National Team Partners with Industrial Capital to Complete Angel Round Investment in Quantum Industry - 36 Kr

The national team has joined forces with industrial capital to make an angel round investment in the quantum industry.投资界2026-09-07 10:38The national team has made a rare investment in the angel round of the superconducting quantum field.Still remains red-hot. On September 7, Shanghai JuLiang PhotonQ, a superconducting quantum computing company, announced the completion of a RMB 300 million Angel+ round of financing. This round was led by China New Venture Capital, with co-investments from Fosun RZ Capital, Xingxiang Capital, Dinghe Gaoda, Jinyumaowu, Yunshi Capital, Junchenda Capital, GLP Hidden Hill Capital, Blue Lake Capital, Ruoqing Capital and other institutions. Existing shareholder Junshan Capital made an oversubscribed follow-on investment. Yirong Capital served as the long-term lead financial advisor. Only more than 3 months have passed since its previous round of financing. So far, the total financing of JuLiang PhotonQ's angel rounds has reached RMB 500 million. It is learned from Pedaily that this round of financing was also oversubscribed, and many institutions took the initiative to contact the company within a short period of time. JuLiang PhotonQ was founded in 2025. Its founder, Yu Wenlong, is a post-85s returned overseas PhD. After graduating from the University of Science and Technology of China with a bachelor's degree in physics, he went to the United States to pursue his PhD in physics at Georgia Tech. After graduation, he joined the Quantum Phenomenon Division of the US National Laboratory, and has long been engaged in the engineering of superconducting quantum devices and quantum computing. At the beginning of its establishment, he gathered a group of overseas technical talents with similar experiences, committed to promoting superconducting quantum computing to real industrialization. All eyes are waiting for this leap of quantum computing from the cutting edge of science to the depth of the industry. RMB 500 Million in Angel Rounds Central SOE State-owned Capital and Industrial Capital Gather Looking closely, the lineup of investors is highly indicative of industry trends. The lead investor of this round, China New Venture Capital, is an important platform for China New Development to operate state-owned capital, focusing on strategic emerging industries and future industries. Xingxiang Capital is a provincial state-owned capital platform under Hunan Province, and this investment also plans to deeply integrate superconducting quantum computing power into the local future computing power industry system. There are also industrial capital players. Fosun RZ Capital is backed by Fosun's long-term accumulated industrial resources in pharmaceuticals and other fields; GLP Hidden Hill Capital is closer to data centers and computing power infrastructure, and the two sides have begun to explore the integration of quantum computing into GLP's computing power centers. In addition, a number of institutions long active in technology investment have entered the market. A shareholder lineup covering patient capital, industrial capital and market-oriented investment institutions has thus taken shape. For a quantum computing company established for only more than a year, such a lineup of shareholders is very rare. It is worth mentioning that the popularity of this round of financing exceeded expectations. A representative of JuLiang PhotonQ told Pedaily that within a short financing window, the company received active attention from many institutions, and finally selectively completed this round of financing under oversubscription. "Compared with simply expanding the financing scale, industrial resources and strategic synergy are more important." This is related to the industrial attributes of quantum computing itself. Chips are connected to semiconductor manufacturing, equipment and processes upstream, and to complete machines, computing power centers and industry applications downstream. It is difficult for a single startup to make up for all links on its own. A more obvious change is that investors have more basis for judgment. Many institutions have paid attention to JuLiang PhotonQ in the early stage. A few months later, the R&D nodes previously planned by the company are being advanced one after another, and new progress has been made in chips, complete machines, measurement and control, and commercialization. "Many progress even exceeded the previously announced schedule." According to JuLiang PhotonQ, in the past few months, the 100+ qubit chip has been packaged and is waiting for testing; the performance of qubits on silicon-based substrates has been further improved, and the microwave measurement and control system has also produced a prototype product. 