Activation River continued a strong yr for enterprise capital funding in the quantum computing industry.
The UK-based quantum error correction technology company has raised $75 million in a Series C round led by Planet First PartnersAlso collaborating in the round: ETF Partners, EDBI, Cambridge Innovation Capital, Amadeus Capital Partnersthis National Fund for Strategic Investments in Security AND Altair
The company’s technology helps quantum computers operate without succumbing to potential errors. Such computers can typically perform only a few hundred quantum operations before failing.
“Quantum error correction is a key enabler of the next giant wave of advancement in the industry, from today’s small, error-prone machines to the large, reliable quantum computers that will usher in a new era of human progress as significant as the digital revolution,” said Founder and CEO Steve Brierley In release.
Founded in 2016, the company has raised nearly $121 million, according to Crunchbase.
Quantum in motion
Quantum computing startups have actually received some attention from investors this yr.
This yr, startups of this sort have raised almost $1.4 billion in greater than two dozen rounds of financing, according to Crunchbase data. dataThat amount is almost twice the $777 million that similar startups raised in all of last yr.
The increase in dollar amount was driven by some large rounds including: PsiQuantum$620 million raised in May from the Commonwealth of Australia and Queensland governments have built a quantum computer at a site near the airport in Brisbane, Australia, and How muchraising $300 million in capital at a pre-market valuation of $5 billion since January.