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”.
Britain’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. Several start-ups are developing quantum computers in the UK, with a view to commercialising the technology.
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.
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.
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.
The company plans to develop a quantum semiconductor chip that can perform a similar function by 2025.
The fresh investment has roughly tripled Riverlane’s valuation to around £150m, The Telegraph understands.
The new funding round was led by London-listed fund Molten Ventures, along with investment from US-listed computing company Altair. Current investors Amadeus Capital and Cambridge Innovation Capital also joined the deal.
A 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 Future Fund, the taxpayer-backed pandemic rescue vehicle launched by Rishi Sunak, has stakes in quantum security companies Arqit and Kets Quantum, and a shareholding in computer maker Oxford Quantum Circuits.
