The start-up founded by CEO Steve Brierley designs software and hardware to control qubits and decode calculations.
Riverlane, a quantum computing start-up based in the UK, has raised $75m in Series C funding led by Planet First Partners to expand its operations and meet surging global demand for quantum error correction (QEC) technology.
A spin-out of University of Cambridge, Riverlane is on a mission to achieve 1m error-free quantum computer operations by 2026. It is working on an error-correction system for quantum computers – a key hurdle in making the technology a reality.
Currently, quantum computer prototypes have errors in their quantum bits – or qubits – due to how sensitive these components are. For example, imperfect control signals, interference from the environment and unwanted interactions between qubits can lead to ‘noise’ that causes errors in quantum computer calculations.
The risk of errors grows as more qubits are added to a quantum computer, which complicates attempts to create more powerful machines. To address this issue, Riverlane designs software and hardware to control qubits and decode calculations.
“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,” CEO Steve Brierley, who founded Riverlane in 2016.
“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.”
Other investors in the Series C round include ETF Partners, Singapore-based EDBI, Cambridge Innovation Capital, Amadeus Capital Partners, the UK’s National Security Strategic Investment Fund and Altair.
Nathan Medlock, managing partner at Planet First Partners, said his firm invests 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 said.
Last year, Riverlane raised £15m in Series B funding led by Molten Ventures, one of Europe’s most well-known venture capital firms focusing on high-growth tech start-ups.
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