International law firm Withers has advised both Cambridge Innovation Capital (CIC) and Amadeus Capital Partners on quantum computing leader Riverlane's successful $75 million funding round.
Riverlane's Series C fundraising is a European first in the quantum computing sector, with the round led by new backer Planet First Partners, a growth firm that focuses on sustainable investments, and participation from previous investors CIC and Amadeus Capital, amongst others. Riverlane will commit most of the investment towards product development, with the possibility of expanding its presence internationally.
Susanna Stanfield, Withers tech partner and Head of the firm's Cambridge office, comments: 'Riverlane is at the forefront of addressing one of the most critical challenges in quantum computing. Their work is transformative and it's exciting to see a European company leading the way with a first series C raise in this sector.'
Riverlane is on a mission to comprehensively correct the millions of data errors that prevent today’s quantum computers from achieving useful scale, with its world-first dedicated quantum decoder chip. Quantum computing promises society-changing breakthroughs in drug development and tackling climate change, and Riverlane's technology is central to this next wave of progress.
Susanna adds: 'This milestone not only underscores the potential of quantum technology but also highlights Europe's growing influence in the quantum computing sector and we're proud to have represented CIC and Amadeus Capital in this pivotal investment.'