Over 100 institutions have set their sights on a quantum computing company.

Capital is reassessing the commercial value of quantum computing.

In the spring of 2026, the quantum computing track is blazing hot.

According to Touzhong Jiachuan CVSource data, in this year’s first quarter, the total amount of financing in China’s domestic quantum track has already reached RMB 3.2B, exceeding the total for all of 2025. Among them, there are more than 7 cases where the single-round financing amount exceeded RMB 100 million.

These data send a clear signal: capital is re-evaluating the commercial value of quantum computing.

And today, yet another quantum computing company has brought good news. Touzhong Net learned that TwoYi WanXiang has completed an RMB 100 million-plus (or “hundreds of millions”) Series A financing round. The round was led jointly by the Beijing Information Industry Development Investment Fund and Shunwei Capital, with iFlytek, Junlian Capital, and Yizhuang Guotou participating in the investment.

TwoYi WanXiang was established in July 2024 and was incubated from Tsinghua University’s former Atom and Quantum Computing team. In the entire era of scientific and technological innovation, the “Tsinghua-clan” is an existence that cannot be ignored. For VCs, investing in Tsinghua alumni and projects coming out of Tsinghua labs is long ago not new—some would even say it has become one of the most stable and safest investment logics for many institutions.

The overlap between TwoYi WanXiang’s “Tsinghua-clan” background and the industry’s mounting heat has drawn substantial attention to this round of financing. Although there are not many institutions ultimately appearing on the shareholder list, according to information from the company, since the financing process began, more than 100 institutions have submitted investment intentions. Some institutions, to secure their share, even offered open TS so that the team could fill it out themselves. Such a scene left a deep impression on TwoYi WanXiang’s chairman, Shi Qi. However, she said that when selecting investors, the company still values industry enablement and long-term accompaniment more.

As for the use of funds, Shi Qi revealed that they will focus on engineering-focused breakthroughs for full-system development, continuous development of core technologies, an all-round layout of the industry ecosystem, and systematic exploration of application scenarios.

Incubated by Tsinghua—two rounds of financing within a year

To understand the value of TwoYi WanXiang, we first need to go back to quantum computing itself.

Simply put, quantum computing is a new computing paradigm based on quantum mechanics. It uses the properties of qubits—superposition, entanglement, and more—to achieve computing capabilities far beyond those of classical computers for certain specific problems.

This is precisely the fundamental reason why it has been placed high hopes on it—from new drug R&D and material simulation to combinatorial optimization—quantum computing is expected to reshape computing paradigms in many fields.

But to realize this vision, extremely complex physics and engineering challenges must be overcome. At present, the main technology routes explored by the industry include superconductors, ions, photons, atoms, and others. Each route has shown differentiated development in terms of physical principles, operating conditions, and commercialization potential.

TwoYi WanXiang adopts the atomic route. By precisely controlling individual atoms, it encodes qubits into atomic internal states, thereby enabling quantum information processing. Because a bit-scale is easier to expand and individual atoms can be moved flexibly, this approach is more suited for quantum error correction and offers advantages in realizing universal quantum computing.

Notably, although the company was founded not long ago, the founding team’s research accumulation in the field of cold atoms has exceeded 20 years—back in 1999, Tsinghua University’s Institute of Advanced Studies initiated theoretical research on cold atoms. In 2019, the Department of Physics of Tsinghua University began building the Atom and Quantum Computing laboratory, focusing on innovation and breakthroughs in experimental technologies. It has already obtained several internationally advanced original technologies.

However, for a technology to move from the laboratory to industrialization, relying solely on research funding and academic papers is far from enough. To truly build a usable quantum computer, you need a larger capital base, more flexible operating mechanisms, and faster iteration speed.

TwoYi WanXiang’s chairman Shi Qi told me that this is precisely the internal driving force for the team to step out of the laboratory and start a company. “Industry-academia-research transformation needs a market-oriented carrier.” In addition, she also mentioned a key external factor that pushes entrepreneurship.

