A Paris and New York-headquartered quantum technology VC firm has closed what it says is the “largest-ever” dedicated quantum fund.
Quantonation Ventures, an early-stage fund focusing on quantum tech, has closed a €220m fund, with investment from Novo Holdings, the investment arm of Danish drugmaker Novo Nordisk, electronics giant Toshiba and Vertex, the VC platform backed by Singapore state investor Temasek.
The close of the fund comes amid an investment boom in quantum. The latest fund, which Quantonation says was oversubscribed, surpassed its €200 million target. It follows Quantonation's first €91 million fund.
The latest fund, Fund II, invests in the pre-seed and seed rounds of deep physics and quantum tech firms, including companies engaging in molecular design, cybersecurity, and ultra-precise sensing. Quantonation is now the largest quantum fund globally on an AUM basis.
Returning LP investors in the latest fund include Vertex and Fonds National d’Amorçage 2, managed by Bpifrance on behalf of the French State, along with new investors such as the European Investment Fund, Novo Nordisk and Toshiba.
Since its launch in 2018, Quantonation has invested globally in more than 10 countries, backing companies in quantum computing, sensing, supply chains and broader deep-physics domains.
Christophe Jurczak, managing partner, Quantonation, said: “Quantum has spent decades being described as five years away. That wasn’t a failure of physics, but of ecosystems.
"What’s changed is alignment: hardware, software, supply chains, and industrial demand. Quantum is no longer a race to build one machine. It’s an interlocking stack, and that’s where durable value now sits.”
Quantonation backs technologies that take time to scale, saying progress comes from multiple systems, not a single breakthrough.
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