Beijing-based quantum computing startup QBoson scored tens of millions of yuan in angel financing from Born Capital. The company was founded in November 2020 by CEO Wen Kai, who holds a PhD in quantum computing from Stanford University and previously worked at Google.
QBoson aims to develop quantum computing solutions to eventually fill the massive demand for computing power from advanced AI systems. The company has completed the construction of its quantum laboratory, equipped with a 1,000-qubit quantum computer, which QBoson hopes to expand to a 1,000,000-qubit prototype in the next three to four years to realize commercial applications.
QBoson uses deep learning and neural networks in its technology. The company is forming relationships with potential clients in industries including artificial intelligence, finance, transportation, communications.
Overall, quantum computing is still years from reaching meaningful commercialization, but it benefits from government support in China, as the technology was discussed in this year’s Two Sessions plenary meeting for the first time. Quantum computing’s market value should reach USD 14 billion by 2030 and then grow at a compound annual growth rate of 30%, hitting almost USD 49 billion by 2035, according to a recent report issued by Beijing-based CCID Consulting Group.
36Kr Connection features translated and adapted content published by 36Kr. This article was originally written by the mononymous Ben for 36Kr.