Riverlane clinches $20m Series A to fund global growth
Business Weekly | by Tony Quested
Riverlane, a Cambridge-based quantum software business, has raised $20 million in Series A funding to underpin worldwide expansion of its Deltaflow technology – its operating system for quantum computers.
Over the past year, Riverlane has signed up 20 per cent 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 VC 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 says that 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, Riverlane adds.
This new funding follows a £3.25 million seed round completed in June 2019.
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.”
Andrew Williamson, Managing Partner at Cambridge Innovation Capital, added:
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.