This upstream quantum enterprise, which independently developed the world's first full-stack low-temperature measurement and control platform, has raised tens of millions of yuan in angel round financing | 36Kr Exclusive

Image Source / Enterprise

This article has about 2900 words, with an estimated reading time of 7 minutes

Author | Ou Xue

Editor | Yuan Silai

Hard Krypton learned that Hangzhou Liangyu Core Innovation Technology Co., Ltd. (hereinafter referred to as "Liangyu Core Innovation") has recently completed tens of millions of yuan in angel round financing. This round is led by Jinyu Maowu, with follow-on investments from institutions including Hangzhou High-tech Investment, Oufang Angel, Guoxin Tonglian, and Hainan Gaodi. The funds will be mainly used for the R&D and iteration of three core products: high-cooling-capacity low-vibration wet dilution refrigerator, low-temperature measurement and control chip, and low-temperature flexible ribbon cable.

Liangyu Core Innovation was founded in June 2026, positioning itself as a full-stack low-temperature measurement and control platform provider for next-generation thousand-level and ten-thousand-level quantum bits.

The company's founding team comes from top scientific research institutions and industry leaders such as Zhejiang University, CSSC Pengli Cryogenics, CAS Fuhai, Tsinghua University, Beijing Academy of Quantum Information Sciences, University of Science and Technology of China, Fudan University, and ShanghaiTech University. Yin Chenghou, founder and CEO, has a cryogenics background from Huazhong University of Science and Technology and Zhejiang University, and has been deeply involved in the R&D and sales of dilution refrigerators and helium liquefaction systems at CSSC Pengli Cryogenics. Feng Yang, co-founder and CTO, obtained his bachelor's, master's and doctoral degrees at Tsinghua University and did postdoctoral research at Fudan University, studying under Professor Wang Yayu, and participated as a core member in major national scientific research projects led by Academician Xue Qikun, Professor Wang Yayu and Professor He Ke. Dr. Gao Jinlin, president of CAS Fuhai, one of the initiating shareholders, also serves as the chairman of the company, providing top-level design and strategic guidance for the company's development direction and governance system.

At present, superconducting quantum computing is recognized as one of the technically most mature and fastest industrialized technical routes. Superconducting quantum computer manufacturers at home and abroad are all deploying or pre-researching thousand-qubit complete machine systems.

However, the leap from hundreds of qubits to thousands of qubits faces three hardware bottlenecks: First, the cooling capacity of dry dilution refrigerators has approached the limit, and a single unit can only support the cooling of more than 100 qubits. If multiple units are connected in parallel, the vibration will increase and the measurement fidelity will decrease. Second, the increase in the number of qubits leads to a nearly linear growth in the number of low-temperature coaxial cables, resulting in wiring bottlenecks. Third, the current room-temperature measurement and control system has many instruments, low integration, long microwave signal links, high cost, and complex debugging.

The core idea of Liangyu Core Innovation is to develop a full-stack low-temperature measurement and control platform to replace the current mainstream room-temperature measurement and control architecture. This full-stack low-temperature measurement and control platform consists of three products: high-cooling-capacity low-vibration wet dilution refrigerator, low-temperature measurement and control chip, and low-temperature flexible ribbon cable.

Hard Krypton understands that in terms of product progress, the low-temperature flexible ribbon cable is currently the fastest in development. The demo has been completed and is under testing and verification. It is expected to be launched to the market from March to April 2027. Its core value is to increase the wiring density by 8-10 times and reduce the heat loss by more than half, directly replacing imported semi-rigid low-temperature coaxial cables in the temperature zone below 4K, and it is also compatible with the existing room-temperature measurement and control architecture and dry dilution refrigerators.

The overall design scheme of the wet dilution refrigerator has been completed, with a target cooling capacity of 5mW@100mK or 120μW@20mK. If the test and verification are completed in the third quarter of next year, it will become the dilution refrigerator with the largest cooling capacity in the world, and the mechanical vibration will be reduced from the 100nm level of dry dilution refrigerators to the 10nm level, which can support the cooling demand of thousands to 10,000 qubits. The company abandoned the current mainstream idea of parallel pre-cooling with pulse tube refrigerators, and instead introduced a 4K liquid helium chamber, which can provide a cooling capacity of 100-500W@4.2K, dozens of times that of the existing dry dilution refrigerator solution.

The purpose of the 4K low-temperature measurement and control chip is to integrate most of the functions of the room-temperature measurement and control instruments into the chip, which is placed in a 4.2K (-269°C) low-temperature environment to directly manipulate qubits. It is expected to complete the first tape-out and carry out test and verification in the fourth quarter of 2027. The three products will eventually be integrated into a full-stack low-temperature measurement and control system, and it is planned to be officially finalized and launched to the market in the first quarter of 2028. At that time, the company will provide full-stack services for downstream quantum computer manufacturers, who only need to focus on the field they are best at: the R&D and iteration of superconducting quantum chips.

At present, the company has signed cooperation agreements with several leading superconducting quantum computer manufacturers, and the products will enter the testing and procurement process after launch.

