Current investors Amadeus Capital and Cambridge Innovation Capital also joined the deal.Ī British Business Bank spokesman said: “The investment in Riverlane recognises the company’s role as part of the UK’s world-leading quantum technology sector.” The new funding round was led by London-listed fund Molten Ventures, along with investment from US-listed computing company Altair. The fresh investment has roughly tripled Riverlane’s valuation to around £150m, The Telegraph understands. The company plans to develop a quantum semiconductor chip that can perform a similar function by 2025. Riverlane, which works with companies including Rolls Royce and AstraZeneca, has developed hardware decoders and software that can root out these errors and correct them, meaning quantum computers can run more smoothly. While quantum computers promise to be far more powerful than modern “classical” machines, the newer devices currently have a high error rate that makes them difficult to use reliably. The NSSIF also has a stake in Quantum Motion, which is developing semiconductor technology for the advanced computers, as officials attempt to foster the nascent sector. Several start-ups are developing quantum computers in the UK, with a view to commercialising the technology. Steve Brierley, founder and chief executive of Riverlane, said the Government had identified quantum as a “critical technology the UK has leadership in – so they want to continue to back companies who are ahead in the marketplace”.īritain’s universities are seen as having leading expertise in quantum computers, which use lasers and extremely cold temperatures to manipulate particles and unlock their quantum properties. The Government admitted in its strategy: “The UK is working within a changing geopolitical context with other governments ramping up investment into their national research programmes.” Technology minister Michelle Donelan last month launched Britain’s first national quantum strategy in response, pledging £2.5bn over the next decade to challenge the dominance of the US and China. ![]() The powerful potential of quantum computing has prompted an arms race between China, the US, and the European Union, with billions of dollars pouring into investment. However, the machines will also be far more adept at codebreaking, raising fears about hacking and espionage. The technology could herald potentially transformational breakthroughs in fields such as medicine and artificial intelligence. Quantum computers are governed by the laws of quantum physics and are expected to be exponentially more powerful than today’s devices. ![]() The £85m fund gives companies access to the Government’s top national security experts and has drawn parallels to In-Q-Tel, a US fund launched by the CIA. The NSSIF was launched in 2018 and is operated by the state-owned British Business Bank. The Cambridge-headquartered company is developing technology that makes experimental quantum computers more usable, describing its technology as an “operating system” for the advanced machines. ![]() The National Security Strategic Investment Fund (NSSIF) has invested in Riverlane as part of a £15m funding deal, the Telegraph can disclose. A government fund with close links to GCHQ has taken a stake in a Cambridge quantum computing start-up, as a global technological arms race gathers pace.
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