Quantonation Ventures has closed its second flagship fund above target at €220 million. With this close, Quantonation becomes the largest dedicated quantum investment firm globally by assets under management.
This second fund is more than twice the size of Quantonation’s first €91 million vintage, which has performed in the top quartile globally, reflecting growing conviction that quantum and deep-physics technologies are moving beyond scientific promise toward industrial systems, enterprise deployment, and real supply chains.
Since launching in 2018, Quantonation has invested globally across more than 10 countries, backing companies in quantum computing, networking, sensing, materials, adjacent supply chain, and broader deep-physics domains. The fund was oversubscribed, surpassing its €200 million target.
All major investors from Quantonation I have returned for the second fund. Returning limited partners include Singapore’s Vertex Holdings; Fonds National d’Amorçage 2, managed by Bpifrance on behalf of the French State; and Bradley M. Bloom, co-founder and former Managing Director of Berkshire Partners.
New limited partners include the European Investment Fund, Grupo ACS, Novo Holdings, Planet First Partners, and Toshiba.
“Quantum has spent decades being described as five years away. That wasn’t a failure of physics, but of ecosystems,” said Christophe Jurczak, managing partner at Quantonation.
“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,” said Jurczak.
Quantonation backs technologies that take time to scale because progress comes from multiple systems, not a single breakthrough. In physics-based domains, progress is real and compounding, but rarely linear.
The company said hardware, software, materials, supply chains, and policy must mature together, often across different timelines. Quantonation invests early to capture value and impact well before full maturity.
From quantum pioneers to industrial systems
Quantonation I backed 27 companies worldwide, helping establish quantum technologies as a credible, investable asset class. The portfolio includes category leaders such as PASQAL, Nord Quantique, and Multiverse Computing, alongside a broader body of scientific and engineering progress transitioning from leading laboratories into commercial environments.
“With Quantonation I, our mission was to back the pioneers. These were the teams turning quantum physics into working machines, and to help the first leaders emerge,” said Olivier Tonneau, partner at Quantonation.
“With Quantonation II, the focus shifts to utility and scale: demonstrating practical advantage, building robust products, and preparing for industrialisation,” said Tonneau.
Quantonation II has already invested in 12 companies and expects to build a portfolio of approximately 25. The larger fund enables Quantonation to write larger initial checks, support companies longer through scale-up, and invest across a broader range of physics-based technologies where progress compounds through engineering and infrastructure rather than speed alone.
“Physics has been a powerful engine for civilizational progress,” said Will Zeng, partner at Quantonation. “Our oversubscribed new fund adds fuel to that engine. We’re backing founders and teams building world-changing companies rooted in better physics and driving the next industrial revolutions.”
Recently, Quantonation invested in quantum computing through Diraq, which is scaling quantum to millions of qubits on a single chip, powered by global silicon foundries.
The firm invested in advanced materials through Pioniq, which is developing quantum materials for next-generation energy storage. Likewise in nanomaterials through Chiral Nano, which is building next-generation chips with nanomaterials for semiconductor manufacturers.
Quantonation also invested in the supply chain through Qblox, enabling modular design and high-density racking to deliver production-level quantum at scale; and security through Project11, building technology and products to secure blockchains against quantum decryption.
It also invested in security through Project11, building technology and products to secure blockchains against quantum decryption; and Resolve Stroke, which is focused on high-resolution acoustic imaging; and Steerlight, which is developing next-generation LiDAR systems.
Expanding the physics frontier
With Quantonation II, the firm is expanding beyond quantum computing alone to a broader class of physics-based technologies, where advances in materials, photonics, sensing, and physical AI increasingly reinforce one another.
This strategy reflects the view that the most consequential technologies of the coming decades will not scale like software. They will scale through engineering discipline, patient capital, and active ecosystem building across industry, research, and public institutions.
Quantonation II is led by its partners Christophe Jurczak; Olivier Tonneau; and Will Zeng, with the support of its investment team and operators completed by Emily Meads, Joseph Maillard, Raphaël Bodin, Ylan Tran, Yu-Hsin Wang and Eléonore de Rose.
