Venture Capital

Draper Esprit has led $20m investment in Riverlane

Read more at www.irishtimes.com

Venture capital firm Draper Esprit has led a $20 million (€16.5m) investment round in quantum computing software specialist Riverlane.

Riverlane, spun out of Cambridge University, develops software that transforms quantum computers from experimental technology into commercial products.

Draper Esprit was supported in the round by existing investors Cambridge Innovation Capital, Amadeus Capital Partners, and the University of Cambridge.

Riverlane said it would use the funds to build Deltaflow, its operating system for quantum computers, and to expand its operation outside of the UK.

Quantum computers are designed to solve problems that are not possible to solve on classical computers.

Steve Brierley, founder and CEO of Riverlane, said: “For a quantum ecosystem to thrive we urgently need an operating system. An operating system makes quantum computers useful – it allows programs and applications to run on many different machines. Riverlane aims to make our operating system Deltaflow a global standard.

“I’m delighted to partner with Draper Esprit as we build the operating system for quantum computers and develop new collaborations with amazing quantum hardware companies.”

Stuart Chapman, director at Draper Esprit, said the company “has a heritage of supporting world-changing technologies as they scale”.

“Riverlane is showing what is already possible as quantum emerges into the commercial world and we’re excited by the traction they already show,” he said.

“It is clear that hardware manufacturers are already benefiting from Deltaflow as they commercialise their technology. We look forward to seeing where Riverlane can go next.”

Read more at www.irishtimes.com

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