A joint research team led by Professors Lukin, Vuletic, and Greiner from Harvard-MIT began working on the atomic route of quantum computing around 2015. In 2018, the team founded QuEra. By the end of 2023, they leveraged the advantages of the atomic platform to encode 48 logical qubits—far exceeding the single-digit number of logical qubits in other physical platforms at the time—bringing the atomic technology route into the mainstream’s view.

“The technical breakthroughs from the Harvard-MIT team made the team even more convinced in its development plan of integrating industry, academia, and research.” Shi Qi said. It was precisely under the dual drive of internal transformation needs and external technology validation that TwoYi WanXiang was officially established in July 2024.

In August 2025, TwoYi WanXiang completed an angel round financing from Junlian Capital. Eight months later, the company also completed a Series A financing round at the RMB 100 million-plus level. This round marks that TwoYi WanXiang has officially entered a new stage of large-scale, comprehensive development.

Full-chain layout—achieving full-stack, independent and controllable technology

For most startups, survival is the first priority, so they often choose to enter at a particular link in the industrial chain. But TwoYi WanXiang chose a harder path: from measurement-and-control systems and components, to the full atom quantum computing system, and then to derived products such as algorithms and cloud platforms—achieving a full-line layout across the upstream, midstream, and downstream.

Shi Qi told me that behind this choice there are practical considerations. The upstream layout is to achieve independent and controllable capabilities, while real-time feedback from the downstream can in turn support continuous iteration in the midstream and upstream, forming a closed loop of “application—feedback—upgrade.”

Of course, TwoYi WanXiang did not build this from scratch. Its strong scientific research background gives it the confidence to do so. In early 2026, the company successfully completed a capital increase and share acquisition involving research results in “Atomic Quantum Computing,” jointly from Tsinghua University’s Institute of Advanced Studies and the Department of Physics, through a joint team.

Shi Qi characterizes the cooperation with the research team as the “three-horse chariot” driving the development of atomic quantum computing: the Tsinghua Institute of Advanced Studies research group is responsible for theory and overall coordination; the Department of Physics research group focuses on innovation and breakthroughs in experimental technologies. TwoYi WanXiang is committed to engineering the full-system development, product R&D, and building an ecosystem across upstream and downstream industries. Each has its own focus, yet they also connect seamlessly with one another.

In the second half of 2025, the “optical metasurface” optical tweezers projection technology innovated by the school’s research team can support the capture of atomic qubits at the tens of thousands level. This major breakthrough was highlighted on the front page by an international authoritative industry media outlet in physics.

Based on this, the company’s full-chain layout has been advanced in an orderly manner. However, a full-chain layout does not mean there is no emphasis. Developing the full atomic quantum computing system remains its core business.

At present, TwoYi WanXiang’s first-generation atomic quantum computer has officially begun construction. The product is equipped with multiple breakthrough technologies: it builds hundreds of qubit, lossless programmable atomic arrays through dynamic reconfiguration technology, supporting expansion to the thousand-qubit scale; and relying on its self-developed fast FPGA reconfiguration technology, combined with high-fidelity Rydberg excitation, it can implement full-connected two-qubit gate control.

It is understood that the first-generation atomic quantum computer will be officially released in the spring of 2027.

For upstream core components, the company adopts a strategy of “independent development plus joint development.” Judging from the results, the company has already self-developed a number of technology-leading products. For example, its self-developed “high-vacuum-compatible integrated atomic source” is the first miniaturized, integrated atomic beam generator in China. It addresses the problems in traditional cold-atom quantum computing and precision measurement equipment where large standalone systems make the equipment bulky, costly, and complex to operate.

In addition, to further strengthen software and system synergy, TwoYi WanXiang has also set up a wholly-owned subsidiary, “TianCe LiangWu,” mainly engaged in the independent development of measurement-and-control systems and quantum computing software, providing supporting software for the parent company’s full-system hardware.

While moving in parallel on both hardware and software, TwoYi WanXiang has also made an important layout in the emerging track of “quantum-intelligence integration.”

