Riverlane Locks Up $75M As Quantum Funding Continues Strong Year

Startup helped continue what has been a strong year for venture funding in the quantum computing industry.

The U.K.-based firm 鈥� which specializes in quantum error correction technology 鈥� raised a $75 million Series C led by . The round also includes participation from , , , , the and

The company’s tech helps quantum computers perform without succumbing to eventual errors. Such computers typically can only perform a few hundred quantum operations before failure.

鈥淨uantum error correction is the critical enabler for the industry鈥檚 next huge wave of progress, from today鈥檚 small error-prone machines to large and reliable quantum computers that will start a new age of human progress as significant as the digital revolution,鈥� said founder and CEO in a .

Founded in 2016, the company has raised nearly $121 million, .

Quantum on a roll

Quantum computing startups have certainly seen the love from investors this year.

So far this year, such startups have raised nearly $1.4 billion in more than two dozen rounds, per Crunchbase . That dollar amount is almost double the $777 million similar startups raised all of last year.

The dollar figure has been helped out by some huge rounds, including 鈥檚 $620 million raise in May from the Australian Commonwealth and governments to build a quantum computer at a location near Brisbane Airport in Brisbane, Australia, as well as 鈥檚 $300 million equity fundraise at a pre-money valuation of $5 billion from January.