Cambridge-based Riverlane has successfully raised €68.6 million in Series C funding, a significant step towards realizing its ambitious quantum error correction (QEC) roadmap. The funding round was spearheaded by Planet First Partners, with additional support from ETF Partners, EDBI, and several existing investors, including Cambridge Innovation Capital, Amadeus Capital Partners, the UK’s National Security Strategic Investment Fund, and Altair.
This financial boost comes as demand for QEC technology surges, driven by technological advancements and a global shift towards developing fault-tolerant quantum computers. With improved qubit quality and a series of technical breakthroughs, the quantum computing industry is poised to move beyond today’s error-prone machines.
Riverlane aims to leverage this funding to scale its operations and meet the growing market demand for QEC technology. The company’s objective is to achieve one million error-free quantum operations by 2026. Steve Brierley, Riverlane’s Founder & CEO, emphasized the transformative potential of quantum error correction: “Our progress from small, error-prone machines to large, reliable quantum computers will usher in an era of human advancement comparable to the digital revolution.”
Riverlane has assembled the largest dedicated team for quantum error correction, comprising nearly a hundred experts. Their flagship product, Deltaflow™, integrates proprietary QEC chips, hardware, and software to correct billions of errors per second. This technology is compatible with all major qubit types and aims to enhance the performance of current quantum computers from hundreds to potentially trillions of error-free operations.
The implications of this technology are vast, with potential applications in pharmaceuticals, chemicals, material science, and transportation. Nathan Medlock, Managing Partner at Planet First Partners, highlighted Riverlane’s societal and environmental impact, noting its potential to accelerate the global quantum computing market and address critical issues.
Hermann Hauser of Amadeus Capital Partners praised Riverlane’s innovative approach, likening its QEC technology to the creation of a common chip architecture in classical computing. This innovation promises to accelerate the entire quantum computing industry.
With this funding, Riverlane is well-positioned to lead the quantum computing revolution, driving significant advancements and unlocking new possibilities across various sectors.
