Computing software developer secures £3.25m funding
A quantum computing software developer has raised £3.25m in seed funding.
Led by venture capital investors Cambridge Innovation Capital and Amadeus Capital Partners, with the participation of Cambridge Enterprise, Riverlane is building a simulation engine for microscopic systems to replace expensive laboratory tests with computer simulation.
Riverlane’s software leverages the capabilities of the quantum computer, which operates using the principles of quantum mechanics.
The firm 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.
Dr Steve Brierley, chief executive officer of Riverlane, said: “This seed funding allows us to accelerate our work at a critical time in the development of quantum computers.
“Computers are central to the design of many new products but when we try to model systems at the level of individual atoms, the rules that govern their behaviour are fundamentally different. Even huge supercomputers are limited to approximations.
“As a result, the design of new drugs and materials remains primarily a laboratory, rather than a computational, exercise. Riverlane’s software aims to unleash the huge potential of quantum computers.”
Andrew Williamson, managing partner at CIC, added: “Riverlane is changing the way we think about computation at the most fundamental level.
“Steve and his team are developing state-of-the-art algorithms that can run on a range of quantum computing hardware platforms.
“These algorithms can be applied to a number of applications such as drug–protein interactions, biomolecule folding and materials science at a molecular level.
“We are delighted to be involved with such an exciting company from the outset.”
Amadeus Capital Partners principal, Amelia Armour, said they had been very impressed by Riverlane’s progress.
“Steve has brought together an impressive team of experts in maths, computer science, chemistry, physics and materials science who share a passion for driving innovation in quantum computing,” she said.
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