TQI QuickBits: Riverlane's $75 Million Funding Round. Faster Quantum Faster. And More News In Quantum
The Quantum Insider
Making Quantum Technology accessible through media, news, insights and data
First things first. Congratulations to the Riverlane team after successfully wrapping up a $75 million Series C. Planet First Partners led the round.
One of quantum computing's highest hurdles is the need for effective error correction and it's good to see that task resting in smart, capable hands, like the Riverlane team, who are leading the charge in that direction. It's also good to see that investors recognize this intrinsic need and are offering support.
We also see the news from Riverlane as signs that the UK quantum ecosystem, which is already robust, is gaining momentum and strength.
One more thing -- Interesting news from QuEra. The company released results from a survey, and more than half of the respondents say that they believe quantum is moving faster than they expected. You can read more about this in the story below.
Now, it's a single survey, so the sample size is relatively small, but the background of the respondents is impressive -- researchers and business leaders. I'm a cheerleader for the technology, so I'm easily convinced. But, the survey, at least anecdotally, also tracks with a lot of the discussions I have heard around the quantum community, i.e. lurking around your LinkedIn posts. Many people believe that advances that were theoretically years away have already happened. Presumably, this suggests that work being investigated right now -- across academia and industry -- is poised to advance quantum even farther.
Science advancement isn't a democracy, so it matters little what survey respondents, or I, or anyone else for that matter can surmise about a wildly uncertain future. All of this does raise an interesting question: If we are farther along the quantum development timeline than most experts believed and the field is developing faster than they predicted, is it moving too fast--and will it be here too soon?
<Cue ominous old timey movie organ flourish and then shift to something naively happier>
Have a great weekend!
Quantum Events
I wanted to give a shout out to upcoming partner events for the quantum community. Mark these on your calendar:
Aug 26 -- Q-Camp will start on Mon, 26 Aug and last two weeks. In person summer school is organised by the University of Gdańsk and ICTQT . Kainos supports the initiative. Q-Con – conference about Quantum Future will be held on the final day -- Sept. 6.
Sept. 15–20 -- IEEE Quantum Week 2024 will be held at Palais des Congrès Montréal, Québec, Canada.
Sept. 23-25 -- Quantum.Tech Europe will return to Twickenham Stadium on Sept. 23 – 25, 2024.
Sept. 25-27 -- Quantum Machines announced the inaugural Adaptive Quantum Circuits (AQC) conference at the Ocean Edge Resort & Golf Club in Brewster, Massachusetts.
Oct. 4-6 -- The GenQ Quantum Hackathon will be held in Calgary this October! Organized by QAI Ventures Canada, powered by Quantum City, and the University of Calgary. More details .
Oct. 7 -- The City Quantum & AI Summit , now in its fourth edition, will be held October 7th at the Mansion House in London.
Feb. 25-27, 2025 -- The Quantum Innovation Summit returns for its second edition from February 25-27 at The H Hotel, with additional virtual participation via the QIS Event APP.
Open For Applications
Sept. 2 -- Applications are being accepted for Cohort 2 of the Quantum Technology Access Programme (QTAP) , a six-month initiative designed to raise awareness, educate end users, and foster industry partnerships to drive the future adoption and commercialization of quantum computing. The call closes on 2 September 2024. Apply here .
Want more important information on quantum? Don't forget to subscribe to TQI's official weekly newsletter for a complete wrap up of all the news in quantum!
Upcoming Earnings
August 12 -- Quantum Computing Inc. - Quantum Computing Inc. Common Stock is estimated to report earnings on 08/12/2024. The reported EPS for the same quarter last year was $-0.05.
(The upcoming NASDAQ earnings dates are derived from an algorithm based on a company's historical reporting dates and may need to be revised.)
Quantum Quotes
On news that Riverlane achieved a $75 million Series C, one of the supporters that chimed in his support was quantum pioneer John Martinis. The physicist who led the world's first successful quantum supremacy experiment recognizes the need for reliable error correction -- which is exactly what Riverlane is focused on.
“When I led the world’s first successful quantum supremacy experiment in 2019, it helped unlock a collective optimism for what quantum computers can achieve. Five years on, I’m even more optimistic. Building the next generation of devices that live up to the technology’s incredible promise requires a massive step change in scale and reliability, and that requires reliable error correction schemes in quantum hardware.” -- John Martinis, Professor of Physics at UC Santa Barbara and former Quantum Computing Lead at Google Quantum AI
IonQ reported strong financial results for the second quarter of 2024, saying they significantly surpassed revenue expectations and demonstrating strong commercial and technical momentum. The company's CEO was hopeful of delivering more of these types of positive results.
“With the combination of hardware and software improvements, we believe that we can extend our achievement of three 9’s to production systems in 2025 and bring that to five 9’s in 2025 and six 9’s in 2026 using error correction.” -- Peter Chapman, IonQ CEO
QuickBits Spotlight
Riverlane, the global leader in quantum error correction technology, today announced that it has raised $75 million in Series C funding to deliver its quantum error correction (QEC) roadmap. The funding will enable Riverlane to expand operations to meet surging global market demand for QEC technology, with the goal of achieving one million error-free quantum computer operations by 2026.
Insider Look: Think Local, Analyze Global
The quantum ecosystem is a complex enterprise that stretches across disciplines, industries and fields. It includes universities, institutions and businesses in nearly every country on the globe. The Quantum Insider Intelligence Platform offers tools to analyze all aspects of the ecosystem. You can, for example, examine funding rounds by nation, comparing size and number of the latest investments in quantum. Find out more below.
Learn More about The Quantum Insider's Intelligence Platform .
