The startup Riverlane, which specializes in the development of semiconductors to reduce errors in quantum computing, announced that it managed to raise $75 million in the latest funding round.
The mentioned funding round was led by Planet First Partners, which invests in climate technology. The venture capital company ETF Partners and EDBI have also joined in financing a semiconductor startup.
The investments received by Riverlane are what can be described as the next step on the path toward increasing financing in quantum computing. It is worth noting that the mentioned sector is promising and, in a global sense, can offer the world many high-quality solutions on a wide scale.
Riverlane is based in Cambridge, England, and Boston. It’s worth noting. that the startup is not directly involved in the development of quantum computers. The company specializes in the elaborating of chips. The corresponding products are intended to correct errors that can be fixed during computational operations using a kind of quantum method.
Riverlane founder and chief executive officer Steve Brierley, during a conversation with media representatives, said that currently, the best quantum computers can perform from 100 to 1000 operations before errors in the device disrupt the computing process. He also noted that his company’s next-generation product will help the mentioned machines perform up to 1 million operations without errors. Steve Brierley stated that achieving the corresponding indicator is the figure at which a quantum computer goes beyond the capabilities of any classical supercomputer.
Riverlane plans to spend the received investment funds to expand its activities. The startup seeks to meet the growing demand from firms involved in the development of supercomputers. It is worth noting that the Riverlane technology has not yet been widely used in a practical environment. At the same time, companies such as Alphabet Inc., Honeywell International Inc., and International Business Machines Corp. are buying machines to test the mentioned technology.
As we have reported earlier, Contextual AI Raises $80 Million.
Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
