The national team has invested in a Shanghai quantum unicorn.
The National Venture Capital Guidance Fund has made its first direct investment in a Chinese quantum computing enterprise.
On April 27th, Turing Quantum, a Shanghai-based quantum computing unicorn, announced the injection of hundreds of millions of yuan in new funds. The funds from this round of financing will be used to focus on promoting the large-scale application of quantum computing in industry scenarios and accelerating the construction and deployment of the national "quantum-supercomputing integration" intelligent computing center.
This also means that since 2026, Turing Quantum has completed two rounds of financing in a row, with a total financing amount of nearly one billion yuan, and its current valuation exceeds seven billion yuan.
The latest round of financing for Turing Quantum was jointly led by the Yangtze River Delta Fund of the National Venture Capital Guidance Fund and the state-owned assets of Pudong New Area (the Leading Area Fund under Pudong Venture Capital Group, together with Zhangjiang Science and Technology Investment and Haiwang Capital). New investors include well-known institutions such as Fortune Capital, SAIC Capital, the industrial financial investment platform of SAIC Group, and its subsidiary Shangqi Capital. Existing shareholders such as CDH Baifu and Bianshi Times continued to increase their investments.
Against the backdrop of important measures to implement the Outline of the 15th Five-Year Plan and make forward-looking arrangements for future industries, the Yangtze River Delta Fund of the National Venture Capital Guidance Fund officially completed the investment delivery for Turing Quantum, marking Turing Quantum as the first direct investment project in the quantum field since the fund was registered and established in December 2025.
The signal released by this move is also very clear, indicating that Turing Quantum's full-stack self-developed technology, engineering capabilities, strategic value, and industrialization feasibility have been recognized. At the same time, this company has also become an important part of the national-level fund's strategic layout for the future.
More importantly, the coordinated efforts of the state-owned asset system in Pudong New Area and the national-level guidance fund demonstrate the systematic support for Turing Quantum from the national strategy to local implementation, and from funds to the industrial ecosystem.
"Our revenue in 2022 was 500,000 yuan, and it exceeded ten million yuan in 2023," Jin Xianmin, the founder and CEO of Turing Quantum, revealed in an exclusive interview with ChinaVenture. In 2025, Turing Quantum's order volume exceeded 100 million yuan, and its revenue reached tens of millions of yuan, with a compound annual growth rate of 200%.
The scenario where Turing Quantum has attracted much market attention is a microcosm of the recent sharp rise in the quantum computing track. Not long ago, in an article titled "Even the Valuations of 'PPT Companies' Have Skyrocketed" published by ChinaVenture, an investor who has long followed the track mentioned that "almost every quantum computing company has completed a round of financing or is in the process of doing so."
Therefore, we can see that a group of quantum computing companies have completed financing in a short period of time. According to data from CVSource, there are currently more than 200 quantum technology companies in the country, among which dozens are quantum computing companies. In March 2026 alone, ten quantum computing companies have received investments.
Scientists Return to China to Start a Business
Build a Shanghai Star Unicorn
Among the many quantum computing companies that have received financing, Turing Quantum is undoubtedly a leading player. The birth of this company stems from Jin Xianmin's strong scientific research ideal and patriotism.
In 2002, Jin Xianmin pursued his postgraduate studies in the Department of Modern Physics at the University of Science and Technology of China. With the idea of "hoping to do some leading research," Jin Xianmin successfully joined the research team of Academician Pan Jianwei to study quantum computing and obtained his doctorate.
In 2010, Jin Xianmin conducted postdoctoral research in the Department of Physics at the University of Oxford, under the supervision of Ian Walmsley, the then Deputy Vice-Chancellor of the University of Oxford and the Director of the UK National Quantum Technologies Programme (NQIT) Hub. He joined one of the two earliest international teams to conduct research on photonic quantum chips and continued to study photonic quantum chips.
In 2012, Jin Xianmin was awarded the "Marie Curie Fellow" by the European Union and the "Wolfson College Fellow" by the University of Oxford, and was funded to independently conduct experimental research on optical storage and quantum networks at the University of Oxford.
Based on his keen judgment of the future development trend of quantum computing, Jin Xianmin realized that scientific research results must go beyond the ivory tower. He registered his first company, Q-WindowX, in Oxford and became one of the earliest people in the world to promote the industrialization of quantum computing. "At that time, I thought that it might be time for the industrialization of quantum computing."
In 2014, at the invitation of Zhang Jie, the then President of Shanghai Jiao Tong University, Jin Xianmin returned to China to serve as a tenured professor at the School of Physics and Astronomy of Shanghai Jiao Tong University. At the same time, he established the Research Center for Integrated Quantum Information Technology and began long-term research and development on the design, fabrication, and system integration of photonic quantum chips.
