CIQTEK is a key quantum technology enterprise of the Hefei National High-tech Industry Development Zone. [Photo/WeChat account: hefeigaoxinfabu]

Hefei-based quantum technology enterprise CIQTEK announced on Jan 15 that it has raised over 100 million yuan ($15.45 million) in its series B round of fundraising.

The new round was led by GL Ventures and attracted investors such as COWINCAPITAL, Co-stone Asset Management, and China Merchants Securities.

According to the company, the money raised will be used for the R&D of more advanced quantum computing and quantum precision measurement technology, as well as their application in the upgrading of high-end scientific instruments.

He Yu, CEO of CIQTEK, said that the company's products are expected to help boost the development of a wide range of industries, including biomedicine, energy, and automobiles.

CIQTEK developed out of the CAS Key Laboratory of Microscale Magnetic Resonance. It was founded in 2016 in the Hefei National High-tech Industry Development Zone.

The microwave bridge of an electron paramagnetic resonance spectrometer developed by CIQTEK. [Photo/WeChat account: hefeigaoxinfabu]