Quantum engineering firm based in Cambridge, UK, Riverlane, has recently raised a significant amount of £15 million in its Series B funding round, with participation from Molten Ventures, Altair, Cambridge Innovation Capital, Amadeus Capital Partners, and the National Security Strategic Investment Fund. This fresh injection of funds will significantly enhance Riverlane’s enterprise valuation and is anticipated to facilitate the company’s achievement of cash flow break-even.
Riverlane’s latest funding round marks a significant milestone for the company, which specializes in quantum software engineering. Together with the funding, The CEO and founder of Altair, James R. Scapa, is also set to join Riverlane’s board of directors.
The investment is expected to strengthen the company’s financial standing and enable it to develop and expand its cutting-edge technology to advance quantum computing further. Altair’s participation in the funding round is particularly noteworthy, given its reputation as a leader in simulation, high-performance computing, and artificial intelligence.
The company’s commitment to Riverlane underscores the significant potential of quantum technology in various industries, including the aforementioned domains.
Riverlane’s ability to attract such prominent investors is a testament to the company’s potential for growth and its status as a leading quantum engineering firm. This latest funding round is expected to have a positive impact on the company’s continued development and expansion, contributing to the achievement of its long-term goals.
Riverlane’s Series B Funding Set to Propel Quantum Technology Advancements
Riverlane plans to use the newly acquired funds to expedite the development of its operating system, Deltaflow.OS, for error-corrected quantum computing. Quantum computing’s technical hurdle to overcome is error correction to achieve reliability and scalability, which is essential to realizing its transformative potential.
Riverlane has already joined forces with various quantum hardware companies, university labs, and government agencies to create and implement Deltaflow.OS using different qubit types.
Riverlane Takes Bold Steps Towards Trillion Quantum Operations (TeraQuOps)
To ensure the practical use of quantum computers, it is crucial to detect, diagnose, and correct quantum errors in real-time. This capability will enable scaling of the number of error-free quantum operations from a few hundred to a trillion (TeraQuOps), which is vital for executing the majority of known quantum algorithms.
Thus, Riverlane has taken up the challenge of TeraQuOp by designing Control and Decode hardware and software – the core components of Deltaflow.OS, its quantum operating system.
Riverlane’s Decode solution is set to become a chip-based trillion quantum operations (TeraQuOp) decoder capable of processing up to 100TB of data per second by the end of 2025. This achievement is equivalent to processing as much data as Netflix streams globally, which will revolutionize the world’s approach to data processing.
“Solving quantum error correction – one of the defining scientific challenges of our times – will enable quantum computers to accurately simulate the true complexity of nature. Armed with useful quantum computers, humans will enter the Quantum Age, where we go from slow trial and error to solve complex problems to an era of rapid design using quantum computers. We haven’t even begun to imagine the many ways such technology will positively transform our world.”
Riverlane founder and CEO Steve Brierley
“The National Security Strategic Investment Fund (NSSIF) is a joint initiative with HM Government and is the Government’s corporate venturing arm for dual-use advanced technologies. NSSIF supports long-term equity investment to accelerate the adoption of HMG’s future national security and defence capabilities and the development of the UK’s dual-use technology ecosystem. The investment in Riverlane recognises the company’s role as part of the UK’s world-leading
A British Business Bank spokesperson
quantum technology sector.”
Riverlane has formed partnerships with several leading academic labs, including the University of Wisconsin, Duke University, University of Oxford, and the University of Innsbruck, as well as more than a third of the world’s quantum hardware companies.
“Riverlane’s impressive progress in quantum computing, particularly in the crucial area of quantum error correction, has led to a significant rise in its valuation, even in a tough technology market. With Deltaflow.OS in development, Steve and the Riverlane team are ready to bring quantum computing to the commercial world. We’re thrilled to renew our support and have never felt more confident in Riverlane’s ability to drive quantum innovation and generate enduring value.”
Stuart Chapman, Chief Portfolio Officer at Molten Ventures
Additionally, Riverlane partners with industry leaders like AstraZeneca, Merck, Astex, Rolls Royce, and Johnson Matthey to better understand the potential industrial applications of error-corrected quantum computers. With over 100 engineers and scientists, the Riverlane team has more than doubled in size over the past year, with offices located in Cambridge, UK, Boston, and San Francisco.
“From the start, Amadeus Capital Partners identified Riverlane as a company with the long-term strategy and technical expertise to address the hardest problems in quantum computing. We are proud to carry on our support for Riverlane, helping the company continue its vision, to design and engineer the complex chips that every quantum computer will need to control the qubits and simultaneously decode the errors that quantum computers produce. As the company scales its business and technology, we look forward to being a part of Riverlane’s ongoing growth and future success.”
Amelia Armour, partner at Amadeus Capital Partners
“Riverlane’s ground-breaking technology provides a critical common software platform including error correction across all quantum hardware architectures to accelerate the impact and scale of quantum computing. Altair has a long history of creating and investing in HPC technologies. Collaborating with Riverlane allows Altair to stay ahead of the curve of transformative technologies to help our customers fast-track their innovation.”
James R. Scapa, Founder and Chief Executive Officer, Altair.