8-inch Integrated Wafer of 100-Qubit Superconducting Quantum Chip More importantly, these progresses are not concentrated in a single link. Quantum chips, measurement and control, complete machines and software are all advancing simultaneously. For quantum computing, such a complex system engineering, beyond single-point breakthroughs, what is really scarce is the ability to connect multiple key links and continuously move forward. This is also what investors in this round repeatedly mentioned that JuLiang PhotonQ's "full-stack engineering capability" is more convincing than a simple technical route. "JuLiang PhotonQ adopts the silicon-based substrate route, relies on mature semiconductor production lines to deliver 100-qubit-level chips, and has formed full-stack engineering capabilities from chips to complete machines." China New Venture Capital believes that superconducting quantum computing is a technical route with high industrial maturity at present, and moving towards practicality requires continuous improvement of the system collaboration capability of chips, complete machines and software. Fosun RZ Capital believes that quantum computing has become an important direction of Sino-US technology competition, and the demand for domestic independent control is further highlighted. The JuLiang PhotonQ team has both scientific research accumulation and engineering experience, and has advantages in silicon-based substrates, mass production consistency and scale expansion. As commercial orders are landed one after another, the company is moving from technical verification to complete machine delivery. Xingxiang Capital pointed out that quantum computing is at a critical stage from the laboratory to real business scenarios, and the superconducting route has the potential to move towards large-scale fault-tolerant quantum computing. JuLiang PhotonQ directly faces the core proposition of industrialization of the industry, and is a very scarce top team in the domestic superconducting quantum computing field. GLP Hidden Hill Capital focuses on the next step of application, "We are working with the JuLiang PhotonQ team to integrate quantum computing into the computing power clusters of GLP's computing power centers, create an innovative architecture of 'quantum-supercomputing integration', and realize the collaborative scheduling and co-location deployment of QPU and classical computing power. In the future, we will work with JuLiang PhotonQ to promote quantum computing from 'available' to 'truly useful', and accelerate the move towards the era of large-scale fault tolerance." Existing shareholder Junshan Capital gave a more direct judgment. "As an old shareholder, we have witnessed the team running at an industrialization speed rarely seen in the industry, and seen JuLiang PhotonQ making progress in links such as Josephson junction preparation, Transmon qubit process, quantum coherence control and 8-inch semiconductor production lines. We firmly made an oversubscribed follow-on investment in this round, and firmly bet heavily on the silicon-based superconducting quantum track." "Fairchild in the Quantum Field" Is Crossing the Manufacturing Threshold "Fairchild Semiconductor in the quantum field" is a key to understanding JuLiang PhotonQ. 70 years ago, eight young scientists left Shockley Semiconductor Laboratory and founded Fairchild Semiconductor, thus opening a legendary chapter in Silicon Valley. Since then, semiconductors have grown from scientific breakthroughs into a huge modern industry step by step. The enlightenment left by this history has not faded to this day: scientific breakthroughs only open a door. What really supports an era is often those startups that dare to step out of the laboratory, take root in industrial sites, and continue to iterate for the market. JuLiang PhotonQ is also moving along a similar path. In 2025, Dr. Yu Wenlong gathered a group of technical talents with similar experiences and founded JuLiang PhotonQ. The core team is known as "the strongest group of post-85s in the domestic superconducting quantum field" — a group of "breakthroughers of the era who learned the essence of quantum computing before overseas restrictions on the quantum track were imposed". Dr. Yu Wenlong, Founder & CEO of JuLiang PhotonQ Beyond scientific research resumes, the more distinct label of this team is industrial engineering experience. The difficulty of quantum computing no longer lies only in single technical breakthroughs, but in full-stack collaboration. There are not many teams in China with such capabilities, and JuLiang PhotonQ is one of the very few. From the first day of its establishment, JuLiang PhotonQ has placed industrialization at the core position and chosen to bet on the superconducting route. Nowadays, quantum computing still has multiple parallel routes such as superconductivity, ion trap, photonic quantum, and neutral atom. Dr. Yu Wenlong believes that the advantages of superconductivity lie in fast operation speed, compatibility with mature semiconductor processes, and easier expansion to large-scale qubits; at the same time, it is highly versatile and is expected to enter multiple application scenarios such as materials, biomedicine, and finance. However, to truly move towards industrialization, another problem needs to be solved: how to manufacture quantum chips on a large scale. As quantum processors continue to grow larger, competition has extended from simply pursuing indicators such as qubit count, gate fidelity, and coherence time to the manufacturing link. After a chip is produced, problems such as process