A Paris and New York based venture capital firm specialising in quantum technologies has closed what it describes as the largest dedicated quantum fund ever raised, signalling growing confidence in the commercial future of quantum and deep physics innovation.
A milestone fund for quantum investment
Quantonation Ventures has closed a €220 million second fund, significantly exceeding its original €200 million target. The fund was oversubscribed and brings Quantonation’s total assets under management to more than €300 million, positioning it as the largest quantum focused venture capital firm globally by AUM.
The new fund attracted backing from a mix of strategic corporate and institutional investors. These include Novo Holdings, the investment arm of Danish pharmaceutical group Novo Nordisk, Japanese electronics company Toshiba, and Vertex, the venture capital platform supported by Singapore state investor Temasek. Returning limited partners include Vertex and Fonds National d’Amorçage 2, managed by Bpifrance on behalf of the French State, while new investors also include the European Investment Fund.
Building on early quantum momentum
Founded in 2018, Quantonation was one of the first venture firms globally to focus exclusively on quantum and deep physics technologies. Its first fund closed at €91 million and allowed the firm to back early pioneers across quantum computing, sensing, communications, and advanced physical systems.
Since launch, Quantonation has invested in startups across more than ten countries, supporting companies working on quantum processors, ultra precise sensors, cybersecurity, molecular design, and next generation supply chain technologies. The firm’s geographic footprint spans Europe, North America, and other global innovation hubs, reflecting the international nature of quantum research and commercialisation.
From promise to ecosystem
Quantum technologies have long been described as perpetually just a few years away from real world impact. According to Quantonation managing partner Christophe Jurczak, that narrative is now shifting. Rather than waiting for a single breakthrough machine, the industry is increasingly progressing through the coordinated development of hardware, software, manufacturing capabilities, and industrial use cases.
Jurczak argues that the key change has been ecosystem alignment. Advances in materials, cryogenics, control electronics, algorithms, and early customer demand are now moving forward together. This creates more durable value and lowers the risk that progress depends on one narrow technological leap.
Focus on early stage deep physics
Quantonation Fund II will continue the firm’s early stage focus, investing primarily at pre seed and seed level. The fund targets startups applying quantum and deep physics to practical problems across sectors such as healthcare, security, chemistry, energy, and advanced manufacturing.
Rather than backing only pure play quantum computing companies, the fund looks across the broader stack, including enabling technologies and adjacent physics driven innovation. This approach reflects the firm’s belief that long term value will emerge from multiple interconnected systems rather than a single dominant platform.
A growing wave of quantum capital
The close of the fund comes amid a broader surge in quantum investment globally. Governments, corporates, and financial investors are increasing commitments as quantum moves closer to real world deployment. Strategic investors such as Novo Nordisk and Toshiba bring not only capital but also potential industrial pathways for future portfolio companies.
With Fund II now closed, Quantonation plans to deepen its role as a cornerstone investor in the quantum ecosystem, supporting founders over long development cycles and helping bridge the gap between advanced physics research and scalable commercial products.
As quantum transitions from theory driven promise to ecosystem driven execution, Quantonation’s expanded fund reflects rising confidence that the sector is entering a new and more tangible phase of growth.