55 North, the world's largest dedicated quantum technology venture capital fund, today announced the first close of its €300 million inaugural Fund I at €134 million, establishing its position as the sector's largest pure-play quantum VC.
The fund was co-founded by three founding GPs, Owen Lozman, Dr Helmut Katzgraber, and Dr Kai Hudek, who are expert quantum and deep-tech specialists. It also has anchor investors, including EIFO (the Export and Investment Fund of Denmark) and Novo Holdings, as well as European VC firm Vsquared Ventures and US-based Cambium Capital.
Headquartered in Denmark, 55 North will be investing stage-agnostically across the globe, and has already executed two investments, backing European quantum leader IQM in the company's latest €275 million Series B, and co-leading the investment in Kiutra's €13 million Series A-2.
Quantum technologies have become a strategic priority at national, European, and global levels, with the EU, UK, Germany, France, and Denmark integrating them into their core security and innovation frameworks. The G7 recently pledged coordinated action amid $40 billion in global public funding - underscoring that leadership is now critical for economic sovereignty, climate resilience, and national security, across the globe.
The Danish government, which launched its National Strategy for Quantum Technology in 2023, has firmly committed to advancing the field as part of its long-term innovation agenda, which included the mandate for EIFO to spearhead the creation of a world-leading quantum investment fund.
The fund is led by Managing Partner Dr Owen Lozman FRSC (ex-M Ventures) alongside General Partners Dr Helmut Katzgraber (ex-Amazon, ex-Microsoft) and Dr Kai Hudek (ex-IonQ). They are supported by Vsquared Ventures and Cambium Capital. The team, with roots from across Europe, the UK and the US, bring deep entrepreneurial and technological expertise, having built, run and backed successful deep tech ventures across the globe.
"Quantum is no longer a science experiment, it's a strategic imperative," said Dr Owen Lozman, Managing Partner of 55 North.
"As classical computing nears its physical and computational limits in applications like drug discovery and AI, quantum is well-positioned to accelerate these workloads.
Europe must push its quantum agenda to remain a producer, not just a buyer of quantum technologies. With our first close and early investments, we're laying the foundation for the world's quantum future."
According to Peder Lundquist, CEO, EIFO:
"To fulfil the strategic objective of the Danish Government, we have teamed up with strategic partners to incubate a world-leading platform ready to invest in the important field of quantum technology.
Quantum will shape industries, economies, and security frameworks worldwide. That is why Europe must act decisively to secure a leading position."
Morten Bødskov, Danish Minister for Industry, Business and Financial Affairs:
"We need to seize the potential of quantum technology. It can help us solve some of the major challenges we are facing. Just look at the opportunities within, for example, cybersecurity and supply chain optimisation.
But courage and investment are needed. In Denmark, we proudly carry on Niels Bohr's legacy as we inaugurate the world's largest quantum fund today. With it, we can invest in the major quantum breakthroughs of the future and more quickly get ideas out of the labs and into our society."
The fund's focus on European quantum leadership aligns with EU initiatives to maintain technological independence in critical computing infrastructure as quantum technologies transition from research labs to commercial deployment.
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