Quantum error correction technology company Riverlane has secured $75 million in Series C funding, bringing their total funding to over $122 million. The round was led by Planet First Partners, with participation from ETF Partners, EDBI, Cambridge Innovation Capital, Amadeus Capital Partners, the UK’s National Security Strategic Investment Fund (NSSIF), and Altair.
Quantum Error Correction Demand Surge
Driven by recent technical breakthroughs and improvements in qubit quality, there has been a significant increase in demand for quantum error correction (QEC) technology. The quantum computing industry is now focusing on developing fault-tolerant quantum computers with integrated QEC technology, moving beyond the current small, error-prone machines.
Riverlane’s QEC Technology: Deltaflow™
Riverlane has assembled the world’s largest dedicated quantum error correction team, comprising nearly a hundred interdisciplinary experts. Their core product, Deltaflow™, includes proprietary QEC chips, hardware, and software designed to correct billions of errors per second. Currently, the best quantum computers can perform only a few hundred quantum operations before failure. Deltaflow™ aims to increase this capability to millions and, eventually, trillions of error-free operations, unlocking transformative applications in industries such as pharmaceuticals, chemicals, material science, and transportation.
Leadership Insights
Steve Brierley, Riverlane’s Founder & CEO, emphasized the critical role of quantum error correction in advancing the industry from small, error-prone machines to large, reliable quantum computers. He stated that Riverlane is building the right product at the right time to seize this opportunity.
Nathan Medlock, Managing Partner at Planet First Partners, highlighted Riverlane’s potential for transformative societal and environmental impact through quantum computing applications.
Series C Funding Goals
The Series C funding will enable Riverlane to implement its quantum error correction roadmap, which aims to achieve one million (Mega) error-free quantum computer operations (QuOps) by the end of 2026. The roadmap outlines a series of product releases featuring significant scientific and technical advancements.
Riverlane collaborates with leading quantum computing companies and government bodies, including Rigetti Computing, Alice & Bob, QuEra Computing, Infleqtion, Atlantic Quantum, Oakridge National Lab in the US, and the UK’s National Quantum Computing Centre (NQCC).
With this investment, Riverlane plans to expand operations to meet the growing demand from hardware companies and governments worldwide, working towards their mission of making quantum computing useful sooner and transforming the future of computing.
