LogicQubit Raises Two Rounds of Funding Worth Hundreds of Millions of Yuan, Bringing Quantum Computing Into Mainstream VC Crosshairs

"The Next Disruptive Narrative for Primary Markets?" By Zhiyan Chen

"Dark Current Waves" ("暗涌Waves") has learned exclusively that superconducting quantum computing company Logical Qubit recently completed pre-A+ and pre-A++ funding rounds totaling several hundred million yuan. Pre-A++ investors include Fortune Venture Capital, Matrix Partners China, China Aerospace Investment, Shenzhen Capital Group, Kangjun Capital, and returning shareholders Zhejiang University United Ventures, Dongfang Jiafu, Huaxia Hengtian, Chengruisheng, and Xihu Sci-Tech Investment. Pre-A+ investors include Haiwang Capital, Lushi Investment, and returning shareholder Zhejiang Provincial Innovation Investment Group (formerly Zhejiang Financial Holdings).

Founded in 2022, Logical Qubit's core team originates from Zhejiang University's superconducting quantum computing laboratory — one of the earliest groups in China to pursue multi-qubit superconducting quantum computing research. From early 2024 to October 2025, the company completed seed, angel, and pre-A rounds, with shareholders consisting mainly of Zhejiang-based investment institutions. These pre-A+ and pre-A++ rounds mark the first time this "Zhejiang University-affiliated" quantum computing company has expanded beyond its home province to raise from market-oriented generalist funds.

The entry of generalist primary market institutions into quantum computing signals something: beyond the investment frenzy in AI and embodied intelligence, capital is simultaneously hunting for the next赛道 capable of carrying a "disruptive" narrative.

The commercial promise of quantum computing, at its core, is about breaking through the boundaries of classical computing power — tackling problems that represent "exponential catastrophes" for classical supercomputers.

According to the Photonic Box Research Institute's 2026 Global Quantum Computing Industry Development Outlook, applications in materials science, chemistry, biomedicine, finance, and other fields are transitioning from exploratory validation toward scenario-based pilots and process-oriented delivery.

Currently, countries worldwide are positioning themselves in quantum computing. The U.S. has increased appropriations to $2.7 billion (FY2025-29) through the National Quantum Initiative Act; the EU and Japan have successively launched quantum flagship programs. In China, quantum technology has been included in key special programs since the 13th Five-Year Plan, ranked first in future industry layout in the 15th Five-Year Plan recommendations, with the Ministry of Industry and Information Technology explicitly stating its commitment to opening new tracks in quantum information. Some institutions forecast that by 2035, the global quantum computing market will exceed $800 billion, with China's market share potentially reaching over 15%.

In 2023, global quantum computing financing cooled due to macroeconomic conditions and risk-averse sentiment, but recovery signs emerged by 2024, with global funding rebounding to $2.015 billion — and hardware once again becoming a capital focus.

In the China market, while single-round funding sizes still lag the U.S., head effects have become increasingly pronounced. Capital is no longer scattering peppercorns; it's concentrating on teams with technological self-sufficiency capabilities and clear industrialization paths. Particularly as AI and embodied intelligence tracks grow crowded, quantum computing — as a deterministic option for "next-generation computing power" — is re-entering the scope of mainstream VC.

Logical Qubit's competitiveness lies primarily in its technology itself. Its team has three times set world records for global entanglement qubit counts in superconducting quantum systems. In 2021, the team released 30-qubit "Mogan-1" and "Tianmu-1" 3D-packaged quantum chips. In 2022, it further achieved the "Tianmu-2" quantum chip with over 100 qubits. Tianmu-2 tripled its qubit count within a year, with average qubit lifetime exceeding 100 microseconds, single-qubit gate fidelity surpassing 99.9%, and two-qubit gate fidelity exceeding 99.5%.

On another front, Logical Qubit has chosen a pragmatic path: using high-performance superconducting quantum chips as the center, radiating outward to quantum computer systems and cloud computing services. According to "Dark Current Waves," in 2025, with a team of just over 20 people, the company — relying on self-developed superconducting quantum chips and control systems to manage costs — has achieved revenue approaching tens of millions of yuan. Currently, its customers are mainly research institutions and universities. This round of funding will primarily accelerate R&D of error-correctable superconducting quantum chips and the construction of a more scaled-out cloud platform.

