Riverlane raises $75m Series C for quantum error correction
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UK quantum startup Riverlane has raised $75m for its error correction technology.
The Series C funding round aims to help Riverlane achieve a quantum computer with one million error-free operations by 2026 and brings the total raised to over $122m, including backing by the European Commission.
“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,” said Hermann Hauser, Co-founder and Venture Partner at backer Amadeus Capital Partners.
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 for fault-tolerant quantum computers with integrated QEC technology, and Roverlane’s Deltaflow QEC technology can be used with all major qubit types. This uses proprietary QEC chips (above), hardware and software technologies to correct billions of errors per second.
Riverlane already works with Rigetti Computing in the US, Alice & Bob in France, 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).
“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,” said Steve Brierley, Riverlane’s Founder & CEO.
Current quantum computers can perform only a few hundred quantum operations before failure. Riverlane says this can help the number of operations to millions and, ultimately, trillions of error-free quantum operations.
“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,” said Nathan Medlock, Managing Partner at Planet First Partners.
Riverlane’s roadmap lays out a development path to one million 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’ would enable a quantum computer can run operations that are impossible for a supercomputer to simulate says Riverlane.
“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.” Said John Martinis, Professor of Physics at UC Santa Barbara and former Quantum Computing Lead at Google Quantum AI.
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