Paris-based venture firm Quantonation Ventures has closed its second flagship fund above target at €220 million, cementing its position as the largest dedicated quantum investment firm in the world by assets under management. The close marks a major vote of institutional confidence in quantum and physics-based technologies as they move from laboratory promise toward real commercial deployment.
The fund is more than twice the size of Quantonation’s debut €91 million vintage, which has reportedly delivered top-quartile performance globally — a track record that helped attract a strong mix of returning and new institutional backers.
Who backed the fund
All major investors from the first fund returned for the second. Returning limited partners include Vertex Holdings, Fonds National d’Amorçage 2 managed by Bpifrance on behalf of the French State, and Berkshire Partners co-founder Bradley M. Bloom. New limited partners joining the cap table include the European Investment Fund, Grupo ACS, Novo Holdings, Planet First Partners, and Toshiba — a lineup that signals growing industrial and sovereign interest in the quantum ecosystem.
From pioneers to utility
Quantonation has backed more than 27 companies across 10 countries since launching in 2018, with a first-fund portfolio that includes PASQAL, Nord Quantique, and Multiverse Computing. The second fund, already deployed into 12 companies with a target portfolio of around 25, reflects a deliberate shift in focus.
Partner Olivier Tonneau captured the evolution clearly: with Quantonation I, the mission was backing pioneers turning quantum physics into working machines. With Quantonation II, the focus moves to utility and scale — demonstrating practical advantage, building robust products, and preparing for industrialisation.
Managing Partner Christophe Jurczak put the broader moment in context: “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.”
A broader portfolio than quantum computing alone
Quantonation II is deliberately wider in scope than its predecessor, extending beyond quantum computing to encompass advanced materials, photonics, sensing, nanomaterials, and what the firm calls “deep physics” — areas where engineering progress compounds through infrastructure and discipline rather than speed alone.
Recent portfolio investments illustrate the breadth of the thesis. On the computing side, Diraq is working to scale quantum to millions of qubits on a single silicon chip using global foundry infrastructure. Pioniq is developing quantum materials for next-generation energy storage. Chiral Nano is building next-generation chips with nanomaterials for semiconductor manufacturers. Qblox is enabling modular, production-level quantum systems through high-density racking. Project11 is tackling the looming threat of quantum decryption targeting blockchain security. And in deep physics and sensing, the fund has backed Resolve Stroke — focused on high-resolution acoustic imaging — and Steerlight, developing next-generation LiDAR systems.
A maturing European quantum ecosystem
Quantonation’s close does not stand alone. European quantum investment has been picking up pace across the stack. QuantWare raised a €20 million Series A in early 2025 to scale quantum processor fabrication in the Netherlands. Copenhagen-based 55 North announced a €134 million first close of a planned €300 million quantum-focused fund. And Dublin’s Equal1 raised €51 million in early 2026 to accelerate silicon-based quantum computing platforms.
Together, these developments paint a picture of an ecosystem moving from scattered early bets to coordinated, multi-layer capital deployment — exactly the conditions that Quantonation, with its larger cheque sizes and longer runway for portfolio companies, is now positioned to help drive.
Partner Will Zeng summed up the firm’s conviction: “Physics has been a powerful engine for civilisational progress. Our oversubscribed new fund adds fuel to that engine.”
Fast facts:
- Fund size: €220M (above target)
- Manager: Quantonation Ventures, Paris
- Fund I size: €91M (top-quartile performance)
- Portfolio companies to date: 27 (Fund I) + 12 already deployed from Fund II
- Target Fund II portfolio: ~25 companies
- Focus: Quantum computing, sensing, networking, advanced materials, photonics, deep physics
