Osborne Clarke advises Riverlane on US$75m Series C funding to meet growing demand for quantum error correction technology
Bristol and Reading lawyers at international legal practice Osborne Clarke have advised Riverlane, the global leader in quantum error correction (QEC) technology, on its US$75 million Series C funding round to deliver its QEC roadmap, expanding operations and setting-out a plan to achieve one million error-free quantum computer operations by 2026.
The funding will enable Riverlane to meet surging global market demand for QEC technology from hardware companies and government worldwide.
The Series C funding 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 Altair also participated in the round.
Osborne Clarke's team was led by corporate partner, Rob Hayes and included legal director Elizabeth Yell and associate Chris Flach who are all based in the firm’s Reading office. Advice on matters relating to the National Security & Investment Act was provided by Bristol-based partner Marc Shrimpling.
Rebecca Simmons, COO at Riverlane, said: "It was great to have the Osborne Clarke team to work alongside us on the transaction. We benefitted from their experience of working on major VC funding rounds, given the complexities of the deal, which, together with their responsiveness and commercial pragmatism, really helped make this a smooth process."
Rob Hayes, head of Osborne Clarke's Reading office, said: "We were delighted to have the opportunity to support Riverlane on its Series C Funding round. It was great to work with Steve, Rebecca and Anthony on such a major transaction. To close a round of US$75 million with this syndicate of investors in the current climate is a real endorsement of the company's technology and quality of its management team."
Osborne Clarke's international venture capital team is a go-to practice for companies operating in tech-enabled industries. From start-up through venture financing and the growth journey beyond, whether continuing to sale, IPO or international expansion, the team has an outstanding track record advising businesses, entrepreneurs and investors that are driving innovation. Osborne Clarke's dedicated resource centre, OC Ventures, brings together experts from across our international network to deliver a seamless service to clients throughout the ventures ecosystem.
