‘Switzerland of quantum computers’ raises $75 million for error-correction chip

UK-based Riverlane today announced it has raised $75 million in Series C funding to address the “growing global demand” for quantum error correction and accelerate its goal of achieving 1 million error-free quantum operations by 2026.

Quantum technologies have the potential to forever change the way we think about computing. Specifically, quantum computing could unlock a range of transformative opportunities in industries such as pharmaceuticals, logistics, and energy.

However, for this to happen, two events are necessary – an increase in the number of physical qubits and a significant reduction in the error rate.

Qubit neutrality

There are many technological paths to creating qubits, the basic units of information in quantum computers. There are so-called superconducting qubits, trapped-ion qubits, photonic qubits, neutral-atom qubits, and many others. But 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. They 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 they are overwhelmed by errors. To get to the point where quantum computers solve real-world problems, that number will need to grow to billions, and eventually trillions, of error-free operations. Quantum Error Correction, or QEC, is the technology that will close that gap, says Steve Brierley, founder and CEO of Riverlane.

Riverlane builds chips that solve the problem of error correction in quantum computers. “In much the same way that GPUs were needed to scale AI workloads, error correction chips are needed to scale quantum computers,” Brierley told TNW.

Quantum error correction works very similarly to classical error correction in that it adds redundancy so that if any of the qubits fail, the system can still function. It does this by creating abstract “logical” qubits from a larger number of physical qubits. This allows errors to be detected and corrected without disturbing the encoded information.

Riverlane’s QEC hardware and software are path-agnostic. They work with any quantum computing approach currently available, and the company has no favorite in the race. “We’re a bit like Switzerland,” Brierley told us in a conversation earlier this year.

A solid position in the quantum computer market

Riverlane supplies its technology to about half of the world’s quantum computing companies, including “big tech” (unspecified), Rigetti, Infleqtion and the famed Oak Ridge National Laboratory in Tennessee, USA. That established position has convinced investors to renew their faith in the Cambridge startup, which was founded not in a garage but at the founder’s kitchen table in a house on River Lane in 2016.

Brierley is “really impressed” with the current level of understanding among investors about quantum computers and quantum technology.

“When I started the company, the question was, ‘What is a quantum computer? Why should I care about it?’ And that narrative and understanding has really developed,” he said. “Now people have a very clear understanding of what quantum error correction means and that it’s the central next phase of quantum computing.”

A generational approach to investing

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.

Interestingly, Planet First and the ETF, two of its largest investors, are focused on the cleantech and climate sectors. “I think they see that if we get to error-correcting quantum computers, they’re going to have a huge positive impact on accelerating innovation across a range of industries, especially those that are really hard to decarbonize,” Brierley said, adding that they’re also the type of investors who take a long-term, generational approach.

The money will go toward scaling Riverlane’s R&D capabilities, developing a next-generation product that will begin shipping in late 2026, and achieving a milestone of 1 million error-free quantum operations (known as MegaQuOp), which would mean quantum computers could perform calculations that even the world’s fastest supercomputers could not simulate.

Thanks to the funding, many new positions will also be created in the company (currently employing almost 100 people), which will be looking for new employees hardware and software engineers, quantum physics scientists, and people in operational positions.