Cambridge-Based Riverlane Raises €3.7 Million to Develop Quantum Computing Software
(EU-Startups.com) Riverlane has raised has raised €3.7 million in seed funding for developing advanced quantum computing software, which it plans to use as a simulation engine for microscopic systems to replace laboratory tests in areas such as drug discovery. The funding was led by venture capital investors Cambridge Innovation Capital and Amadeus Capital Partners, with the participation of Cambridge Enterprise.
Riverlane’s software leverages the capabilities of the quantum computer, which operates using the principles of quantum mechanics. In the same way that graphics processing units (GPUs) accelerate machine learning workloads, Riverlane uses quantum computers to accelerate the simulation of quantum systems.
The company is working with leading academics and companies on critical early use cases for its software, such as developing new battery materials and drug treatments. Riverlane will use its seed funding to demonstrate its technology across a range of quantum computing hardware platforms, focused on early adopters in materials design and drug discovery. It will also expand its team of quantum software researchers and computational physicists.