Two companies working on the same slice of quantum computing have just pulled in fresh funding, according to Data Center Dynamics.
Qolab has raised $54.2 million to support its development of superconducting quantum computing, the outlet reports. Superconducting circuits are one of the leading approaches to building quantum computers, and they require specialized chips kept at extremely cold temperatures.
At the same time, Data Center Dynamics notes that China's SpinQ has raised a considerably larger $147 million. Alongside that funding, SpinQ announced the establishment of a superconducting quantum chip facility in Shenzhen.
The two announcements point to a common thread: money and manufacturing capacity are flowing into the superconducting approach on both sides of the Pacific. Qolab's raise supports its ongoing research and development, while SpinQ's larger sum comes paired with a concrete plan for a dedicated chip-making site.
Beyond these figures, the sources do not provide further detail on the investors, timelines, or specific technical milestones behind either raise.
Why it matters: Quantum computing is still an emerging field, and the fact that both a U.S.-linked firm and a Chinese company are simultaneously securing funding — and, in SpinQ's case, building physical chip infrastructure — signals that the competition to commercialize superconducting quantum hardware is intensifying globally.