Riverlane, a global leader in quantum error correction technology, has raised $75 million in Series C funding to deliver its groundbreaking quantum error correction roadmap. The funding will enable Riverlane to expand operations to meet surging global market demand for QEC technology, with the goal of achieving one million error-free quantum computer operations by 2026. Demand for quantum error correction technology has grown dramatically over the past year, driven by technical breakthroughs and improvements in qubit quality.
Riverlane’s Founder & CEO, Steve Brierley, said that quantum error correction is critical for the industry’s next huge wave of progress, enabling large and reliable quantum computers. Key companies involved in this work include Rigetti Computing, Alice & Bob, QuEra Computing, Infleqtion, Atlantic Quantum, and national labs such as Oakridge National Lab in the US and the UK’s National Quantum Computing Centre.
The “MegaQuOp” milestone marks an important inflection point, where a quantum computer can perform operations that are impossible for even the most advanced supercomputers to simulate.
This breakthrough has far-reaching implications, particularly in the realm of simulating complex chemical processes. For instance, the simulation and design of better chemical catalysts could lead to the production of new battery materials for more efficient clean energy storage and novel processes for cleaner fertilizer production.
The importance of QEC cannot be overstated. As John Martinis, Professor of Physics at UC Santa Barbara and former Quantum Computing Lead at Google Quantum AI, emphasized, “Building the next generation of devices that live up to the technology’s incredible promise requires a massive step change in scale and reliability, and that requires reliable error correction schemes in quantum hardware.”
Riverlane’s achievement is a testament to their innovative approach, which involves developing a QEC stack called Deltaflow. This proprietary technology features a patented class of QEC semiconductors designed and built by Riverlane, enabling the reduction of system errors by an impressive 10,000x.
The company’s expansion plans, backed by investments from Planet First Partners, ETF Partners, and EDBI, will create new opportunities in hardware and software engineering, quantum science, and operations. This growth is expected to accelerate the development of useful quantum computers, which could have a profound impact on various industries and the environment.
It’s heartening to see companies like Riverlane, Rigetti Computing, Alice & Bob, QuEra Computing, Infleqtion, and Atlantic Quantum working together to overcome the challenges facing the quantum computing ecosystem. The collective optimism is palpable, and I’m excited to continue tracking the progress of these innovators as they push the boundaries of what’s possible with quantum technology.
In conclusion, Riverlane’s “MegaQuOp” milestone represents a significant step forward in the quest for practical quantum computing. As we move closer to harnessing the power of quantum computers, we can expect to see transformative breakthroughs in fields like clean energy, materials science, and more. The future of computing has never looked brighter!
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