SpinQ completed nearly RMB 100 million of Pre-B round of financing, accelerating the commercialization of quantum computing

2022.09.21 · Company News

Recently, SpinQ announced that it has completed the Pre-B round of financing with a total amount of nearly 100 million RMB. The leading investors include Jinjinghengxun Venture Capital, Shenzhen Bay Angel Fund III under Shenzhen Toposcend Capital, Heshunying Investment and Shenzhen Hi-tech Investment, the old shareholder, followed the investment.

For SpinQ, this round of financing is also another strategic investment of Shenzhen government capital and industrial capital after the A+round of strategic investment in January 2021. The raised funds will be used for technology research and development, team expansion and market expansion.

Xiang Jingen, Founder and CEO of SpinQ, said that the addition of the new investors and the raise of the old investors will provide important support for the accelerated commercialization of SpinQ. In the future, SpinQ will continue to adhere to the “two-wheel-driven” strategy with technology R&D and commercial landings, promoting the commercialization of business through technological breakthroughs and innovations, and backuping the innovation of technologies and products with the diversified scenarios of application.

As the new shareholder, Jinjinghengxun is a global private equity fund jointly established by Jinjing Capital and Dr. Liu Xiaodong, the former deputy general manager of the Shanghai Stock Exchange. Dr. Liu said: "We are very impressed with SpinQ's progress in producibility and commercialization especially the desktop NMR quantum computer, which has been quickly sold to many colleges and high schools in the Americas, Australia, Europe, and China since it was launched on the market early last year. Today, the demand for computing power in the business world is increasingly urgent, and the industrialization of the quantum computing track has formed a deterministic trend. The team form SpinQ is undoubtedly one of the most outstanding companies in China in terms of the combination of technology R&D and product commercialization. , which is also an important reason why we choose SpinQ.”

Another new shareholder, Shenzhen Bay Angel Fund Phase III, was jointly established by Toposcend Capital, CIMC Vehicles, Shenzhen Angel FOF, Tuanshan Capital, and Shenzhen Fubao Group, focusing on early investment in the technology industry. Chen Zhenhao, director of the Toposcend project, said: "Quantum information, as a future industry in the "20+8" industrial cluster that Shenzhen is focusing on building, is our key field of layout. SpinQ is the first project launched by Shenzhen Bay Angel Fund III. As an outstanding innovation representative in the field of quantum computing in China, SpinQ has fully mastered the core technologies of quantum computer hardware, software and algorithms. It is hoped that the company will accelerate the development of superconducting quantum computers and realize its commercialization in multiple application scenarios as soon as possible. "

As a professional investment and financing institution with the mission of serving the high-tech industry, Zuo Chao, deputy general manager of Zhengxuan Investment, which is under Shenzhen High-tech Investment, said: “Quantum computing is considered to be the basic technology for a new round of technological revolution and industrial transformation. And it is also a key technology that must be competed internationally. In recent years, quantum computing has continuously made new breakthroughs in the world. We are long-term optimistic about the development trend of the industrial application of quantum computers in the future. SpinQ is an entrepreneurial with profound technology accumulation and international vision, which is relatively rare in this field in China. Since the first investment in the company in 2020, we have witnessed the company's style of down-to-earth and enterprising, capabilities in product development rapidly, and continuous technological breakthroughs and commercial promotion. "

At the very beginning of its establishment, SpinQ has developed a “two-wheel-driven” strategy powered by technology R&D and commercial landings to develop its business landscape in the lines of practical superconducting quantum computer, NMR desktop quantum computer, universal quantum cloud platform and software: In hardware, through the NMR desktop quantum computer for educational users, SpinQ has taken the lead in realizing the commercialization of quantum computing from laboratory to market. And with the practical superconducting quantum computer for industrial users, SpinQ has made breakthroughs and innovations in cutting-edge technology. In software, through the quantum computing cloud platform for thousands of industries, SpinQ will provide much more scenario-based applications and solutions together with our partners.

