The round was led by Planet First Partners, the European growth equity sustainable investment platform, with participation from sustainability venture capital investors ETF Partners and Singapore-based global investor, EDBI. Existing investors Cambridge Innovation Capital (CIC), Amadeus Capital Partners, the UK’s National Security Strategic Investment Fund (NSSIF), and HPC leader Altair also participated in the Series C round.
Planet First Partners and ETF Partners backed Riverlane because quantum computing is a key enabler of potential future breakthroughs in climate change mitigation and human health, and QEC is the cornerstone of the industry’s next huge wave of progress.
Quantum computing is one of this century’s most transformative technologies and has the potential to revolutionise the sustainable transition of our economy. From an environmental perspective, quantum computing could help develop new material, catalysts and processes to abate carbon on the order of 7 gigatons a year of CO2 emissions by 2035, improving global pathways to the 1.5°C target. On social sustainability, there is great promise in the deployment of quantum computing in the field of drug discovery. These are two examples of the many breakthroughs that could be enabled by fully developed quantum computing capabilities, expected to mature in up to 10 years.
Quantum computers can run operations that cannot be processed efficiently by classical supercomputers, such as running an exhaustive search of all the potential structures of a protein or a composite metal catalyst, and then assessing its efficiency for a particular biological or chemical process. A great number of the current hurdles for a sustainable transition of the economy could be more rapidly resolved by quantum computing, including the above. However, this requires a shift from today’s small-scale machines to large-scale fault-tolerant quantum computing (FTQC) – enabled by Riverlane’s QEC technology.
The sustainability thesis for Riverlane builds on two premises. First, that QEC will play a critical role in accelerating quantum computing. Second, that by choosing a sustainable pathway, the company will create the conditions for technologies to substantially contribute to sustainability. The ultimate measure of success for the company is to demonstrate that in the next 5 to 10 years, Riverlane has enabled quantum computing capabilities that are used to develop a breakthrough in sustainability, reaching process validation or beta prototype level of maturity.
Sergio Carvalho, Partner and Head of Sustainability at Planet First Partners, said: “The sustainability thesis for Riverlane builds on two premises. First, that QEC will play a critical role in accelerating quantum computing. Second, that by choosing a sustainable pathway, the company will create the conditions for technologies to substantially contribute to sustainability. The ultimate measure of success for the company is to demonstrate that in the next 5 to 10 years, Riverlane has enabled quantum computing capabilities that are used to develop a breakthrough in sustainability, reaching process validation or beta prototype level of maturity”.
Fabrice Bienfait, Senior Partner at ETF Partners, said: “Meeting the goal of net-zero emissions won’t be possible without huge advances in climate technologies. We believe Riverlane provides an essential part of the technology stack of a new generation of quantum computers that will help develop game changing solutions for carbon abatement and carbon removal”.
Riverlane will be supported by Planet First Partners and ETF Partners in directing its work towards enabling technological development that will translate into substantial contributions to sustainability. In parallel, the company will operate with caution to avoid enabling technological development that is used exclusively in activities that could lead to significant harm to social or environmental issues. This strategy was incorporated in a structured sustainability plan with clearly defined KPIs that will track the downstream implications of Riverlane’s work, as well as their upstream and midstream sustainability factors.
ENDS
Notes to editors
For further information, please contact:
Sergio Carvalho – Partner, Head of Sustainability, Planet First Partners
Courtney Glymph – Head of Communications, ETF Partners
About Riverlane
Riverlane’s mission is to make quantum computing useful, sooner. This will transform the future of computing and start an era of human progress as significant as the digital and industrial revolutions. Achieving this requires over a 10,000x reduction in the system errors that quickly overwhelm all quantum computers today. Riverlane is building ‘Deltaflow’, the Quantum Error Correction (QEC) Stack, that solves this problem in all quantum computers using every type of qubit. At Deltaflow’s core is the world’s most powerful quantum error decoder. Deltaflow is powered by a new class of patented QEC semiconductors designed and built by Riverlane.
About Planet First Partners
Planet First Partners is a growth equity platform that invests in and partners with disruptive entrepreneurs to scale tech-enabled businesses that combine a purpose-driven mission, profitable growth, and a people-centric culture. As an Article 9 fund, Planet First Partners applies rigorous methodology for sustainable investing and commits to always following the highest standards and strictest criteria. Founded in 2020, Planet First Partners is made up of a highly experienced, qualified team of investment and sustainability experts focused on maximising and optimising sustainability. The team is complemented by a mission-aligned advisory board, made up of global business and political leaders.
About ETF Partners
Founded in 2005, ETF Partners (The Environmental Technologies Fund) stands as Europe’s original venture capital firm dedicated to sustainability and impact investing. For nearly twenty years we have established a leading position in promoting sustainability through innovation. ETF Partners is founded on the conviction that entrepreneurship and innovation are critical in addressing the global challenges presented by the climate crisis. We are committed to fostering and supporting Europe’s ecosystem of pioneering entrepreneurs who are creating the innovative solutions capable of making a profound environmental impact. We believe in the transformative power of aligning profit with purpose in order to build a more sustainable future. For additional information about our investment thesis and approach, please visit our website.
