Cambridge-based Riverlane bags £14.6M funding to unleash the power of quantum computers
Going by the experts, 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.
Working on similar goals, Riverlane, a spin-out company from the University of Cambridge that develops software and algorithms for quantum computers, has recently raised $20 million (approx £14.6 million) funding in Series A round.
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.
The funding will be used to build its operating system for quantum computers – Deltaflow and expand internationally to the US, Europe, and beyond. This new funding follows a £3.25 million seed round completed by the company in June 2019.
How Deltaflow benefits quantum computing?
Deltaflow creates a thriving quantum ecosystem, giving software developers access to all types of quantum computers at the right level. It provides a shared language for applications and quantum hardware development.
The company is on a mission to build an ultra-low latency quantum operating system that accelerates quantum-classical hybrid algorithms and facilitates hardware R&D. In the past year, Deltaflow has already received sign-ups from 20% of the world’s quantum hardware manufacturers.
Commenting on the round, 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.”
Commenting on the round, Stuart Chapman, Director at Draper Esprit said:
“Draper Esprit has a heritage of supporting world-changing technologies as they scale. Riverlane is showing what is already possible as quantum emerges into the commercial world and we’re excited by the traction they already display. Hardware manufacturers are already seeing the benefit from Deltaflow as Riverlane commercialise their technology. We look forward to seeing where Riverlane can go next.”
Riverlane teases the highest possible performance out of quantum software to reach quantum advantage sooner. They go deep into the stack so hardware partners can focus on the physics and build better full-stack solutions. The company works with the chemical, pharmaceutical and materials industries to improve algorithms and specify early killer applications of quantum computers.