Jack Loughran Tue 6 Aug 2024
Collected at: https://eandt.theiet.org/2024/08/06/riverlane-raises-75m-further-technology-fixes-quantum-computer-errors
Riverlane, which is based in Cambridge, has raised $75m (£59m) to fund development on its “groundbreaking” quantum error correction (QEC) technology.
While there is considerable excitement about the possibilities of quantum information and quantum computing applications – spurring billions of dollars of investment around the world – many technical hurdles have yet to be crossed. Most quantum computers are so prone to error that only the shortest, simplest algorithms can be run.
Riverlane believes it is developing the technology that could significantly expand the utility of quantum computers, and it hopes to achieve one million error-free quantum computer operations by 2026.
Its latest funding round was led by Planet First Partners, but it has already received investment from the National Security Strategic Investment Fund, the UK government’s corporate venturing arm designed to keep the UK at the forefront of technological developments.
Riverland said that demand for quantum error correction technology has grown dramatically over the past year due to a series of technical breakthroughs. These include improvements in qubit quality and a global shift towards building error-corrected quantum systems. The quantum computing industry hopes that today’s small, error-prone machines can be swiftly replaced with a new generation of ‘fault-tolerant’ quantum computers with integrated QEC technology.
Riverlane CEO Steve Brierley said that firm’s technology was “the critical enabler” to allow the quantum sector to progress.
Today’s best quantum computers can perform only a few hundred quantum operations before failure. RIverlane believes its Deltaflow technology will help this increase to millions and, ultimately, trillions of error-free quantum operations. Achieving quantum computing at this scale has the potential to unlock transformative applications in industries such as pharmaceuticals, chemicals, material science and transportation.
Nathan Medlock, managing partner at Planet First Partners, said: “Riverlane’s focus on quantum error correction, coupled with its collaboration with quantum computer makers worldwide, can accelerate the global market and enable new quantum computing applications that can substantially contribute to solving social and environmental issues.”
The funding will allow Riverlane to undertake a roadmap published earlier this month that lays out a development path to one million (Mega) error-free quantum computer operations (QuOps) as early as the end of 2026. The roadmap details a series of product releases, each incorporating significant scientific and technical breakthroughs towards this goal.
Last month, UK firm Quantinuum announced that its H-Series quantum processor had surpassed the ability to be simulated by the world’s best supercomputers, enabling the company to “extend the lead in the race towards fault-tolerant quantum computing”.
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