Six years later, the first photonic quantum computing company, PsiQuantum, received a huge investment. The founder of this company was Jin Xianmin's former competitor during his time at Oxford. Jin Xianmin realized that the international competition in quantum computing had shifted from papers to engineering and industrialization. Therefore, in 2020, he decided to participate in and promote the industrialization of quantum computing in China.
At that time, Jin Xianmin, who had led his team to publish dozens of top-tier journal papers, could have followed the academic path of "Outstanding Young Scholar - Yangtze River Scholar - Academician." However, he knew that the high threshold of quantum technology meant that only scientists could enter the field. "The country needs to achieve self-reliance and self-improvement in science and technology, and quantum is an excellent track for 'overtaking on a curve.' I would regret it for the rest of my life if I missed this era."
Finally, in February 2021, Jin Xianmin founded Turing Quantum, the first domestic enterprise focusing on integrated photonic chips and programmable photonic quantum computers in Shanghai, and assembled a team with the only domestic technology combination of "chip fabrication + quantum computing + artificial intelligence + photonic computing."
"Photonic quantum has no obvious weaknesses and has the clearest engineering path," Jin Xianmin said bluntly. Photonic quantum computing has significant advantages such as room-temperature operation, low energy consumption, and high stability, and can be highly compatible with existing mature semiconductor processes. It is currently the only technical system that meets the requirements of programmability, integration, and scalability.
Relying on the profound scientific research foundation and technological accumulation of Shanghai Jiao Tong University, Turing Quantum focuses on the research and development of photonic quantum integrated chips and algorithmic fundamentals at the core technology level. It also participated in the construction of the first domestic pilot line for photonic chips, breaking through the wafer-level thin-film lithium niobate integration process and the new architecture of optoelectronic co-packaging, and successfully developing large-scale, high-speed, programmable photonic quantum computing chips.
By quickly transforming laboratory technology into engineerable products, the company launched the first commercial scientific research-grade dedicated photonic quantum computer, TuringQ Gen1, and the new-generation large-scale hybrid integrated photonic quantum computer, TuringQ Gen2.
On this basis, Turing Quantum is deploying quantum-supercomputing integration - combining quantum computing with classical supercomputing centers to solve large-scale combinatorial optimization problems that are difficult to handle efficiently by traditional computing power. This is a key step for quantum computing to move from "specialized demonstration" to "industrial-grade usability," the main battlefield for Turing Quantum's next large-scale application, and the core of the national deployment of quantum intelligent computing centers.
After building full-stack capabilities from chips to systems, and from hardware to industry solutions, the company chose to adopt a "laying eggs along the way" strategy to create a series of products in the three core sectors of quantum computing, quantum security, and optical connectivity, and successfully implemented them in fields such as fintech, biomedicine, energy and transportation, and government affairs security.
Currently, Turing Quantum has not only delivered multiple photonic quantum computer systems but also reached cooperation agreements with China Mobile, State Grid, Shaanxi Data Group, ZKHyInfo, Moore Threads, and Zhongshan Hospital Affiliated to Fudan University, achieving leapfrog growth in performance.
"Our revenue in 2022 was 500,000 yuan, and it exceeded ten million yuan in 2023," Jin Xianmin revealed. In 2025, Turing Quantum's order volume exceeded 100 million yuan, and its revenue reached tens of millions of yuan, with a compound annual growth rate of 200%.
After several years of development, Turing Quantum has grown into a star unicorn in Shanghai. More importantly, located in Pudong New Area, which regards quantum technology as a key focus for building a global industrial cluster, the company's technology R & D and industrialization process are in sync with Shanghai's advantageous industries, with huge development potential.
Valued at Over 7 Billion Yuan
Aim to Be the 'Intel of the Quantum Era'
Along the way, Turing Quantum has completed eight rounds of financing, with a total financing amount exceeding one billion yuan.
Three months after its establishment, the company completed the largest angel round financing in the domestic quantum computing field at that time, raising nearly 100 million yuan from institutions such as Lenovo Star, Zhongke Shenguang, Qianhai Fund, Yuanlai Capital, and Xiaomiao Fund.
Although many people thought that quantum computing was far from commercialization at that time, the leading investor, Lenovo Star, valued the comprehensive strength of the core team. After judging that Jin Xianmin was a scientist with strong academic ability and an entrepreneur with strong entrepreneurial passion and business acumen, they decisively invested 25 million yuan in the company.
Not long after, in order to transform the theoretical advantages into mass-producible physical entities, Turing Quantum jointly built the first domestic pilot line for photonic chips with the Wuxi Photonic Chip Research Institute of Shanghai Jiao Tong University. In November 2021, it completed a Pre-A round of financing of hundreds of millions of yuan, with investors including Legend Capital, SMIC Juyuan, Sangfor, and Jiaoyuan Capital (the mother fund of Shanghai Jiao Tong University).
