Riverlane, a global leader in quantum error correction technology, announced that it has raised €68.6 million in Series C funding to deliver its groundbreaking quantum error correction (QEC) roadmap.
The round was led by Planet First Partners, the European growth equity sustainable investment platform, with participation from sustainability venture capital investors ETF Partners and Singapore-based global investor, EDBI. Existing investors Cambridge Innovation Capital (CIC), Amadeus Capital Partners, the UK’s National Security Strategic Investment Fund (NSSIF), and global leader in computational intelligence Altair also participated in the Series C round.
Demand for quantum error correction technology has grown dramatically over the past year. Driven by a series of technical breakthroughs, improvements in qubit quality and a global shift towards building error-corrected quantum systems, the quantum computing industry is now looking beyond today’s small, error-prone machines to a new generation of ‘fault-tolerant’ quantum computers with integrated QEC technology.
The funding will enable Riverlane to expand operations to meet surging global market demand for QEC technology, with the goal of achieving one million error-free quantum computer operations by 2026.
Riverlane’s Founder & CEO, Steve Brierley, said: “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.”
Riverlane has built the world’s largest dedicated quantum error correction team with close to a hundred interdisciplinary experts working on its core product, Deltaflow™. Applicable to quantum computers using all major qubit types, Deltaflow™ comprises proprietary QEC chips, hardware and software technologies working in unison to correct billions of errors per second.
Today’s best quantum computers can perform only a few hundred quantum operations before failure. Deltaflow™ will help this increase to millions and, ultimately, trillions of error-free quantum operations. Achieving this scale will unlock transformative applications in industries such as pharmaceuticals, chemicals, material science and transportation.
Nathan Medlock, Managing Partner at Planet First Partners, said: “We invest in companies with the potential to have a transformative impact on society and the environment. Riverlane’s focus on quantum error correction, coupled with its collaboration with quantum computer makers worldwide, can accelerate the global market and enable new quantum computing applications that can substantially contribute to solving social and environmental issues.”
Hermann Hauser, Co-founder and Venture Partner, Amadeus Capital Partners, added: “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.”
Read the orginal article: https://www.eu-startups.com/2024/08/cambridge-based-riverlane-nabs-e68-6-million-series-c-to-deliver-quantum-error-correction-roadmap/
