Origin Quantum builds China's first superconducting quantum computer Wuyuan, which can be operated outside of a laboratory setting. [Photo/WeChat ID: hefeigaoxinfabu]

Hefei-based quantum computing company Origin Quantum recently completed its series B financing round, raising nearly 1 billion yuan ($147.78 million).

The new fundraising was led by Shenzhen Capital Group's Hotland Innovation Asset Management with joint investors including CITIC Securities, CICC, BOCGI, and CCB International.

According to the company, the financing will be used to increase Origin Quantum's investment in the research and development of quantum computers, develop self-controllable engineered quantum computers and full-stack hardware and software systems, as well as promote quantum computing applications.