Riverlane Locks Up $75M As Quantum Funding Continues Strong Year

Startup Riverlane helped continue what has been a strong year for venture funding in the quantum computing industry.

The U.K.-based firm — which specializes in quantum error correction technology — raised a $75 million Series C led by Planet First Partners. The round also includes participation from ETF Partners, EDBI, Cambridge Innovation Capital, Amadeus Capital Partners, the National Security Strategic Investment Fund and Altair

The company’s tech helps quantum computers perform without succumbing to eventual errors. Such computers typically can only perform a few hundred quantum operations before failure.

“Quantum error correction is the critical enabler for the industry’s next huge wave of progress, from today’s small error-prone machines to large and reliable quantum computers that will start a new age of human progress as significant as the digital revolution,” said founder and CEO Steve Brierley in a release.

Founded in 2016, the company has raised nearly $121 million, per Crunchbase.

Quantum on a roll

Quantum computing startups have certainly seen the love from investors this year.

So far this year, such startups have raised nearly $1.4 billion in more than two dozen rounds, per Crunchbase data. That dollar amount is almost double the $777 million similar startups raised all of last year.

The dollar figure has been helped out by some huge rounds, including PsiQuantum’s $620 million raise in May from the Australian Commonwealth and Queensland governments to build a quantum computer at a location near Brisbane Airport in Brisbane, Australia, as well as Quantinuum’s $300 million equity fundraise at a pre-money valuation of $5 billion from January.