Quantum computing, although primarily existing in the realm of theory, is undeniably drawing substantial financial interest. Riverlane, a leading company in quantum error correction technology, has secured a substantial $75 million in funding to further enhance its research and development efforts. This investment will enable Riverlane to expand its operations and meet the growing demand from quantum computing customers. These dedicated technologists are tirelessly working towards harnessing the immense potential of quantum computing, striving to overcome the challenges posed by failure rates.
Riverlane is confident in its ability to solve this problem. The company is developing cutting-edge technology that can be integrated into quantum computing systems. This technology has the capability to monitor, anticipate, and resolve errors that arise from quantum bits, also known as qubits.
“Just five years ago, I would have confidently stated that only one of these qubit types will succeed,” shared Steve Brierly, Riverlane’s founder and CEO, during an interview in his Cambridge office. However, it is worth noting that all of them have made significant advancements at a rate consistent with Moore’s Law. In my opinion, all the necessary components are in position to achieve the development of the initial generation of error-corrected quantum computers. This is a major milestone as a quantum computer surpasses the capabilities of any supercomputer for the first time. 
According to insiders familiar with the matter, Eltrys has learned that Riverlane, a company based in Cambridge, England, has seen its valuation exceed $400 million following this funding round.
For a company that is pioneering in a groundbreaking field, it has accomplished a remarkable feat with this fundraising round. This achievement marks a significant milestone as the first quantum computing startup in Europe to secure a Series C investment.
This indicates that the quantum computing specialists are making progress in scaling their models, which is a positive sign for the industry. As a result, they are now receiving more mature and substantial funding, reflecting the growing confidence and commitment in their work.
A group of investors who prioritize sustainability have chosen to support the startup for the first time in this funding round. Planet First Partners is at the forefront of the Series C funding round, joined by ETF Partners and Singapore’s EDBI. In addition to previous backers Cambridge Innovation Capital (CIC), Amadeus Capital Partners, the UK’s National Security Strategic Investment Fund (NSSIF), and Altair have also made investments.
Quantum computing endeavors rely to a certain extent on a leap of faith, given that a significant portion of the concept has only been validated in smaller-scale projects. Riverlane, founded by Brierly during his time as a research fellow at Cambridge, is deeply rooted in the ongoing pursuit of solving the issue of error rates. It is a testament to the continuous progress in this field.
When you visit the startup’s offices in Cambridge, you can see clear indications of the transition from concept to production. The company has established an operations center where it is connecting with early quantum computers from a distance, prior to integrating chips into tangible systems.
Riverlane is dedicated to their innovative product, Deltaflow. This remarkable solution combines QEC chips, hardware, and software to achieve an impressive feat – the ability to correct billions of errors per second.
According to the company, if implemented in a system today, this technology would revolutionize current quantum computing efforts. Typically, these efforts can only handle a few hundred operations before encountering errors and failing.
The concept revolves around the utilization of error correction technology such as Deltaflow to enhance operations to a level where millions of tasks can be efficiently executed, and eventually, even trillions of them. This would ultimately enable quantum computers to be utilized for solving intricate and challenging problems in various fields such as pharmaceuticals, transportation, chemistry, and potentially even in AI applications.
The company has a clear vision for the future, despite being in the early stages of development. With a growing team of over 100 engineers and specialists, and a growing customer base, they have outlined their plans in a quantum error correction (QEC) roadmap published in July. This roadmap details the upcoming releases and future products they have in store.
Riverlane keeps its full list of customers confidential, but it has established partnerships with prominent companies such as Rigetti Computing, Alice & Bob, QuEra Computing, Infleqtion, Atlantic Quantum, as well as esteemed institutions like the Oakridge National Lab in the U.S. and the U.K.’s National Quantum Computing Centre (NQCC).
According to a statement by Nathan Medlock, managing partner at Planet First Partners, the company focuses on investing in companies that have the potential to make a significant impact on society and the environment. With Riverlane’s dedication to quantum error correction and their partnerships with quantum computer manufacturers around the world, they have the potential to greatly speed up the global market and open up new possibilities for quantum computing applications. These advancements could have a significant impact on addressing social and environmental challenges.
