Riverlane, a pioneer in quantum error correction (QEC) technology, has successfully raised €68.6 million in a Series C funding round. This new capital will support the development of their QEC roadmap, aiming to transform the landscape of quantum computing.
The funding round was spearheaded by Planet First Partners, an investment platform focused on sustainable growth. Other notable contributors include ETF Partners, EDBI from Singapore, and returning investors such as Cambridge Innovation Capital, Amadeus Capital Partners, the UK’s National Security Strategic Investment Fund, and Altair, a global leader in computational intelligence.
Quantum error correction technology has seen a significant rise in demand over the past year. Advancements in qubit quality and a collective push towards error-corrected quantum systems have propelled the industry forward. Today’s quantum computers are still prone to errors, but the goal is to develop ‘fault-tolerant’ machines that can perform error-free quantum operations on a massive scale.
Riverlane’s funding aims to expand its operations to meet this growing demand. Their ambitious target is to achieve one million error-free quantum operations by 2026.
Steve Brierley, Founder and CEO of Riverlane, emphasized the crucial role of QEC in the evolution of quantum computing. “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,” he stated.
Riverlane’s core product, Deltaflow™, is at the heart of this mission. This product includes proprietary QEC chips, hardware, and software designed to correct billions of errors per second. Deltaflow™ is compatible with all major qubit types, making it a versatile tool in the quantum computing industry.
Currently, even the best quantum computers can only handle a few hundred operations before encountering errors. Riverlane’s Deltaflow™ aims to scale this up to millions, and eventually trillions, of error-free operations. This leap will unlock transformative applications across various industries, including pharmaceuticals, chemicals, material science, and transportation.
Nathan Medlock, Managing Partner at Planet First Partners, highlighted the societal and environmental potential of Riverlane’s technology. “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,” Medlock noted.
Hermann Hauser, Co-founder and Venture Partner at Amadeus Capital Partners, compared Riverlane’s impact on quantum computing to the development of common chip architecture in traditional computing. “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,” Hauser added.
With a team of nearly one hundred interdisciplinary experts, Riverlane has assembled the largest dedicated QEC team in the world. Their work on Deltaflow™ represents a significant step towards making quantum computers reliable and scalable, bringing us closer to realizing their full potential.
The recent Series C funding not only underscores the confidence investors have in Riverlane’s vision but also sets the stage for the next phase of quantum computing development. As Riverlane moves forward, their innovative QEC solutions will likely play a pivotal role in the technological advancements that shape our future.
