China’s Origin Quantum reportedly raises $148 million

By Dan O'Shea posted 27 Jul 2022

Origin Quantum, a Hefei, China, superconducting quantum computing start-up, landed about 1 billion yuan ($148.2 million) in Series B funding, according to a Deal Street Asia report.

The company had not acknowledged the funding through social media channels or its website at the time of this writing, but the report was attributed to a company statement. Also, a listing in the company database of market intelligence firm CB Insights mentioned the Series B round in an update dated July 22. 

The massive amount of financing is sure to catch the attention of the rest of the quantum sector, as well as those concerned about China’s quantum computing leverage from a geopolitical point of view. The round was led by a government-backed investor–Shenzhen Capital Group’s Hotland Innovation Asset Management–and also involved several local-level government-affiliated investment funds.

The company reportedly has raised the equivalent of more than $164 million to date. Series B funding follows a Series A round that made news in early 2021, just as the firm launched what was described as the first quantum operating system in China. Since then Origin Quantum has launched a cloud quantum computing service, and recently announced its own electronic design automation software to support the design and manufacturing of quantum chips.

Dan O’Shea has covered telecommunications and related topics including semiconductors, sensors, retail systems, digital payments and quantum computing/technology for over 25 years.

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