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Legend Capital Leads TuringQ Pre-A Funding
HONG KONG, Nov 12, 2021 - (ACN Newswire) - On November 10th, TuringQ, China's first photonic quantum computing company, announced the completion of a pre-A financing round of several hundred million yuan, led by Legend Capital. The funds will be mainly used for R&D and commercialization of quantum algorithms.
Recent years see global capital's favor to photonic quantum computing, while 2021 has been regarded as the first year of photonic quantum by the industry. Qihui Fan the Managing Director of Legend Capital, said that Legend Capital has been making systematic planning on core technology. Quantum computing will have a profound impact on many industries and even bring disruptive changes in all walks of life. Many startups and large companies have entered into the market, which helps boost the process of quantum computing from the laboratory to the real market. Legend Capital will help TuringQ further expand its leading advantages and promote the practical application and industrialization of photonic quantum computing.
Established in February 2021, TuringQ is committed to the research of quantum information. Through the R&D of lithium niobate on insulator (LNOI) photonic chips and femtosecond laser direct writing technology, the photon chips that enable large-scale photonic circuits integration can be prepared and an optical quantum system with a whole new level of scale and complexity can be built. At present, TuringQ has achieved leading advantages in photonic quantum chips, scientific research-grade photonic quantum computers, photonic quantum measurement and control systems, photonic quantum EDA software, and photonic quantum cloud platforms.
The founder of TuringQ, Professor Xianmin Jin, who graduated from the University of Science and Technology of China, has four-year experience in the photonic quantum chip, quantum computing research and development in the University of Oxford. During the period, he was awarded the Marie Sklodowska-Curie Actions by the European Union and Wolfson College Fellow. In addition, TuringQ has nearly 150 scientists and engineers from Oxford University, Imperial College, University of California, Berkeley, Shanghai Jiao Tong University, Fudan University, etc., with over ten years of experience in the field of photonic quantum information and photonic chips.
After the financing, TuringQ could gather more outstanding scientists and engineers to accelerate the pace of product iteration and application. At the same time, TuringQ can build an open and sustainable quantum computing application industry ecology, empowering various fields, including scientific research and industrial production.
Source: Legend Capital
Sectors: PE, VC & Alternatives, Startups
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