Latest News Cambridge quantum computing software spin-out secures $20m in Series A funding

The new funding will accelerate Riverlane’s mission to build a high-performance operating system that makes quantum computers useful, sooner.

 

The Riverlane team The Riverlane team

Riverlane, a quantum software company, today announces that it has raised $20 million in Series A funding to build Deltaflow, its operating system for quantum computers. Over the past year, Riverlane has signed up 20 percent of the world’s quantum hardware manufacturers to use Deltaflow. The company 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 industries. Over the next five years we will continue to see rapid progress in quantum hardware development. As the quantum industry develops, it is vital that software be built on a solid foundation.

Deltaflow, Riverlane’s operating system, 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.

This new funding follows a £3.25 million seed round completed in June 2019.

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.

Steve Brierley, Founder and CEO, Riverlane

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.

Stuart Chapman, Director, Draper Esprit

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.

Andrew Williamson, Managing Partner, Cambridge Innovation Capital

There are many ways to build a quantum computer and what is exciting about the Deltaflow operating system is that it is portable across all the different types of hardware. We are delighted to support Riverlane again as they expand their hardware agnostic platform and create an ecosystem for application developers.

Amelia Armour, Partner, Amadeus Capital Partners

We are delighted to continue our support for the Riverlane team. They have made incredible progress since our first investment and through their exceptional innovation, we believe they will be a key player in the emerging quantum computing world.

Elaine Loukes, Investment Director, Cambridge Enterprise

Media enquiry

If you are a journalist with a media enquiry, please contact our Press and Media Manager.

Make a media enquiry

Inset image credit: Riverlane

Tags: , , , , ,