UK’s Riverlane Secures $75 Million for Quantum Error Correction
Riverlane, a UK-based company specializing in quantum error correction (QEC) technology, has raised $75 million in Series C funding. The funding round was led by Planet First Partners and included contributions from Amadeus Capital Partners, the UK’s National Security Strategic Investment Fund (NSSIF), ETF Partners, and Singapore-based investor EDBI, among others. This investment brings Riverlane’s valuation to over $400 million, marking a significant milestone as the first Series C for a European quantum computing startup.
The funds will be used to expand Riverlane’s research and development efforts and scale its operations to meet global demand for QEC technology. The company's core product, Deltaflow, is designed to correct billions of quantum errors per second, with the ambitious goal of achieving one million error-free quantum computer operations by 2026. This advancement could enable quantum computers to perform complex calculations in industries such as pharmaceuticals, chemicals, material science, and transportation, potentially surpassing the capabilities of traditional supercomputers. Riverlane’s CEO, Steve Brierley, emphasizes that QEC is crucial for transitioning from small, error-prone quantum machines to large, reliable quantum computers.