It is worth mentioning that, announced concurrently with this round of financing, there is also the joint venture company “LiangZhi KaiWu” jointly established by TwoYi WanXiang and iFlytek. It is understood that this company is positioned as an innovative platform for quantum-intelligence integration. It mainly focuses on algorithm research and technological innovation driven by deep integration of quantum technology and artificial intelligence, promoting frontier exploration and industrial transformation in directions such as AI enabling quantum computing and quantum precision measurement, intelligent-agent quantum computers, and quantum-intelligence integrated computing power.

After completing the above series of layouts, TwoYi WanXiang’s next capital move is also already on the agenda. Shi Qi told Touzhong Net that the company plans to kick off its next round of financing in the near future.

Quantum computing is entering the eve of a boom

In recent years, “quantum computing” has long become an acknowledged blue ocean. But to be frank, this track has not been a hot one in the primary market. The reason is that, for most VCs, quantum computing is still too early-stage.

But starting in 2025, the situation has changed clearly.

According to Touzhong Jiachuan CVSource data, in 2025, investment events in the quantum computing field jumped to 36 deals, setting a historical high. Entering 2026, as early as the first quarter alone, the total investment volume has already exceeded the full-year total of 2025.

Why did quantum computing suddenly catch fire?

First, there is strong policy-driven momentum. From 2023 to 2025, quantum technology has been written into the government work reports for three consecutive years. This means it is no longer just an internal topic within the research community, but has risen to a national-level strategic consensus. Especially in the “Fifteenth Five-Year Plan Outline” released in March this year, quantum technology was formally listed as the top priority for future industrial planning.

Under policy pressure, many local governments have established relevant industrial funds. At this stage, more than 80% of funds in the RMB fund market come from institutions with state-owned capital backgrounds—this includes government guidance funds, SOE industrial funds, and local state-owned-capital platforms. In a sense, national strategy and the selection of state-owned platforms largely determine the flow of most funds and their preferences.

Second, there are concentrated technological breakthroughs, providing capital with “verifiable confidence anchors.” In 2025, the Nobel Prize in Physics was awarded to scientists who made pioneering contributions in the field of superconducting quantum circuits. This top global honor further boosted society’s attention to quantum technology, and also prompted more cross-border capital to start seriously reviewing this track. At the same time, tech giants such as Google and IBM have made substantive breakthroughs in fault-tolerant computing and qubit scale, allowing quantum computing to begin touching practical implementation thresholds.

Driven by both policy and technology, industry views on the practical implementation of quantum computing have also formed new expectations. However, Shi Qi also mentioned that on the road to practical quantum computing, risks and opportunities coexist.

The current industry’s most prominent—and most difficult—dilemma to solve in the short term is the extreme shortage of compound talent.

Quantum computing is not a field supported by a single discipline. It is a typical interdisciplinary area—requiring talents from related majors such as physics, electronic engineering, optical engineering, and computer science to participate together.

There is data showing that, currently, China’s quantum information talent is still in short supply, and there are significant gaps in excellent talent for certain key roles. For example, there are fewer than 200 technical directors in China who can manage an entire quantum computing project lifecycle.

“Each year, there are very few PhD graduates from relevant domestic research groups who can both start hands-on and immediately do experiments.” Shi Qi said, “And some students also stay in universities to engage in theoretical research and frontier exploration. It is even rarer for people who truly enter industry and have engineering deployment capability.”

This talent-structure gap is becoming an invisible ceiling constraining the development of the entire industry. For most startups, how to build their own talent cultivation system in the talent competition will be a longer-term challenge than fundraising.

Source of this article: Touzhong Net

Risk Disclosure and Disclaimer Clauses

        The market involves risks; investment must be cautious. This article does not constitute personal investment advice, and it has not considered any specific investment goals, financial situations, or needs of individual users. Users should consider whether any opinions, viewpoints, or conclusions in this article align with their specific circumstances. Investing on this basis is at your own risk and responsibility.