Riverlane Secures $75m Series C Funding for Quantum Error Correction

UK quantum startup Riverlane has secured $75 million in funding for its cutting-edge error correction technology. The Series C funding round is a significant step towards Riverlane's ambitious goal of achieving a quantum computer capable of one million error-free operations by 2026. This latest round of funding brings the total amount raised by Riverlane to over $122 million, with support from notable backers including the European Commission.

The success of Riverlane's quantum computing endeavors has garnered praise from industry experts. Hermann Hauser, Co-founder and Venture Partner at Amadeus Capital Partners, highlighted the importance of Riverlane's innovative approach, stating, "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."

Leading the Series C funding round is Planet First Partners, a European growth equity sustainable investment platform. Joining them are sustainability venture capital investors ETF Partners and EDBI from Singapore. Existing investors such as Cambridge Innovation Capital, Amadeus Capital Partners, National Security Strategic Investment Fund, and Altair have also participated in this round, underscoring the industry's confidence in Riverlane's potential.

The demand for quantum error correction technology has surged in recent times, driven by the need for fault-tolerant quantum computers. Riverlane's Deltaflow QEC technology, compatible with all major qubit types, has positioned the company as a key player in the quantum computing landscape. Leveraging proprietary QEC chips, hardware, and software technologies, Riverlane can correct billions of errors per second, paving the way for more reliable quantum operations.

Collaborating with prominent entities such as Rigetti Computing, Alice & Bob, QuEra Computing, and national labs like Oakridge National Lab and the UK's National Quantum Computing Centre, Riverlane has established itself as a trusted partner in advancing quantum computing capabilities. The company's commitment to innovation and collaboration underscores its dedication to driving the industry forward.