consistency, yield, packaging, and interconnection need to be solved to support larger-scale quantum processors. JuLiang PhotonQ further combines quantum chip manufacturing with mature semiconductor processes. The company adopts silicon-based substrates, and deploys multi-layer chip and silicon through via (TSV) technologies, using mature processes such as wafer manufacturing, photolithography, etching and deposition to promote quantum chips to industrial-level manufacturing. Now, the company has completed the R&D of the first-generation single-layer and second-generation double-layer chips, of which the second generation has completed tapeout and realized 100+ qubits; the third-generation multi-layer chip is also under development. According to the company's plan, it will continue to advance to 1000 qubits and larger-scale systems in the future. Internal Structure of Dilution Refrigerator for 100-Qubit Superconducting Quantum Computer For early quantum companies, "having revenue right after establishment" is undoubtedly a rare label. The company disclosed that JuLiang PhotonQ has realized the launch of a number of core superconducting quantum computing products, and generated revenue from quantum chip sales and related businesses. At present, the company is promoting cooperation with multiple industrial clients, data centers and computing power centers, including cooperation intentions involving several quantum computers. From chips to complete machines, and then to real clients, JuLiang PhotonQ has reached the threshold between the laboratory and the industry. More than half a century ago, Fairchild did the same; today, quantum computing must also go through the same test.

The Industrial Era of Quantum Computing Looking back at the entire quantum computing track, the heat is still rising. In March this year, the outline of the 15th Five-Year Plan was officially released, quantum technology was included in the future industrial layout, and the popularity of the primary market continued to rise. The latest set of data is more intuitive: in the first half of 2026, nearly 50 financings were completed in China's quantum technology field, of which 41 were in quantum computing, and the number of financings has exceeded the total number of 2025. However, the problem still lingers over the industry: when will general-purpose quantum computing arrive? To be more straightforward, how long will it take for large-scale commercialization? Dr. Yu Wenlong's answer is "quantum commercial advantage". The so-called critical point does not depend on a certain number of qubits, but on the first time that quantum computing gives answers that classical computing is difficult to provide for real and important problems. At that moment, it truly crosses the threshold from technical breakthrough to industrial application. This also determines that the next industry competition will increasingly be like a system engineering. The number of qubits needs to continue to expand, and error correction capabilities need to be improved; chip manufacturing, low-temperature measurement and control, software, and complete machines must also move forward simultaneously. Eventually, a quantum computer will also enter the real computing power system and work in coordination with classical computing power such as CPU and GPU. JuLiang PhotonQ summarizes this path as "quantum chip — quantum complete machine — quantum computing power system". After that, it is "quantum-supercomputing integration": superconducting quantum computers no longer exist as isolated machines, but enter computing power centers and form new computing power infrastructure together with classical computing. The schedule has also become clear. "Within 5 years, quantum computing is expected to see clearer commercial breakthroughs in fields such as materials." Dr. Yu Wenlong judged that in the stage of general-purpose fault-tolerant quantum computing, hundreds of high-fidelity logical qubits are expected to solve a number of problems with real commercial value. According to the current progress of different technical routes, this critical point is gradually approaching. Industrial signals have already emerged. A McKinsey report shows that the revenue of global quantum computing enterprises exceeded USD 1 billion in 2025, and is expected to reach USD 3.2 billion to 4.4 billion by 2028; more than 300 industrial enterprises have participated in related joint R&D. Quantum computing has not yet reached maturity, but it has changed from a distant vision in the laboratory to a happening industrial reality. China is also part of this quantum computing race. Dr. Yu Wenlong judged that domestic quantum computing has reached the world's first-class level in some scientific and technical indicators, and industrialization is still catching up rapidly. What will really make the gap larger in the future will depend more on engineering capabilities, industrial chain collaboration and long-term investment. The strong wind has arrived, and the industrial era belonging to quantum computing is slowly unfolding. This article is from WeChat Official Account "Pedaily" (ID: pedaily2012), written by Wang Lu, authorized for release by 36Kr.该文观点仅代表作者本人，36氪平台仅提供信息存储空间服务。