TuringQ is a quantum startup in Shanghai, China that is developing photonic based quantum processors and an associated quantum operating system. They were formed in February 2021. Although the specific amount of funding wasn’t made public, it was characterized to be in the hundreds of millions of yuan, which would likely equate to somewhere between $15 and $100 million USD. The investors included the China Internet Investment Fund, Tsinghua Holdings Capital, Lenovo Capital & Incubator Group, and Orient Securities. This round of funding follows earlier Pre-A+ funding rounds that totaled 500 million yuan ($73 million USD). The funds will be used to continue development of their full-stack products, build capacity for mass production of their chips, and promote commercialization of industry applications. The company has been working with several customers including the Bank of China and China Merchants Bank. Additional information about this funding is available in an article published by EqualOcean here.
January 30, 2023