Riverlane Secures $75M for Quantum Error Correction Technology
Riverlane, a company based in Cambridge, UK, has raised $75 million in a Series C funding round to advance its quantum error correction technology. This investment aims to enhance Riverlane's research and development capabilities, addressing a pertinent challenge in quantum computing — high error rates of qubits.
Riverlane leadership: left to right: Earl Campbell, VP Quantum Science, Rebecca Simmons, Chief Operating Officer, Marco Ghibaudi, VP Engineering, Steve Brierley, Founder & CEO, Glenn Manoff, Chief Marketing Officer, Maria Maragkou, VP Product & Partnerships
Quantum computing, while still primarily theoretical, has attracted substantial financial interest. Riverlane is developing technology to be integrated into quantum computing systems to monitor, predict, and correct errors in qubits, potentially improving the performance and reliability of these systems. Steve Brierley, the founder and CEO of Riverlane, noted:
“Quantum error correction is the critical enabler for the industry’s next huge wave of progress, from today’s small error-prone machines to large and reliable quantum computers that will start a new age of human progress as significant as the digital revolution. Our partners recognise the value in working with Riverlane to deliver a solution that fits their needs - we are building the right product at the right time to seize this opportunity.”
This funding round raises Riverlane's valuation above $400 million, marking it as the first European quantum computing startup to reach a Series C round.
The Series C funding was led by Planet First Partners, with contributions from ETF Partners and Singapore’s EDBI. Existing investors, including Cambridge Innovation Capital, Amadeus Capital Partners, the UK's National Security Strategic Investment Fund, and Altair, also participated.
More about Riverlane: This Company Makes Quantum Computing Actually Useful
Key Product
Riverlane’s key product, Deltaflow, integrates quantum error correction (QEC) chips and hardware with software designed to correct billions of errors per second. This technology aims to significantly enhance the operational capacity of quantum computers, enabling them to perform millions, and eventually trillions, of operations without failure.
The company’s quantum error correction roadmap, published in July, outlines future product developments and strategic objectives. Riverlane collaborates with several notable organizations, including Rigetti Computing, Alice & Bob, QuEra Computing, Infleqtion, Atlantic Quantum, Oakridge National Lab, and the UK's National Quantum Computing Centre.
Topics: AI & Digital
