A major investment deal aimed at bringing about a step change in quantum computing has been completed with help from an expert lawyer in the Bristol office of international legal practice Osborne Clarke.
Working with colleagues from the firm’s Reading office, partner Marc Shrimpling advised Riverlane, the global leader in quantum error correction (QEC) technology, on matters in the deal relating to the National Security & Investment Act. 
Cambridge-based Riverlane raised $75m (£58.7m) in a Series C funding round to expand its operations and set out a plan to achieve a million error-free quantum computer operations by 2026.
The funding will enable the firm – regarded as a pioneer of quantum computing – to meet surging global market demand for QEC technology from hardware companies and government worldwide.
The 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 based in the firm’s Reading office.
Bristol-based Marc Shrimpling, pictured, a partner in Osborne Clarke’s UK competition and trade practice, has considerable experience undertaking the full range of competition, regulatory and public subsidy work.
He specialises in advising manufacturers and brand owners on their international distribution and supply strategies, helping them to define the consumer experience and to safeguard brand value, reputation and intellectual property.
Riverlane COO Rebecca Simmons said: “It was great to have the Osborne Clarke team 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, added: “To close a round of $75m with this syndicate of investors in the current climate is a real endorsement of the company’s technology and quality of its management team.”
Between 2020 to 2022 Marc Shrimpling was as a member of the UK government’s Strategic Trade Advisory Group, helping shape UK trade policy and realise opportunities.
He is recognised in the respect Chambers legal directory for his “responsive and commercial” approach and demonstrates this, in particular, when working with clients subject to sector-specific regulation in addition to general UK competition law.
Osborne Clarke’s international venture capital team is often regarded as the go-to practice for companies operating in tech-enabled industries.
The firm employs around 800 people in Bristol and, as well as Reading, also has a UK office in London.
