UK-based Riverlane announced today it has secured $75mn in Series C funding to meet “surging global demand” for quantum error correction — and propel it on its path toward 1 million error-free quantum operations by 2026.
Quantum technologies hold the potential to forever alter the way in which we think about computation. Specifically, quantum computing can unlock a range of transformative capabilities across industries such as pharmaceuticals, logistics, and energy.
But in order for that to happen, two things need to occur — scaling of the number of physical qubits and a significant reduction in error rates.
Qubit neutrality
There are a number of technological pathways to create qubits, the fundamental units of information in quantum computing. There are so-called superconducting qubits, trapped-ion qubits, photonic qubits, neutral atom qubits, and more. However, they all have one thing in common — they are prone to errors.
Errors arise from physical and technical challenges, such as external electromagnetic interference, thermal noise, or control errors. These cause qubits to lose their quantum states, and affect the performance and reliability of quantum computers.
The best quantum computers today can perform a few hundred operations before being overwhelmed by errors. To get to a place where quantum computing will solve actual problems this will need to increase to billions and eventually trillions of error-free operations. Quantum Error Correction, or QEC, is the technology that will bridge that gap, says Steve Brierley, founder and CEO of Riverlane.
Riverlane is building chips that solve the error correction in quantum computing. “In kind of the same way that GPUs were needed to scale up AI workloads, so error-correction chips are needed to scale up quantum computers,” Brierley told TNW.
Quantum error correction works a lot like classical error correction in that it adds redundancy so that if any of the qubits fail, the system can still keep working. It does this by forming abstract “logical” qubits from a larger number of physical qubits. This allows for the detection and correction of errors without disturbing the encoded information.
Riverlane’s QEC hardware and software are pathway-agnostic. They function with any of the approaches to quantum computing currently out there, and the company does not have a favourite horse in the race. “We are a bit like Switzerland,” Brierley told us in a conversation earlier this year.
Well-established position in the quantum computing market
Riverlane supplies its technology to about half of the world’s quantum computing companies, including “big tech” (unspecified), Rigetti, Infleqtion, and the storied Oak Ridge National Laboratory in Tennessee, US. This established position has convinced investors to renew their confidence in the Cambridge startup, which came about not in a garage but at the founder’s kitchen table, in a house on River Lane, in 2016.
Brierley has been “really impressed” by the current level of understanding around quantum computers and technology of investors.
“When I founded the company the question was, ‘What is quantum computing? Why should I be interested?’ And that narrative and understanding has really progressed,” he said. “Now, people have a very clear understanding of the importance of quantum error correction and that it is the central next phase of quantum computing.”
Generational approach to investment
Planet First Partners led the Series C round. Sustainability-focused ETF Partners and Singapore’s EDBI also participated, as did existing investors Cambridge Innovation Capital (CIC), Amadeus Capital Partners, the UK’s National Security Strategic Investment Fund (NSSIF), and HPC leader Altair.
Notably, Planet First and ETF, two of the largest investors, focus on the sectors of clean and climate tech. “I think they’re seeing that if we get to error-corrected quantum computers, they will have a huge positive impact in accelerating innovation in multiple industries, especially those that are really hard to decarbonise,” Brierley said, adding that they were also the type of investors to take a long-term, generational approach.
The money will go toward scaling Riverlane’s R&D capabilities, developing its next generation product to begin shipping by the end of 2026, and achieving its milestone of 1 million error-free quantum operations (known as a MegaQuOp). This would mean that quantum computers could run computations impossible for even the world’s fastest supercomputers to simulate.
The funding will also unlock a host of new positions with the company (currently employing nearly 100 people), which will be looking to hire more hardware and software engineers, quantum scientists, and operational roles.