Qiangchang raises tens of millions of yuan for superconducting magnets
What's the deal? Qiangchang TechnologyDealroom has a profile for this one. Try Dealroom →, a maker of high-field, high-temperature superconducting magnets, has raised tens of millions of yuan in an angel-plus round, the company announced on September 16. Matrix Partners China and Cathay CapitalDealroom has a profile for this one. Try Dealroom → co-led, with participation from Yongding Group, TCL CapitalDealroom has a profile for this one. Try Dealroom →, and Pudong Venture CapitalDealroom has a profile for this one. Try Dealroom →.
Who else is in? Existing backers Shanghai Future Industry Fund, CAS Star, and Dingfeng Kechuang (Wuyuefeng Capital) followed on. The company had previously closed an angel round of tens of millions of yuan, bringing its total raised to more than US$13.8M.
What's the money for? Qiangchang plans to expand its research and development team, advance shared core technologies, and build out basic production capacity.
The signal: Continued backing from state-linked and strategic investors underscores growing interest in high-temperature superconducting technology, a field with applications ranging from energy to advanced physics.
Image credit: Beige Alert
