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SpinQ raised 1 billion yuan for quantum computers - ForkLog
Chinese SpinQ Technology said it has completed a Series D round of 1 billion yuan (about $147 million) to develop fault-tolerant quantum computers. This was reported by The Quantum Insider, citing a company press release.
Investors in the round include CICC Capital, Shenzhen TopoScend Capital, Shanghai Semiconductor Industry Investment, AVIC Honghua, and Shanghai SEARI Private Equity Investment Management. Current shareholders also participated in the financing.
The company claims that over the past six months it has raised about 2 billion yuan. In April, SpinQ reported a Series C+ round of 600 million yuan, after which the total Series C amount approached 1 billion yuan.
The company plans to use the funds obtained from the latest financing to develop a full stack for fault-tolerant quantum computers, upgrade manufacturing processes, and expand its international ecosystem. The company stated that the investment will strengthen quantum error correction, integration of hardware and software, and commercialization.
In 2026, SpinQ intends to complete verification of error correction on a surface code with code distance d=3. At the hardware level, the company is developing its own R&D line and pilot production for superconducting quantum chips in Shenzhen. Its representatives said that the manufacturing, packaging, and testing of next-generation chips with 25 and 103 qubits have been completed.
SpinQ was founded in 2018 and develops superconducting and desktop quantum computers, a cloud platform, and application software. According to the company, its products and services are used by more than 200 institutions in 40 countries and regions.
Recall that in June, the U.S. Department of Defense’s Defense Innovation Unit launched the Farseer program to develop quantum sensors and portable atomic clocks for intelligence, surveillance, and reconnaissance. The initiative could receive up to $200 million over the next year.