QuickBits Business
New research from QuEra Computing Inc. , the leader in neutral-atom quantum computing, reveals that over half of quantum academics, scientists and professionals (51%) believe the technology is making faster progress than they expected, with 40% saying it will become a superior alternative to classical computing for certain workloads within the next five years. The findings also highlight the truly disruptive potential of the technology, with a majority expecting quantum computing to solve problems that were previously unsolvable.
Terra Quantum AG , a leading quantum computing company, announced a significant new initiative to study the feasibility of developing a quantum-resistant network for the U.S. Department of the Air Force (DAF). Leveraging advanced post-quantum and quantum cryptography will make unauthorized interception of transmitted data physically impossible.
领英推荐
IonQ (NYSE: IONQ), a leader in the quantum computing industry, announced today that it has won a contract through a competitive solicitation with the Applied Research Laboratory for Intelligence and Security (ARLIS) to design a first-of-its-kind, networked quantum computing system for the Department of Defense (DOD). The first phase of the project – awarded at $5.7 million – will focus on the design phase of the quantum system.
IonQ, quantum computing company specializing in trapped ion technology., has reported its financial results for the second quarter of 2024, significantly surpassing revenue expectations and demonstrating strong commercial and technical momentum. The company announced $11.4 million in recognized revenue for the quarter, exceeding the high end of its projected range of $7.6 million to $9.2 million.
In the latest episode of 惠普实验室 ’ podcast “From Research to Reality,” Dejan Milojicic hosted senior scientists Aishwarya Natarajan and Grace Johnson. The discussion was about their career paths, personal experiences and the exciting work Hewlett Packard Enterprise (HPE) is doing in quantum and quantum-inspired technologies.
LightSolver , inventor of a new laser-based computing paradigm, today announced that it has been selected for the European Innovation Council (EIC) Accelerator Program. The company will receive an initial grant of €2.5 million from the EIC Fund combined with a future equity investment of €10 million, totaling €12.5M. This recognition places LightSolver among 68 companies chosen from a highly competitive pool of 969 applicants.
Huntsville Mayor Tommy Battle joined D-Wave and Huntsville-based Davidson at the Space and Missile Defense Symposium to emphasize the strategic significance of placing a D-Wave quantum computer at Davidson’s new global headquarters in Huntsville, AL. The forthcoming installation marks a major milestone in the region’s quantum computing leadership.
New Scale Technologies is pleased to announce its support as a supplier to Q-Block Computing, a member of the Luminate 2024 cohort. Q-Block Computing provides fault-tolerant quantum devices for advanced computation, communication, and sensing. It utilizes New Scale Technologies’ M3 Rotary Smart Stages in its es-110, a commercially available ultrastable laser for researchers in quantum science and technology with applications in quantum information science, ultraprecise time-frequency standards, phase coherent telecommunication, and optical space telecommunication.
There are a lot more business stories going on in quantum. Visit our site, or subscribe to TQI's official weekly newsletter for a wrap up of all the business news in quantum!
QuickBits Research
Most scientists have resisted the concept that quantum physics plays any role in the brain — an environment that Physicist Max Tegmark argued would be “too wet, warm and noisy” for quantum mechanics to play a meaningful role in cognition or consciousness. However, recent research from China suggests that quantum entanglement—a phenomenon Albert Einstein famously dubbed “spooky action at a distance”—might play a role in the synchronization of neurons in the human brain, according to a New Scientist article.
In a new initiative that blends innovation in quantum technologies and artificial intelligence (AI) with clinical applications, the Novo Nordisk Foundation (NNF), together with Cleveland Clinic , has launched the Cleveland Clinic – Denmark: Quantum-AI Biomedical Frontiers Fellowship Program.
NASA, in collaboration with Infleqtion , report they developed its first-ever quantum memory, marking a pivotal step towards establishing large-scale quantum networks, according to a NASA article. This advance, spearheaded by researchers at NASA’s Glenn Research Center in Cleveland and at quantum technology company Infleqtion could be a step toward establishing secure space communications and empowering research that could lead to new scientific discoveries.
Four researchers from the Institute of Photonics at Leibniz University Hannover have developed a new transmitter-receiver concept for transmitting entangled photons over an optical fiber. This breakthrough could enable the next generation of telecommunications technology, the quantum Internet, to be routed via optical fibers. The quantum Internet promises eavesdropping-proof encryption methods that even future quantum computers cannot decrypt, ensuring the security of critical infrastructure.
IonQ (NYSE: IONQ), a leader in the quantum computing industry, today announced a new breakthrough towards running large applications on near term quantum systems using partial error correction. The technique is an order of magnitude more efficient than the best error correction techniques known today.
The year 2025 marks the 100th anniversary of the birth of quantum mechanics. In the century since the field’s inception, scientists and engineers have used quantum mechanics to create technologies such as lasers, MRI scanners and computer chips. Today, researchers are looking toward building quantum computers and ways to securely transfer information using an entirely new sister field called quantum information science.
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10+yrs Commercializing Quantum in Europe | Bridging People, Technology and Strategy | Educator & Volt Europa Ambassador
3 个月"Many people believe that advances that were theoretically years away have already happened." This, exactly this, is what most of my business exists off. But also vice versa (Things they think are already possible but don't exist in reality). If you dive deeply into the technology, all over the stack, and understand how it works, then you can accurately predict when something is possible. It is a lot of insider knowledge, scientific deduction, and lots of vision. I've been doing it for 10+ years, and this sentence has always been true. Love the piece (and am looking forward of Riverlane's work in the future)
Allan Francis Beechinor ??????
Console Operator @ Aramco | Field Operator
3 个月Love this