Quantum engineering company Riverlane has raised $75 million in a Series C funding round.
The raise was led by Planet First Partners and saw participation from ETF Partners, EDBI, and existing investors Cambridge Innovation Capital, Amadeus Capital Partners, the UK's National Security Strategic Investment Fund, and Altair.
It brings the total raised by the Cambridge, UK-based company to $125m, giving it a valuation of more than $400m. Riverlane has also become Europe’s first quantum computing company to close a Series C funding round.
Founded in 2016, Riverlane has developed a product called Deltaflow, a software and hardware quantum error correction offering.
Deltaflow includes the company’s proprietary QEC chips which, when placed inside a quantum computer, carry out quantum error correction by identifying qubit errors and sending corrective error instructions. Currently, the chip can support up to 1,000 qubits but Riverlane has said the funding raised in this most recent round will help it reach one million error-free quantum computer operations by 2026.
“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,” said Riverlane’s founder and CEO, Steve Brierley. “Our partners recognize 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.”
In February 2024, it was announced that Riverlane was partnering with Rigetti and Oak Ridge National Laboratory for a project exploring the integration of quantum computers with large-scale supercomputing centers.
As part of the project, the stakeholders will build the industry’s first benchmarking suite, dubbed QStone, to measure the performance of joint high-performance computing and quantum systems and better understand how quantum error correction technologies interact with an HPC system when integrated with quantum hardware.
