While quantum computing is still largely a theoretical field, the investment it has attracted is quite tangible. Riverlane, which specializes in quantum error correction technology, has raised $75 million to expand its R&D and operations amid growing customer interest. If they can get these failure rates under control, technologists are working hard to realize the next big leap in computing power. Riverlane is developing technology that adapts to chips used in quantum computing systems and can monitor, predict and correct errors produced by quantum bits (known as qubits). 

Even five years ago, I would have thought that only one of these qubits would work, but what we're actually seeing is that they're all moving at the speed of Moore's Law. In my view, all the pieces are in place to get to the first generation of error-correcting quantum computers. This will be the first time that a quantum computer will exceed the capacity of any supercomputer.

Steve Brierly, founder and CEO of Riverlane

Riverlane 

According to a statement made to TechCrunch, with this investment round, the valuation of Riverlane, based in Cambridge, UK, has increased to over $400 million. It is also the first quantum computing startup in Europe to receive a Series C investment. This shows that the sector is moving towards more mature and growth funding as quantum computing experts continue to scale their models. This is thanks to the confidence and commitment of investors. A trio of investors who describe themselves as focused on sustainability have backed Riverlane for the first time with this investment round. Planet First Partners, ETF Partners and Singapore's EDBI led the Series C investment round. Previous backers include Cambridge Innovation Capital (CIC), Amadeus Capital Partners, the UK's National Security Strategic Investment Fund (NSSIF) and Altair. Quantum computing efforts rely heavily on a leap of faith, as much of the concept has only been proven in small-scale trials. Riverlane, the company that founder Brierly started when he was a research fellow at Cambridge researching how to solve the problem of error rates, is an important part of this continuum. When you visit the offices of Riverlane in Cambridge, you can see clear signs of how they are gradually moving from concept to production. The company has built an operations center where it can remotely connect with early quantum computers before embedding the chips into physical systems.

Riverlane is focusing on a product called Deltaflow, a combination of QEC chips and hardware and software. It is said to be capable of correcting billions of errors per second. The technology is said to represent a major leap forward for current quantum computing efforts, improving systems that can typically perform several hundred operations before failing due to error rates. The idea is that through the use of error correction technologies such as Deltaflow, operations could be improved to the point where they could perform millions and eventually trillions of operations. This means that quantum computers could be used to compute and solve the most intricate and complex problems in areas such as medicine, transportation, chemistry and artificial intelligence applications.

Riverlane, working with more than 100 engineers and experts (it is currently hiring more) and some customers, laid out its future products in a quantum error correction (QEC) roadmap released in July. While the company does not disclose the full list of its customers, it cites Rigetti Computing, Alice & Bob, QuEra Computing, Infleqtion, Atlantic Quantum and Oakridge National Laboratory in the US, as well as the National Quantum Computing Center (NQCC) in the UK. 

We invest in companies that have the potential to make a transformative impact on society and the environment, Riverlane's focus on quantum error correction, coupled with collaboration with quantum computer manufacturers worldwide, could accelerate the global market and enable new applications of quantum computing that could significantly contribute to solving social and environmental challenges.

Nathan Medlock, managing partner at Planet First Partners