Riverlane has secured $75 million in Series C funding to advance its quantum error correction (QEC) technology, aiming to enhance the reliability of quantum computing.
This funding will support Riverlane's ambitious QEC roadmap. For those unfamiliar with its significance, consider this analogy: quantum computing is akin to a high-stakes Jenga game played on an unstable surface. The building blocks, called qubits, are notoriously sensitive to environmental factors like temperature, cosmic rays, and microwaves, leading to noise and instability. Error correction is essential to harness the transformative potential of quantum computing.
The demand for quantum error correction technology has surged over the past year, fueled by technical breakthroughs and enhanced qubit quality. The industry is pivoting from today's error-prone systems toward the development of "fault-tolerant" quantum computers that integrate QEC.
Riverlane is dedicated to achieving a more than 10,000-fold reduction in system errors that currently overwhelm quantum computers. The funding will enable the company to scale its operations in response to increasing global demand for QEC technology, with a target of achieving one million error-free quantum computing operations by 2026.
This target represents a critical technological inflection point. According to Riverlane, reaching this milestone will allow quantum computers to perform operations that are currently impossible for classical supercomputers to simulate. This opens the door to novel applications, such as simulating complex chemical processes, which could lead to advancements in battery materials and cleaner fertilizers.
Led by Planet First Partners, the funding round also saw participation from sustainability venture capital firms like ETF Partners, Singapore's EDBI, and existing investors, including Cambridge Innovation Capital, Amadeus Capital Partners, the UK's National Security Strategic Investment Fund, and Altair.
Riverlane's CEO, Steve Brierley, remarked, “Quantum error correction is pivotal for the next significant wave of advancements, transitioning from small error-prone machines to large, reliable quantum computers that could initiate a new era of progress as monumental as the digital revolution.”
The company boasts the world's largest dedicated quantum error correction team, comprised of nearly 100 experts collaboratively developing Deltaflow. This innovative technology integrates proprietary QEC chips, hardware, and software to correct billions of errors per second.
While current quantum computers can execute only a few hundred operations before failing, Deltaflow aims to increase this number to millions, ultimately enabling trillions of error-free operations. Such advancements promise to unlock transformative possibilities in sectors like pharmaceuticals, materials science, and transportation.
Nathan Medlock, managing partner at Planet First Partners, stated, “Investing in Riverlane aligns with our mission to support companies that can make a significant societal and environmental impact. Their focus on quantum error correction, combined with collaborations with quantum computer manufacturers, can accelerate market growth and usher in new applications to tackle pressing global challenges.”
The recently published roadmap outlines Riverlane's strategy to achieve one million error-free quantum operations—dubbed “MegaQuOps”—by the end of 2026. This plan includes a series of product releases featuring significant scientific and technical advancements.
Achieving the MegaQuOp milestone will empower simulations of complex chemical processes, enabling the design of advanced catalysts and paving the way for innovations in energy storage and sustainable agriculture.
John Martinis, a professor of physics at UC Santa Barbara and former lead at Google Quantum AI, remarked, “The successful quantum supremacy experiment I led in 2019 unlocked optimism about quantum computing. My confidence has only grown. Realizing the technology's potential will require a transformative leap in scale and reliability, made possible by dependable error correction methods.”
Riverlane collaborates with various leading quantum computing organizations and government entities, such as Rigetti Computing, Alice & Bob, QuEra Computing, and national labs in the U.S. and the U.K. With this new funding, Riverlane plans to enhance its operations to accommodate the burgeoning demand from hardware manufacturers and government agencies globally.
As Riverlane expands, it will create a range of new opportunities across multiple areas, including hardware and software engineering, quantum science, and operations. Current job openings can be explored on their website.
Riverlane currently employs 97 individuals and is poised for growth as it strives toward its ambitious QEC goals.
Ranking