From the perspective of long-term planning, Liangyu Core Innovation takes the upstream measurement and control hardware of superconducting quantum computing as the entry point, and gradually expands to the measurement and control platforms of ion trap, neutral atom, silicon-based and other quantum computing routes, and finally upgrades from a quantum computing equipment supplier to an infrastructure service provider for computing centers. Yin Chenghou judges that quantum computers will eventually be integrated with GPU computing centers to form a quantum-supercomputing integrated computing center, and both the quantum measurement and control system and the liquid cooling heat dissipation of GPU point to low-temperature heat transfer and cryogenic engineering at the underlying technical level.

The following is an excerpt from the conversation between Hard Krypton and Yin Chenghou, founder and CEO of the company (edited):

Hard Krypton: What is the essential difference between your products and the current mainstream products in the industry?

Yin Chenghou: The current mainstream in the industry is the room-temperature measurement and control architecture, where the measurement and control instruments are at room temperature, and the signals are transmitted to the chip through multiple sections of coaxial cables. This solution can support more than 100 qubits, but when it comes to more than 1000 qubits, the number of cables, cooling capacity, space, and fidelity all face bottlenecks. The low-temperature measurement and control platform we developed moves the measurement and control functions down to the 4K temperature zone, using chips to replace most of the room-temperature instruments.

Most peers make breakthroughs at a single point: some make coaxial cables, some make dry dilution refrigerators, and some make room-temperature measurement and control systems. We connect the three products and integrate them into a full-stack platform. What customers get is a single instrument, not a pile of scattered parts, which is a qualitative improvement in the engineering efficiency of downstream complete machine manufacturers.

More importantly, our low-temperature measurement and control platform can increase the qubit measurement fidelity from the current 99.9% to 99.99%, while supporting the expansion from more than 100 qubits to thousands or even tens of thousands of qubits. Some companies connect multiple dry dilution refrigerators in parallel, one-sidedly pursuing larger cooling capacity while ignoring the consequent increase in vibration and noise, which leads to a significant drop in measurement fidelity. The increase in cooling capacity and the decrease in measurement fidelity cancel each other out, which is essentially meaningless. We solve both problems at the same time from the underlying level of the measurement and control architecture.

Hard Krypton: You position yourself as an upstream equipment vendor, but will you extend to complete machines in the future?

Yin Chenghou: No. From the preparation in September last year to the official operation now, the team has repeatedly discussed and evaluated the original intention, vision and positioning of the company. The conclusion is very clear: we only focus on the upstream, do not touch complete machines; we only sell shovels, not do mining.

Superconducting quantum chips are not the field our team is good at. What we are good at is low temperature, vacuum, measurement and control, and system integration. It is more important to focus on what we want to do, can do and are good at doing than to want to do everything. Besides, some leading superconducting computing complete machine enterprises were forced to do full-stack self-research in the early stage due to the blank and extremely imperfect quantum computing industry chain, and had to do everything by themselves. But today, most superconducting computing complete machine enterprises have begun to cooperate with third-party professional companies. They are more willing to focus on making the superconducting quantum chips they are best at better and more refined, and integrate them into a complete superconducting quantum computer to make it truly computable and commercial. Industrial chain division of labor is an inevitable trend, and professionals do professional things.

Hard Krypton: How do you view the current market size?

Yin Chenghou: Although quantum computing is in the embryonic stage of the industry, the current market size is actually not small. The global market for dilution refrigerators, measurement and control systems and coaxial cables related to superconducting quantum computing has exceeded 100 billion yuan, and the compound annual growth rate will be between 30% and 40% in the next ten years. The full-stack low-temperature measurement and control system we developed accounts for 60-70% of the cost of the complete machine, and the market space is solid with huge potential.

More importantly, with superconducting as the entry point, the underlying low-temperature, vacuum and measurement and control technologies can be horizontally expanded to other routes such as silicon-based, topological, ion trap, and photonic quantum. No matter which route wins in the end, we can provide upstream measurement and control hardware. The ceiling of this market is high enough to support a revenue scale of several billion yuan without any problem.

Investor View:

Jinyu Maowu: Global superconducting quantum computing is at a critical threshold of transitioning from "Noisy Intermediate-Scale Quantum" (NISQ) to "Fault-Tolerant Quantum Computing" (FTQC). Large-scale engineering expansion is the core barrier that the industry urgently needs to overcome. The traditional dry dilution refrigerator paired with a room-temperature measurement and control system has significant limitations in cooling capacity, wiring space and noise control, which restricts the iterative upgrade of qubit scale.

Liangyu Core Innovation accurately targets the pain points of the industry, and pioneered the "wet dilution refrigerator + 4K low-temperature measurement and control chip + flexible coaxial cable" three-in-one hardware architecture, which is a breakthrough solution with both forward-looking nature and engineering implementation capability. Relying on high-cooling-capacity wet refrigeration technology, combined with local measurement and control of Cryo-CMOS chips in the 4K temperature zone, it fundamentally solves the "wiring wall" and thermal load problems of thousand to ten-thousand level qubit expansion.

We believe that as the key "shovel seller" in the superconducting quantum track, Liangyu Core Innovation's full-stack hardware base can significantly shorten the R&D cycle of complete machine manufacturers and reduce development costs, and is expected to accelerate the global superconducting quantum computing to large-scale commercial use.