Riverlane, a quantum computing software company based in Cambridge, UK, has recently secured $18.7 million in funding from a group of investors led by Molten Ventures and Altair Capital. The funding round also included participation from Cambridge Innovation Capital, Amadeus Capital Partners, and the University of Cambridge.
This latest investment will enable Riverlane to accelerate the development of its Deltaflow software platform, which is designed to optimize the performance of quantum computers. The platform is already being used by a number of leading quantum hardware companies, including Honeywell, Rigetti Computing, and Xanadu.
Quantum computing is a rapidly growing field that has the potential to revolutionize many industries, from finance and healthcare to energy and transportation. Unlike classical computers, which use bits to represent information as either 0 or 1, quantum computers use qubits, which can exist in multiple states simultaneously. This allows quantum computers to perform certain calculations much faster than classical computers.
However, building a useful quantum computer is extremely challenging, as qubits are highly sensitive to their environment and can easily become decoherent. This means that quantum algorithms must be carefully designed to minimize errors and maximize the use of available qubits.
Riverlane’s Deltaflow platform addresses this challenge by providing a software layer that sits between the quantum hardware and the user’s application. The platform automatically optimizes the use of qubits based on the specific requirements of the application, reducing the number of qubits needed and minimizing errors.
The platform also includes a suite of tools for debugging and optimizing quantum algorithms, making it easier for developers to create efficient and reliable quantum applications.
Riverlane was founded in 2017 by Dr. Steve Brierley, a former researcher at the University of Cambridge’s Centre for Quantum Information and Foundations. The company has since grown rapidly, attracting top talent from academia and industry.
In addition to its work on Deltaflow, Riverlane is also involved in a number of research projects aimed at advancing the field of quantum computing. These include collaborations with the University of Cambridge, the UK’s National Physical Laboratory, and the European Union’s Quantum Flagship program.
The latest funding round will allow Riverlane to expand its team and accelerate the development of its software platform. The company plans to use the funds to hire additional software engineers, quantum physicists, and business development professionals.
Overall, the investment from Molten, Altair, and other investors is a significant milestone for Riverlane and the wider quantum computing industry. With the continued development of Deltaflow and other quantum software tools, we can expect to see rapid progress in the field of quantum computing in the coming years.
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