Riverlane, a quantum computing technology company based in Cambridge, UK, announced that it has raised $75 million in a Series C funding round. The round was led by, a sustainable investment foundation. The funding will be used to meet the growing global demand for quantum error correction (QEC) technology. Founded in 2016, Riverlane focuses on reducing system errors in quantum computing through its flagship product Deltaflow. The product includes QEC chips, hardware and software technologies aimed at solving large computing tasks from a few hundred to millions of error-free operations. Planet First Partners, which invests in companies promoting healthier lifestyles and environmental protection, sees Riverlane’s QEC technology as pivotal for new quantum computing applications that can address social and environmental issues. They noted that fault-tolerant quantum computing (FTQC) could lead to breakthroughs in climate change mitigation and human health.
Riverlane cited sustainability-related use cases for its technology, such as developing better chemical catalysts for new battery materials and clean fertilizer production processes. Other investors in the funding round included ETF Partners, EDBI, Cambridge Innovation Capital, Amadeus Capital Partners, the UK’s National Security Strategic Investment Fund, and Altair. The capital will help Riverlane expand its operations and achieve its goal of one million error-free quantum computer operations by 2026.