TuringQ, a photonic quantum computing company, announced on Monday the completion of its third round of Pre-A+ financing. The lead investor in this round was Oriza Holdings while co-investors were well-known Chinese institutions such as Wuxi Binhu State-owned Capital Investment Co., as well as other existing shareholders Legend Capital and Ambrum Capital.
TuringQ has completed three rounds of financing for a total of 500 million yuan ($79 million) in less than a year since its establishment. Funds from the most recent round will be primarily used for constructing an optical quantum computing and intelligence industrialization application ecology, as well as for continually recruiting high-end talent.
TuringQ was established in February 2021. It focuses on developing optical quantum computer chips that can integrate large-scale photonic circuits based on lithium niobate on insulator (LNOI) photonic chips and femtosecond laser direct writing technology.
TuringQ has successfully advanced from the experimental lab stage to industrialization in less than a year since its establishment, and it has developed a complete and marketable product system. It is a global leader in optical quantum chip technology, special optical quantum computing, optical quantum measurement and control systems, optical quantum EDA software and quantum cloud platforms.
TuringQ has released several core products, such as the TuringQ Gen 1, a fully integrated scientific research-grade optical quantum computer for commercial use, a 3D optical quantum chip, an ultra-high-speed programmable optical quantum chip, and other items. Also, “FeynmanPAQS,” its first self-developed optical quantum computing simulation software for commercial use, has recently started commercial trials, bridging the gap between technology and products in the field of optical quantum EDA in China.
TuringQ has started the construction of the first photonic chip pilot line in China, and is expected to build a leading-edge research and industrialization support platform for photonic chips, focusing on the needs of new-generation information technology within two years. The company has a technology team with a full chain of R&D capabilities, ranging from design, flow, packaging and testing, to system integration and quantum algorithm applications.