TuringQ, a photonic quantum computing company, announced it completed a third round of Pre-A+ financing, Chinese media sources are reporting.
Media also report Oriza Holdings led the round with co-investors including Wuxi Binhu State-owned Capital Investment Co., as well as other existing shareholders Legend Capital and Ambrum Capital.
The round is estimated to be in the $40 million (US) range.
Media reports suggest the funds from this 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.
The company has now completed three rounds of financing for a total of 500 million yuan, or about $79 million.
Officially started in 2021, the company 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 rapidly moved from experimental lab stage to industrialization. The company is now considered 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, the sources report.
TuringQ is building a photonic chip pilot line in China. Within two years, the company plans to create a research and industrialization support platform for photonic chips, focused on new-generation information technology.