SpinQ Closes Series C Round as Chinese Quantum Firm Pushes Commercial Expansion

Insider Brief

• SpinQ Technology has completed a Series C financing round raising hundreds of millions of RMB to support the expansion of its quantum computing business, according to Investing.com.
• The round was co-led by Longli Technology, Jadex Capital, HTHS Capital, ADDOR Capital, Qingdao Hanrui, and Hainan Fengkaixiang, with existing investors Kuang Zhong and Xia Zuoquan also participating.
• The company said the new capital will be used to advance core technology development, deepen industrial partnerships, and accelerate the commercialization and global reach of its quantum computing systems.

SpinQ Technology has reportedly wrapped up a Series C financing round to raise funds to advance its quantum computing initiatives, according to Investing.com.

The round raised “hundreds of millions of RMB”. RMB refers to the renminbi, China’s official currency, with the yuan as its basic unit. At current exchange rates, “hundreds of millions of RMB” typically translates to roughly $14 million to more than $40 million in U.S. dollars, depending on the final size of the round.

SpinQ Technology is a China-based quantum computing company focused on developing full-stack systems spanning hardware, software, and application services. The company has positioned itself as an early mover in quantum commercialization, with work ranging from superconducting quantum computing to industry-oriented deployment models. SpinQ has attracted backing from a mix of domestic venture and strategic investors as it seeks to scale delivery capabilities and expand commercial use cases in China and abroad.

Longli Technology, Jadex Capital, HTHS Capital, ADDOR Capital, Qingdao Hanrui and Hainan Fengkaixiang co-led the funding round. Existing investors Kuang Zhong and Xia Zuoquan also participated with follow-on investments, Investing.com reports.

Xiang Jinggen, founder and CEO of SpinQ Technology, said the injection would help the company drive growth.

“This capital increase provides crucial support for the company’s industrial expansion. In the future, we will continue to focus on core technology iteration and deepening commercialization scenarios, continuously achieving breakthroughs in key areas such as superconducting quantum computing, deepening industrial cooperation, accelerating globalization, and enabling Chinese quantum computing technology to better serve global users,” Xiang said, as reported by Investing.com.

Jadex Capital, one of the co-investors, added that SpinQ was both a pioneer and a leader in the quantum computing industry.

“As a pioneer in the commercialization of quantum computing, SpinQ possesses a complete ’hardware + software + service’ system and large-scale delivery capabilities, leading the industry’s development,” a spokesperson for the company said, according to Investing.com.

The investment firm plans to collaborate with SpinQ to use existing industry partnerships to speed the commercialization of quantum computing, according to Investing.com.

Last summer, SpinQ announced the completion of a Series B funding round worth several hundred million RMB. Investors of that round included government-backed funds such as CCB Private Equity Investment Management Company and Liangxi Sci-Tech City Development Fund, along with several institutional investors like StarsUp Investment, Huaqiang Capital and Jiusong Fund.