Riverlane, the global leader in quantum error correction
technology, today announced 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.”
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.
About Riverlane
Riverlane’s mission is to make quantum computing
useful, sooner. This will transform the future of computing and
start an era of human progress as significant as the digital and
industrial revolutions. Achieving this requires over a 10,000x
reduction in the system errors that quickly overwhelm all quantum
computers today. Riverlane is building ‘Deltaflow’, the Quantum
Error Correction (QEC) Stack, that solves this problem in all
quantum computers using every type of qubit. At Deltaflow’s core is
the world’s most powerful quantum error decoder. Deltaflow is
powered by a new class of patented QEC semiconductors designed and
built by Riverlane.
About Planet First Partners
Planet First Partners is a growth equity
platform that invests in and partners with disruptive entrepreneurs
to scale tech-enabled businesses that combine a purpose-driven
mission, profitable growth, and a people-centric culture. As an
Article 9 fund, Planet First Partners applies rigorous methodology
for sustainable investing and commits to always following the
highest standards and strictest criteria. Founded in 2020, Planet
First Partners is made up of a highly experienced, qualified team
of investment and sustainability experts focused on maximising and
optimising sustainability. The team is complemented by a
mission-aligned advisory board, made up of global business and
political leaders.
About ETF Partners
Founded in 2005, ETF Partners (The Environmental
Technologies Fund) stands as Europe's original venture capital firm
dedicated to sustainability and impact investing. For nearly twenty
years we have established a leading position in promoting
sustainability through innovation. ETF Partners is founded on the
conviction that entrepreneurship and innovation are critical in
addressing the global challenges presented by the climate crisis.
We are committed to fostering and supporting Europe’s ecosystem of
pioneering entrepreneurs who are creating the innovative solutions
capable of making a profound environmental impact. We believe in
the transformative power of aligning profit with purpose in order
to build a more sustainable future. For additional information
about our investment thesis and approach, please visit our website
at https://etfpartners.capital.
About EDBI
Founded in 1991, EDBI is a leading
Singapore-based global investor focusing on high-growth
technologies across Information & Communication Technology,
Emerging Technology and Healthcare sectors. With the aim of
creating long-term value and enhancing capabilities of Singapore’s
key industries, we partner with companies poised for expansion in
Asia and beyond, leveraging our extensive network, resources, and
expertise. Explore our portfolio of successful investments and
discover how we can accelerate growth together, through
Singapore.
Learn more at www.edbi.com
Emilia Conlon, Riverlane
media@riverlane.com