VC Quantonation closes €220M fund to back next-gen physics tech
A Paris-based venture firm that has quietly shaped the quantum technology scenery is now making a much louder statement about Europe’s role in the future of computing, materials science, and sensing.
Quantonation Ventures has today announced the successful close of its second flagship fund at €220 million, more than double the size of its first vehicle and a clear signal that institutional capital is flowing into technologies grounded in physics, not just software.
Quantonation is not your typical venture capital firm. From its inception, it set out to invest in startups building real hardware and disruptive physics-based platforms, including quantum computing, sensing, communications, advanced materials, and what the industry calls “deep physics.”
The new Quantonation II fund attracted big names in institutional capital alongside strategic technology investors. Backers include the European Investment Fund, French public investor Bpifrance, Spanish construction and infrastructure group Grupo ACS, Denmark’s Novo Holdings, Japanese tech giant Toshiba, and Singapore-linked Vertex Holdings among others.
This mix of public and private capital reflects broader confidence in the potential of physics-based technologies to move beyond the research lab and into tangible commercial impact.
Where early quantum investing often centered on proof-of-concept breakthroughs, Quantonation’s strategy now emphasizes industrialization, scale, and products that customers, not just scientists, can use.
Quantonation’s expanded fund will target roughly 25 companies, writing larger checks and backing startups through earlier stages and scaling phases alike.
The portfolio already spans quantum computing hardware, advanced materials, sensing systems, and even components aimed at preparing infrastructure for widespread quantum deployment. Investments so far include:
- Diraq, which is scaling silicon-based quantum technologies toward high qubit counts
- Pioniq, developing energy-focused quantum materials
- Chiral Nano, advancing nano materials and semiconductor components
- Qblox, building modular, scalable quantum control electronics
- Project11, focusing on quantum-secure cybersecurity solutions
- Steerlight, innovating LiDAR systems driven by deep physics methods
This spread illustrates both a depth and a breadth of conviction: rather than betting on a single application, the fund’s investors are backing an ecosystem of physics-driven companies that could redefine multiple industries.
Despite this progress, Europe still trails the U.S. and China in private investment scale for quantum technologies, where large funding pools have helped local startups rapidly expand and commercialize.
The quantum revolution often gets discussed in terms of qubits and breakthrough physics. But investors and industry leaders increasingly see the future as one where quantum systems must integrate into real infrastructure, real supply chains, and real commercial stacks.
With €220 million under management, Quantonation is now one of the largest dedicated funds in its niche, a distinction that positions Europe more firmly in the global competition over next-generation computing and sensing.
What was once a cluster of scattered bets on niche technology now looks like a coherent wave of strategic investment. Europe isn’t just funding quantum anymore; it’s building a commercial ecosystem that might one day compete at scale with global rivals.