In March 2022, the company announced the completion of a Pre-A+ round of financing from investors such as Yuanhe Origin, Wuxi Binhu State-owned Assets Investment, Legend Capital, and Amber Capital. By that time, they had formed a complete market-oriented product system and released products such as a fully integrated commercial scientific research-grade dedicated photonic quantum computer.
In the same year, in addition to raising hundreds of millions of yuan from institutions such as China Internet Investment Fund, Huakong Fund, Orient Securities Innovation, and Lenovo Capital & Incubator Group, they also completed the intellectual property rights transfer with Shanghai Jiao Tong University. Finally, Shanghai Jiao Tong University invested in the company with patents, and Turing Quantum became an independent company, entering a new stage of development.
Jin Xianmin, who has the identities of both a scientist and an entrepreneur, believes that although scientific research can promote the further development of technology, the realization of industrialization requires the company as the core means. "The operating mechanisms and assessment criteria of the two are different. The company form can better iterate products to meet market needs."
With the investment from China Internet Investment Fund, it shows that Turing Quantum has won the favor of national-level funds. In their view, photonic quantum is one of the most promising mainstream routes for quantum computing recognized in the industry. "Turing Quantum's integrated photonic quantum technology solution conforms to the development trend of the photonic quantum route and will gradually transition to general quantum computing in the future, with a strong moat."
Also out of optimism about this company, Sino-Singapore Capital led a strategic round of financing of 100 million yuan for Turing Quantum in May 2025, increasing its valuation to 3 billion yuan. In less than half a year, Turing Quantum completed another strategic round of financing from national-level capital, CDH Baifu, Guoke Capital, Haitong Kaiyuan, and other investors.
At that time, in the suggestions for the 15th Five-Year Plan, quantum technology, including quantum computing, was listed as the top priority for future industrial layout, attracting many investors. As a leading company in quantum computing, Turing Quantum quickly became the target of many investment institutions, including national teams.
The originality of underlying technology, the speed of engineering implementation, and the degree of alignment with national strategic needs largely determine whether a quantum computing company can truly succeed. Turing Quantum's moat lies in the intersection of these three aspects - more than 20 years of photonic quantum technology accumulation, the first domestic full-stack self-developed system of chip + algorithm + whole machine + cluster, and the forward-looking undertaking of the strategic task of practical quantum computing in the 15th Five-Year Plan.
In December 2025, the National Venture Capital Guidance Fund was launched, and three regional funds, namely the Beijing-Tianjin-Hebei Venture Capital Guidance Fund, the Yangtze River Delta Venture Capital Guidance Fund, and the Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guidance Fund, all with a scale of over 50 billion yuan, were established and put into operation. Among them, Turing Quantum became one of the first signed projects of the Yangtze River Delta Venture Capital Guidance Fund managed by SDIC Venture Capital.
After raising hundreds of millions of yuan from first-tier market-oriented state-owned capital, Sichuan Industrial Revitalization Group, TKDH, Fosun Capital, SenseTime, and other institutions, Turing Quantum received another hundreds of millions of yuan in financing in April 2026, with a valuation exceeding 7 billion yuan.
This round of financing was jointly led by the Yangtze River Delta Fund of the National Venture Capital Guidance Fund and the state-owned assets of Pudong New Area (the Leading Area Fund under Pudong Venture Capital Group, together with Zhangjiang Science and Technology Investment and Haiwang Capital). New investors include well-known institutions such as Fortune Capital, SAIC Capital, the industrial financial investment platform of SAIC Group, and its subsidiary Shangqi Capital. Existing shareholders such as CDH Baifu and Bianshi Times continued to increase their investments.
The reason why Turing Quantum has won the recognition of national-level funds and Shanghai state-owned assets is not only because of its solid technology and the ability to systematically restructure the industry but also because it has built a full-stack self-developed technology system from underlying chips, core hardware to whole machine systems and software ecosystems, forming a barrier throughout the industrial chain.
As the 15th Five-Year Plan clearly proposes to make forward-looking arrangements for future industries such as quantum technology, Jin Xianmin predicts that quantum computing will enter an explosive period in the next five to ten years. He also believes that quantum computing will gradually move from specialized computing in specific fields to more general computing, and the application scenarios of quantum computing will be greatly expanded.
Based on the analysis of technological development trends and market demand, this company, which aims to be the "Intel of the quantum era," is also determined to become an enterprise with a market value of one trillion yuan.
This article is from the WeChat official account ChinaVenture. Author: Lu Zhigao. Republished by 36Kr with permission.