Quantonation Ventures Raises €220M to Fuel European Quantum Tech Growth

A Paris-based venture firm is signaling a significant vote of confidence in the burgeoning field of quantum and physics-based technologies. Quantonation Ventures today announced the successful close of its second flagship fund, raising €220 million – more than double the size of its first fund. This substantial investment underscores a growing belief that these technologies are moving beyond theoretical research and toward practical, industrial applications.

Quantonation distinguishes itself from many venture capital firms by focusing on “deep physics” – investing in companies building the underlying hardware and platforms, rather than solely software applications. This includes quantum computing, advanced materials, sensing, and communications technologies. The firm’s approach reflects a shift in the quantum landscape, moving away from purely proof-of-concept projects toward scalable, commercially viable products.

The new fund, Quantonation II, has attracted a diverse group of investors, including the European Investment Fund, French public investor Bpifrance, Spanish infrastructure group Grupo ACS, Denmark’s Novo Holdings, Japanese tech giant Toshiba, and Singapore-linked Vertex Holdings. This mix of public and private capital demonstrates increasing confidence in the potential of physics-based technologies to deliver tangible commercial impact.

“Quantum has spent decades being described as five years away,” said Christophe Jurczak, Managing Partner at Quantonation. “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.” This sentiment highlights a key change in the investment thesis: a focus on building complete systems, rather than isolated breakthroughs.

Quantonation’s expanded fund will target approximately 25 companies, providing larger investments across earlier stages and scaling phases. The firm’s existing portfolio provides a glimpse into its investment strategy. Current holdings include:

• Diraq, focused on scaling silicon-based quantum technologies to increase qubit counts.
• Pioniq, developing quantum materials with applications in energy.
• Chiral Nano, advancing nanomaterials and semiconductor components.
• Qblox, building modular and scalable quantum control electronics.
• Project11, developing quantum-secure cybersecurity solutions.
• Steerlight, innovating LiDAR systems utilizing deep physics methods.

This diverse portfolio illustrates a strategic approach: rather than concentrating on a single quantum application, Quantonation is backing a broad ecosystem of companies that could disrupt multiple industries. The fund’s investments span the entire value chain, from fundamental hardware components to application-specific solutions.

While this represents significant progress, Europe still lags behind the United States and China in overall private investment in quantum technologies. The larger funding pools available in those regions have enabled local startups to expand rapidly and accelerate commercialization. However, Quantonation’s success demonstrates a growing momentum within the European quantum ecosystem.

The discussion surrounding the quantum revolution often centers on the intricacies of qubits and fundamental physics. However, investors and industry leaders are increasingly recognizing the importance of integrating quantum systems into existing infrastructure, supply chains, and commercial stacks. The focus is shifting from theoretical potential to practical implementation.

With €220 million in assets under management, Quantonation is now one of the largest dedicated quantum investment firms globally. This position strengthens Europe’s role in the international competition for leadership in next-generation computing and sensing technologies. The firm’s success signals a maturing of the quantum investment landscape, moving beyond early-stage research and toward the development of a robust commercial ecosystem.

What began as a series of scattered investments in niche technologies is now evolving into a coordinated wave of strategic investment. Europe is not simply funding quantum research; it is actively building a commercial ecosystem capable of competing on a global scale.