. However, the release of the next-generation superconducting quantum computer complete system still requires time. Product releases have their own cycles. We hope to bring it to the market only after our technical indicators and stability meet expectations.

In addition, the processes in the chip laboratory are also being continuously upgraded. We are planning new processes, which are technical reserves for future chips with higher qubit counts.