At the time of the A round of financing last year, SpinQ had already completed early product development. After small-scale use and iteration around key users, the product was officially launched after the Spring Festival in 2022, and quickly entered the stage of commercialization. Over the past year, SpinQ has ushered in several important changes:

Focuses on both technological innovation and commercial landings with insisting in the “user-oriented” perspective

In terms of the desktop NMR quantum computer, SpinQ has successfully launched three products, "Gemini", "Triangulum", and "Gemini Mini"under the “user-oriented” perspective. Through the combination of innovation and commercialization, the products have achieved extensive sales and absolute market leadership. In the next step, the company also plans to release new generation programmable quantum computers which are more cost-effective for scientific research and teaching, and provide a complete set of solutions including supporting courses for quantum computing teaching.

SpinQ completed nearly RMB 100 million of Pre-B round of financing, accelerating the commercialization of quantum computing

Quantum Computing Classroom

This series of supporting courses will be mainly aimed at three different levels of students: university, middle school and primary school. The content of the courses includes quantum computing experiment courses for undergraduate and graduate students, general quantum computing courses and programming courses for high school students, and quantum computing popular science courses and games for primary school students. Through theoretical study, combined with the experimental operation of quantum computers, students can better understand and master the basic principles of quantum computing, ideas of algorithm design and basic programming knowledge of quantum computing.

SpinQ completed nearly RMB 100 million of Pre-B round of financing, accelerating the commercialization of quantum computing

The operation system of quantum computing for educational users

The development of superconducting quantum technology is progressing smoothly, with full-chain integration strategy in an all-round way

As we all know, superconducting quantum technology is more stable, qubits are easier to expand, and it can reuse relatively mature technologies. It is one of the most promising routes at present. Companies in the world are accelerating the development of this technology.

After adopting the superconducting quantum technology in early 2020, SpinQ has completed the practical superconducting quantum computer prototype, superconducting quantum chips and a RF measurement and control system. In addition, SpinQ has also completed the developments of quantum computing cloud platform, quantum operating system and application to promote an independent and controllable full-chain integration strategy in an all-round way.

It is worth mentioning that the quantum chip EDA independently developed by SpinQ will also be released soon. Users can input parameters in the visual interface to automatically generate the modular chip layout. Compared with similar products from other companies, the quantum chip EDA form SpinQ can not only generate quantum components by parameters, but also has a unique self-developed algorithm, which makes the design of chip layout faster and more efficient.

SpinQ completed nearly RMB 100 million of Pre-B round of financing, accelerating the commercialization of quantum computing

Full-chain integration solutions around superconducting quantum computer

Continue to strengthen independent R&D and expand scenario-based applications

In terms of the Quantum Cloud Platform & Software/Algorithm Development, SpinQ has launched available products and services include quantum computing programming framework SpinQKit and quantum cloud platform “ Taurus ” with several rounds of iterations. Taurus provides connections to multiple real quantum devices and large-scale classical simulators. It supports visual quantum circuit design and Open QASM programming. Besides, users may design their quantum gates on Taurus. The built-in quantum algorithms will satisfy the needs in scientific research & education and of enthusiasts.

At the same time, base on the IaaS services, SpinQ will soon launch the SaaS services in quantum chemistry , quantum finance and other fields. For example, in a project in cooperation with The Beijing Genomics Institute, the quantum approximate optimization algorithm can be used to quickly and accurately solve the problem of genetic recombination. In addition, SpinQ has also launched a quantum private cloud service which can support end-to-end private deployment.

Since its establishment in 2018, SpinQ has worked together with many partners in the fields of biomedical, financial technology, artificial intelligence, etc., including The Beijing Genomics Institute, Huaxia Bank, Deeproute.ai , etc., continued to promote cooperation with partners in key industries in the world.

Xiang Jingen, founder and CEO of SpinQ, said that since the “two-wheel-driven” strategy with technology R&D and commercial landings has been established, the speed of technological breakthroughs and product development have been further improved, as well as the commercialization progress has also exceeded expectations - the first half of this year has already reached the performance level of last whole year, which is also the basis for obtaining this financing cooperation.

In the future, SpinQ will continue to increase investment in technology R&D, expand key basic industries and business scenarios around practical superconducting quantum computer, desktop NMR quantum computer, universal quantum computing cloud platform and software, consolidate the foundation for development, and accelerate the construction of technical community ecology, expand the International business.