Cambridge Innovation Capital portfolio company Riverlane secures $20 million in Series A funding to accelerate quantum software development
New funding will accelerate Riverlane's mission to build a high-performance operating system that makes quantum computers useful, sooner.
Cambridge Innovation Capital (CIC), the venture capital investor enabling visionaries to build global, category-leading companies in the Cambridge ecosystem, is pleased to announce that it participated in a $20m Series A funding into portfolio company Riverlane. The funding will be used to build Deltaflow, its operating system for quantum computers. Over the past year, Riverlane has signed up 20% of the world’s quantum hardware manufacturers to use Deltaflow and will use the funding to expand internationally to the US, Europe and beyond.
The round was led by European technology venture capital fund Draper Esprit, and supported by existing investors, Cambridge Innovation Capital, Amadeus Capital Partners, and the University of Cambridge.
Quantum computers will change the world by solving problems that are fundamentally impossible to solve on classical computers. This step change in computing power will have an enormous impact on a variety of industries, for example the pharmaceuticals and materials industry. Over the next five years we will continue to see rapid progress in quantum hardware development and, as the quantum industry develops, it’s vital that software is built on a solid foundation.
Riverlane’s operating system Deltaflow creates a thriving quantum ecosystem, giving software developers access to all types of quantum computers at the right level. Providing a shared language for applications and quantum hardware development, Deltaflow is the infrastructure for great engineering and collaboration across the industry.
Commenting on the round, Andrew Williamson, Managing Partner at Cambridge Innovation Capital, said:
A key goal for quantum computing is realising quantum advantage - solving a problem that classic computers cannot solve as efficiently, or even at all. Riverlane’s Deltaflow accelerates the development of quantum computers that demonstrate quantum advantage by optimising the performance of quantum circuits for the underlying hardware. This means the commercialisation phase of quantum computing is arriving and we are proud to continue to support one of the field’s pioneers – Riverlane.
Steve Brierley, Founder and CEO of Riverlane, said:
“For a quantum ecosystem to thrive, we urgently need an operating system. An operating system makes quantum computers useful – it allows programs and applications to run on many different machines. Riverlane aims to make our operating system Deltaflow a global standard.
“I’m delighted to partner with Draper Esprit as we build the operating system for quantum computers and develop new collaborations with amazing quantum hardware companies.”
This new funding follows a £3.25 million seed round completed in June 2019.