Chinese quantum computing startup Origin Quantum has raised $148 million in series B funding to accelerate the development and commercialization of its quantum technology.

The investment was led by government-backed Shenzhen Capital Group, with participation from a Bank of China subsidiary, CITIC Securities and China International Capital Corporation.

Origin Quantum is based in western China. It was founded in 2017 by a team of scientists mostly from the Chinese Academy of Sciences.

Origin Quantum is a full-stack quantum computing company that develops quantum chips and software and offers quantum measurement and control systems, cloud services and artificial intelligence, according to its website.

Earlier this year, the company released the first domestically produced quantum chip design industrial software that supports superconducting and semiconductor quantum chip layout automation design.

Origin Quantum received series A funding of $15 million in January 2021.