Recently, "Dark Current Waves" met founder Zhen Wang at Logical Qubit's newly built superconducting quantum computer experimental platform. He spoke with us about how capital views Logical Qubit and quantum computing, and what commercial possibilities exist for this entrepreneurial direction that still seems distant from practical application.

The following is the interview —

"Dark Current": What did investors ask most during these two rounds of fundraising?

Wang: After recognizing us as a top-tier team, investors asked two core questions: First, how far are we from general-purpose quantum computing? Second, what exactly is the industrialization path for the next few years?

"Dark Current": What do you think investors base their "top-tier" assessment on?

Wang: Our team is among the earliest in China to work on superconducting quantum computing. We've made some technical breakthroughs in qubit count, coherence time, and control precision — results published in top journals like Nature and Science. In the superconducting quantum computing field, we actually have over a decade of technical and experience accumulation. Another reason might be that we had pretty decent revenue in 2025, which surprised many investors. People may feel that quantum computing industrialization isn't as far away as they thought.

"Dark Current": So how far do you think quantum computing commercialization is?

Wang: Quantum computing is a long-term endeavor. General-purpose quantum computers may arrive around 2032-2035, but before that, in the next 3-5 years, special-purpose quantum computers (the NISQ stage) will surpass classical supercomputers at specific points in materials, drug discovery, and so on — that's the "crack" where commercialization begins.

The next year or two will still be dominated by the research-grade market. Our 2025 revenue is in the tens of millions, from research institutions and universities. After trying our chips and systems, they found the results excellent. This word-of-mouth conversion within the core circle is an important source of our orders.

"Dark Current": Scientist founders do love to talk about technical competitiveness, but there's a recent saying in primary markets that "investors don't back scientists anymore."

Wang: I don't know why that saying exists. Quantum computing is a relatively high-threshold field, so it's normal for entrepreneurs to have a scientist side — after all, technology requires long-term accumulation. But I think the core of this issue is that scientists need both the pursuit of technology and sensitivity to commercialization. I think I'm okay on that front. Though I'm PhD-trained, I've always believed quantum computing should move from the lab to industry. So internally, we emphasize walking on two legs — "technology" plus "commercialization" — making products and commercializing with our feet on the ground. Last year's above-expectation revenue is the best example.

"Dark Current": Talk specifically about your understanding of commercialization.

Wang: For example, our self-developed control system does very well on cost control. This was somewhat a competitive advantage forced out of necessity. A 100-qubit system, if buying all commercial equipment, could cost tens of millions just for hardware. The control system is the most expensive part — maybe 20-30 million. But when we founded the company in 2022, we decided to develop our own, because we knew which functions were truly needed and which were redundant. Now our self-developed control system costs are dramatically reduced. This cost control capability gives us enough self-sufficiency to survive even when the fundraising environment is tough.

"Dark Current": You've completed five funding rounds in two years, totaling several hundred million yuan. What will the raised funds mainly be used for? Is fundraising capability one of the moats for quantum computing startups?

Wang: Mainly R&D investment. Building our own quantum computing platform and micro-nano processing center requires purchasing a lot of equipment — that's a relatively large expense. Then there's talent recruitment, including high-level R&D personnel and other important functional roles.

I don't think fundraising capability counts as a moat for quantum computing entrepreneurship. There are market factors involved. If one day the environment turns bad and you can still raise funds or have decent revenue — that truly reflects competitiveness.

"Dark Current": Beyond the superconducting direction Logical Qubit is pursuing, there are neutral atom, ion trap, and other approaches. What's your basis for technical route selection? Do you have a Plan B?

Wang: I've never thought about a Plan B. Every route has its own advantages and applications, but for general-purpose quantum computing, I currently don't see a better path than superconducting. First, giants like Google and IBM are betting on the superconducting route. Second is engineering characteristics. Superconducting is a solid-state system; chip fabrication is based on semiconductor processes that are convenient for integration and scaling, and chip control is based on mature and stable RF microwave operation technology. Another very important factor is speed. In my view, only the superconducting route's operating speed matches my imagination of a general-purpose quantum computer.

