Quantum computing technology company Riverlane announced today that it has raised $75 million in a Series C funding round led by Article 9 growth equity sustainable investment platform Planet First Partners, with proceeds aimed at helping the company meet “surging global demand” for quantum error correction (QEC) technology.

Founded in 2016, Cambridge, UK-based Riverlane provides solutions aimed at enabling the acceleration of the use of quantum computing through the reduction of system errors that can overwhelm current quantum computers. The company’s core product, Deltaflow, comprised of proprietary QEC chips, hardware and software technologies, aims to help quantum computer performance to scale from performing only a few hundred quantum operations before failure to millions of error-free quantum operations.

Planet First Partners invests in businesses that promote and encourage healthier lifestyles and develop better ways of protecting the environment, primarily focusing on European companies. According to Nathan Medlock, Managing Partner at Planet First Partners, Riverlane’s QEC technology “can accelerate the global market and enable new quantum computing applications that can substantially contribute to solving social and environmental issues.”

In a post announcing the financing, Planet First Partners added:

“Fault-tolerant quantum computing (FTQC) will help achieve breakthroughs in climate change mitigation and human health.”

Riverlane highlighted a series of sustainability-related use cases for quantum computing enabled by its solution, including the design of better chemical catalysts for the production of new battery materials for more clean energy storage, and new processes for clean fertilizer production.

Sustainability and impact investing venture capital firm ETF Partners also participated in the financing, alongside investors including EDBI, Cambridge Innovation Capital (CIC), Amadeus Capital Partners, the UK’s National Security Strategic Investment Fund (NSSIF), and computational intelligence company Altair.

According to Riverlane, the new capital will enable the company to expand its operations to deliver on its recently published QEC roadmap, which includes a series of product releases towards the company’s goal to achieve one million error-free quantum computer operations by 2026.

Riverlane’s Founder & CEO, Steve Brierley, said:

“Quantum error correction is the critical enabler for the industry’s next huge wave of progress, from today’s 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. Our partners recognise the value in working with Riverlane to deliver a solution that fits their needs – we are building the right product at the right time to seize this opportunity.”