A quantum technology venture capital firm in Amsterdam has rebranded and closed its latest fund beyond initial targets. Ground State Ventures announced the finalization of its early-stage fund at over €75.2 million on Monday. The amount surpasses the original goal of €59.8 million set when the fund launched in 2023.
The fund’s final close comes after commitments from institutional investors and corporate backers in Europe and North America. Among the limited partners are APG, the Dutch pension fund manager, and Innovation Industries, a Dutch deep-tech investor. The oversubscription reflects growing institutional interest in quantum technologies despite economic uncertainty.
The firm was previously known as QDNL Participations. The rebrand to Ground State Ventures signals a broader strategy shift toward early-stage quantum hardware and software startups. Managing partner Tomasso Schmidt stated the fund will focus on companies developing quantum processors, sensors, and algorithms.
Ground State Ventures plans to invest in 12 to 15 companies over the next three years. Its first investments include Qblox, a Dutch quantum control systems maker, and Orange Quantum Systems, a French cryogenic electronics startup. The fund’s target ticket size ranges from €500,000 to €3 million per company.
The quantum sector has seen increased funding in Europe following the European Commission’s Quantum Flagship initiative. Competitors like Speedinvest Quantum and Quantum Valley Investments have also raised large funds in recent months.
Source: eu-startups.com