‘Switzerland of quantum computing’ raises $75M for error-correction chip

Quick Summary:

UK-based Riverlane announced today it has secured $75mn in Series C funding to meet "surging global demand” for quantum error correction — and propel it on its path toward 1 million error-free quantum operations by 2026.  Quantum technologies hold the potential to forever alter the way in which we think about computation.

Specifically, quantum computing can unlock a range of transformative capabilities across industries such as pharmaceuticals, logistics, and energy.  But in order for that to happen, two things need to occur — scaling of the number of physical qubits and a significant reduction in error rates.

The money will go toward scaling Riverlane’s R&D capabilities, developing its next generation product to begin shipping by the end of 2026, and achieving its milestone of 1 million error-free quantum operations (known as a MegaQuOp).

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Article Details

Author / Journalist: Linnea Ahlgren

Category: Technology

Markets: NetherlandsSingaporeSwitzerland

Topics: Investors and funding Startups and technology Deep tech Next Featured

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-06 @ 06:00:03 (14 hours ago)

News Timezone: GMT +1:00

News Source URL: thenextweb.com

Language: English

Article Length: 871 words

Reading Time: 5 minutes read

Sentences: 35 lines

Sentence Length: 25 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © The Next Web

News ID: 21952509

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