"Dark Current": Why did you name the company "Logical Qubit"?

Wang: When we founded the company in 2022, everyone in the industry was competing on physical qubit counts — 50, 100. But I judged at the time that the future belonged to "logical quantum bits" — only through error correction to achieve logical qubits can quantum computing truly become general-purpose.

Naming the company this way back then, first, was to popularize the concept of logical quantum bits; second, was to anticipate the trend. Now look — it's 2026, and the entire industry is talking about logical qubits, talking about error correction. Today, this name comes with built-in traffic and attributes.

"Dark Current": Quantum computing布局 is happening worldwide. How big is the gap between China and the U.S. in superconducting quantum computing?

Wang: Objectively speaking, giants like Google may lead us by 1-2 years in pure technology exploration. The error correction capability of Google's Willow chip is indeed very strong. But our approach is different — Google can pursue pure technology regardless of cost, while we need to make products. While ensuring we don't get left behind, we focus more on application-oriented design. We're confident that in the next few years, we can surpass competitors on specific metrics and application integration.

"Dark Current": So in your mind, Logical Qubit isn't a "domestic replacement" story?

Wang: China and the U.S. are currently in a "neck-and-neck" state in quantum computing — since it's neck-and-neck, who is replacing whom? Our thinking is simple: we don't want to become some American company's Chinese clone, but rather to surpass them in technology and applications in the coming years.

"Dark Current": Your previous trajectory fits the typical young faculty member ("青椒") path in universities, and the research system has a very established development track. Why didn't you follow that path? Where did your interest in entrepreneurship and the business world come from?

Wang: It came from observations in two dimensions during my PhD —

One was the technology dimension. Around 2015-2016, I taught myself deep learning — that was the eve of the last AI explosion. But I observed then that the evolution of semiconductor Moore's Law was slowing, and human computing power growth would soon hit physical bottlenecks. Looking 30 or even 50 years ahead, the next-generation computing breakthrough would certainly be in quantum computing. That was the first time I felt this was something worth doing for a lifetime.

The other was the value dimension. I admire Musk's passion for technology, and aspire to the kind of path that can bring real impact to society through technological transformation. I deeply believe that quantum computing will profoundly change humanity's future.

"Dark Current": Talk about your understanding of the company as an organization.

Wang: The company is a purer organizational form; its purpose is to solve social problems and create commercial value. Only by turning technology into products and getting people to actually use them can you get the sense of accomplishment I want. So from the moment I saw Google achieve "quantum supremacy" in 2019, I decided to give up the idea of doing a postdoc abroad, and instead stay in China to realize quantum computing's industrial落地.

"Dark Current": Sounds like you dream of changing the world?

Wang: My childhood dream was actually to be an astronaut, to explore the stars and oceans. But that dream was shattered because of myopia (laughs).

Though I can't be an astronaut, I've always been drawn to the future worlds described in science fiction. Things like multi-planetary species, leaps in human civilization — these grand narratives attract me greatly.

But I later realized that relying on chemical propulsion rockets to get to Mars is actually very inefficient, and hard to truly bring about a qualitative leap in human civilization. For humanity to break through, there must be breakthroughs in utilizing underlying physical laws — this is like a key node on the technology tree, and quantum computing is that skill point that must be "unlocked." Though I can't go to space, I can help bring about that sci-fi future by "building roads" in the microscopic world.

"Dark Current": Where does your confidence come from?

Wang: From our endgame judgment of this endeavor. Human technological development has actually slowed in the past decade — smartphones, the internet are all zero-sum games. To achieve the next level of civilizational leap, we must achieve precise control of particles at the microscopic level. This is the significance of quantum computing.

This is destined to be a long-distance race. Unlike some tech companies that rely on massive fundraising to burn cash, Logical Qubit has self-sufficiency capability and a self-developed low-cost technical route. Even if capital markets fluctuate, we can survive, and firmly believe we can keep running in the first echelon. We don't pursue short-term spotlight; we pursue being the person standing at the doorway when the dawn of general-purpose quantum computing truly arrives in 2030.

"Dark Current": Do you believe that will definitely be a better future?

Wang: If you believe that technological progress drives human societal progress, then it will certainly be a better future.

Layout by Nan Yao | Images courtesy of company

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