Cambridge, UK; Boston, US: Riverlane, the global leader in quantum error correction technology, announces that it has raised $75 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 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.
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.”
Image: courtesy of Riverlane
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 Quantum said: “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.
