Riverlane raises £15m for quantum tech

Riverlane raises £15m for quantum tech

Business news |
By Nick Flaherty

UK quantum engineering company Riverlane has raised £15 million in a Series B funding. 

The funds will be used to accelerate the development of Riverlane’s operating system for error-corrected quantum computing, Deltaflow.OS. The funding  is expected to see the company through to break even, a key step for a quantum startup and also highlights potential acquirers for the Cambridge-based technology company.

Riverlane is designing the qubit ‘Control’ and error ‘Decoding’ hardware and software to address the scaling challenge of quantum computer hardware. ‘Control’ and ‘Decode’ are the key components of Riverlane’s quantum operating system, Deltaflow.OS.

Riverlane is working with many of the world’s leading quantum hardware companies, university labs and government agencies to build and implement Deltaflow.OS for error correction with various qubit types.

Partners include Infleqtion (formerly Cold Quanta), Qolab, Quera, Seec, Rigetti and Universal Quantum as well as labs at the University of Wisconsin, Duke University, University of Oxford and University of Innsbruck.

The round was led by Molten Ventures and included participation from simulation, high-performance computing (HPC), and artificial intelligence leader Altair and returning investors Cambridge Innovation Capital (CIC), Amadeus Capital Partners and the National Security Strategic Investment Fund (NSSIF). Altair’s CEO and founder, James Scapa, will join the Riverlane board.

“From the start, Amadeus Capital Partners identified Riverlane as a company with the long-term strategy and technical expertise to address the hardest problems in quantum computing,” said Amelia Armour, partner at Amadeus Capital Partners. “We are proud to carry on our support for Riverlane, helping the company continue its vision, to design and engineer the complex chips that every quantum computer will need to control the qubits and simultaneously decode the errors that quantum computers produce. As the company scales its business and technology, we look forward to being a part of Riverlane’s ongoing growth and future success.”

In November 2022, Riverlane demonstrated the world’s fastest Decode solution that allows Deltaflow.OS to support far larger numbers of qubits than previously possible.

By the end of 2025, Riverlane will develop its Decode solution into a chip-based ‘TeraQuOp’ decoder that can process up to 100TB of data per second.

Stuart Chapman, chief portfolio officer at Molten Ventures, said: “Riverlane’s impressive progress in quantum computing, particularly in the crucial area of quantum error correction, has led to a significant rise in its valuation, even in a tough technology market. With Deltaflow.OS in development, Steve and the Riverlane team are ready to bring quantum computing to the commercial world. We’re thrilled to renew our support and have never felt more confident in Riverlane’s ability to drive quantum innovation and generate enduring value.”

A British Business Bank spokesperson said: “The National Security Strategic Investment Fund (NSSIF) is a joint initiative with HM Government and is the Government’s corporate venturing arm for dual-use advanced technologies. NSSIF supports long-term equity investment to accelerate the adoption of HMG’s future national security and defence capabilities and the development of the UK’s dual-use technology ecosystem.  The investment in Riverlane recognises the company’s role as part of the UK’s world-leading quantum technology sector.”

“Riverlane’s ground-breaking technology provides a critical common software platform including error correction across all quantum hardware architectures to accelerate the impact and scale of quantum computing.” said James Scapa, founder and chief executive officer, Altair.

“Altair has a long history of creating and investing in HPC technologies. Collaborating with Riverlane allows Altair to stay ahead of the curve of transformative technologies to help our customers fast-track their innovation.”

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