Riverlane, a leader in quantum error correction technology, has raised $75 million in a Series C funding round. This investment will support Riverlane’s plan to achieve one million error-free quantum computer operations by 2026, a key target for developing reliable quantum computing systems.
We have raised $75 million in Series C funding 🚀
The round was led by Planet First Partners with participation @etf_partners and @singapore_edb, and existing investors @cic_vc, @AmadeusCapital, NSSIF, and @Altair_Inc.
📎Read the press release here: https://t.co/vSFdNC5Qdh pic.twitter.com/2PwmpY4Tx0
— Riverlane (@RiverLane_io) August 6, 2024
Riverlane’s Founder & CEO, Steve Brierley, commented on the reent funding:
“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.”
Strategic Funding and Key Investors
The Series C funding round was led by Planet First Partners, with additional investments from ETF Partners, EDBI, and existing investors like Cambridge Innovation Capital, Amadeus Capital Partners, the UK’s National Security Strategic Investment Fund, and Altair. This funding will enable Riverlane to expand its operations to meet the increasing demand for quantum error correction (QEC) technology.
We're proud to support @RiverLane_io, the global leader in quantum error correction technology, by investing in their $75 million Series C round alongside Planet First Partners, @singapore_edb, @etf_partners, @AmadeusCapital, @Altair_Inc and NSSIF🚀
Having first invested in… pic.twitter.com/w5SAUKu3GL
— Cambridge Innovation Capital (@cic_vc) August 7, 2024
Hermann Hauser, Co-founder and Venture Partner, Amadeus Capital Partners, shared his thoughts:
“The creation of a common chip architecture solved the defining technology challenge of a new computing paradigm. Riverlane is doing the same in quantum computing. Its QEC chip and stack technology can accelerate the whole industry.”
Growing Demand for Quantum Error Correction
Over the past year, the demand for QEC technology has increased significantly. This is due to technical breakthroughs and improvements in qubit quality, which are essential for building error-corrected quantum systems. Quantum error correction is crucial for developing quantum computers that can perform reliably without errors.
Deltaflow: Riverlane’s Core Innovation
Riverlane has built the world’s largest team dedicated to quantum error correction, consisting of nearly one hundred interdisciplinary experts. Their main product, Deltaflow, includes proprietary QEC chips, hardware, and software designed to correct billions of errors per second. This technology aims to improve the current capability of quantum computers, which can only perform a few hundred operations before failing, to millions or even trillions of error-free operations.
Roadmap and Future Goals
The funding will help Riverlane execute its QEC roadmap, which outlines a series of product releases leading to the goal of one million error-free quantum operations by the end of 2026. Achieving this goal will enable quantum computers to perform tasks that are currently impossible for supercomputers, such as simulating complex chemical processes.
Industry Impact and Partnerships
Riverlane’s advancements in QEC technology have the potential to impact various industries, including pharmaceuticals, chemicals, material science, and transportation. The company partners with leading quantum computing firms and national laboratories, such as Rigetti Computing, Alice & Bob, QuEra Computing, Infleqtion, Atlantic Quantum, Oakridge National Lab, and the UK’s National Quantum Computing Centre. These collaborations help ensure that Riverlane’s solutions meet industry needs.
Portfolio co. @Riverlane_io, in partnership with Rolls-Royce and Xanadu have secured £400,000 grant funding from Innovate UK. Aiming to accelerate the development of applications allowing Quantum Computers to model the flow of air through jet engines https://t.co/SkXi8ykkQ3 pic.twitter.com/nbpZP2Bcq8
— Parkwalk (@ParkwalkAdvisor) March 28, 2024
A Transformative Investment for the Future of Quantum Computing
With this Series C funding, Riverlane plans to expand its operations to meet the growing demand for QEC technology. This investment supports the development of more reliable quantum computers, paving the way for advancements in various fields such as pharmaceuticals, where it can accelerate drug discovery; chemicals, where it can improve catalyst design; material science, where it can aid in the creation of new materials; and transportation, where it can optimize logistics and vehicle designs.
Share Your Thoughts
Riverlane’s $75 million Series C funding marks a critical step toward achieving fault-tolerant quantum computing. By focusing on quantum error correction technology, Riverlane aims to overcome one of the most significant challenges in the field. The successful implementation of their Deltaflow system could lead to breakthroughs in various industries, from pharmaceuticals to material science. As Riverlane moves forward with its roadmap, the potential for quantum computers to perform millions of error-free operations will bring us closer to realizing the full promise of quantum technology. Your insights and discussions on these advancements are invaluable as we watch this technology evolve.
