Riverlane raises $75 million (£58.8 million) to meet surging global demand for quantum error correction technology

[06 August, 2024] Cambridge, UK; Boston, US: Riverlane, the global leader in quantum error correction technology, today announced that it has raised $75 million (£58.8 million) in Series C funding to deliver its groundbreaking quantum error correction (QEC) roadmap. 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.

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 HPC leader 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.

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, said: “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.“

The Series C funding will enable Riverlane to deliver its groundbreaking quantum error correction (QEC) roadmap. Published earlier this month, Riverlane’s roadmap lays out a development path to one million (Mega) error-free quantum computer operations (QuOps) as early as the end of 2026. The roadmap details a series of product releases, each incorporating significant scientific and technical breakthroughs toward this goal.

The ‘MegaQuOp’ milestone represents an important technological inflection point whereby a quantum computer can run operations that are impossible for a supercomputer to simulate. Reaching this threshold will enable the exploration of new use cases associated with simulating complex chemical processes. The simulation and design of better chemical catalysts could, for example, enable the production of new battery materials for more efficient clean energy storage and new processes for cleaner fertiliser production.

John Martinis, Professor of Physics at UC Santa Barbara and former Quantum Computing Lead at Google Quantum AI, said: “When I led the world’s first successful quantum supremacy experiment in 2019, it helped unlock a collective optimism for what quantum computers can achieve. Five years on, I’m even more optimistic. Building the next generation of devices that live up to the technology’s incredible promise requires a massive step change in scale and reliability, and that requires reliable error correction schemes in quantum hardware.”

Riverlane partners with leading quantum computing companies and government bodies, including Rigetti Computing, Alice & Bob, QuEra Computing, Infleqtion, Atlantic Quantum and national labs such as Oakridge National Lab in the US and the UK’s National Quantum Computing Centre (NǪCC). With this investment, Riverlane plans to expand its operations to meet growing demand from other hardware companies and governments worldwide.

Bharath Kannan, Co-founder and Chief Executive Officer at Atlantic Quantumsaid: “Quantum error correction (QEC) is the only way to enable sustained quantum computation for long-depth algorithms, which is foundational to all useful applications. We are excited to collaborate with the QEC experts at Riverlane to maximise the potential of our world-class hardware as we scale to larger systems.”

Subodh Kulkarni, Chief Executive Officer at Rigetti Computing, said: “Addressing qubit errors is one of the most important challenges facing the quantum computing ecosystem. Rigetti and Riverlane are longtime collaborators, and being able to leverage their leading error correction expertise continues to be a great asset as we advance our work towards building useful quantum computers.”

The expansion of Riverlane’s operations will introduce various new opportunities across the company, such as hardware and software engineering, quantum scientist positions and operations roles. Riverlane’s current vacancies can be found here.

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About Riverlane  

Riverlane’s mission is to make quantum computing useful, sooner. This will transform the future of computing and start an era of human progress as significant as the digital and industrial revolutions. Achieving this requires over a 10,000x reduction in the system errors that quickly overwhelm all quantum computers today. Riverlane is building ‘Deltaflow’, the Quantum Error Correction (QEC) Stack, that solves this problem in all quantum computers using every type of qubit. At Deltaflow’s core is the world’s most powerful quantum error decoder. Deltaflow is powered by a new class of patented QEC semiconductors designed and built by Riverlane.

About Planet First Partners

Planet First Partners is a growth equity platform that invests in and partners with disruptive entrepreneurs to scale tech-enabled businesses that combine a purpose-driven mission, profitable growth, and a people-centric culture. As an Article 9 fund, Planet First Partners applies rigorous methodology for sustainable investing and commits to always following the highest standards and strictest criteria. Founded in 2020, Planet First Partners is made up of a highly experienced, qualified team of investment and sustainability experts focused on maximising and optimising sustainability. The team is complemented by a mission-aligned advisory board, made up of global business and political leaders.

About ETF Partners

Founded in 2005, ETF Partners (The Environmental Technologies Fund) stands as Europe’s original venture capital firm dedicated to sustainability and impact investing. For nearly twenty years we have established a leading position in promoting sustainability through innovation. ETF Partners is founded on the conviction that entrepreneurship and innovation are critical in addressing the global challenges presented by the climate crisis. We are committed to fostering and supporting Europe’s ecosystem of pioneering entrepreneurs who are creating the innovative solutions capable of making a profound environmental impact. We believe in the transformative power of aligning profit with purpose in order to build a more sustainable future. For additional information about our investment thesis and approach, please visit our website at https://etfpartners.capital.

About EDBI

Founded in 1991, EDBI is a leading Singapore-based global investor focusing on high-growth technologies across Information & Communication Technology, Emerging Technology and Healthcare sectors. With the aim of creating long-term value and enhancing capabilities of Singapore’s key industries, we partner with companies poised for expansion in Asia and beyond, leveraging our extensive network, resources, and expertise. Explore our portfolio of successful investments and discover how we can accelerate growth together, through Singapore.

Learn more at www.edbi.com