Latest fund size
$88M
Announced
May 14, 2026
Global HQ
Netherlands
Members only
Check size
$500K-$1.5M
Members only
Stage focus
Pre-seed
Members only
Regions of investment
United States, Europe
Members only
Ground State Ventures (formerly QDNL Participations) is an Amsterdam-based early-stage venture capital firm focused exclusively on quantum technology. Founded in 2022 by Ton van't Noordende, the firm began as the investment arm of Quantum Delta NL before rebranding and expanding globally. The team includes physicists with PhDs from top universities including Oxford, Stanford, Harvard, Yale, and UC Berkeley, and the firm now operates offices in Amsterdam, London, and San Francisco.
Members only
Names, roles, emails and LinkedIn profiles for the team, plus the fund's website.
Ground State Ventures invests exclusively in quantum technology across the full quantum stack. This covers computing, networking, sensing, and infrastructure, with a focus on teams working to solve key problems that must be addressed for quantum technologies to grow and become commercially viable. The firm sources deals primarily from university research groups globally, engaging with top-tier research groups at MIT, Harvard, the University of Maryland, Stanford, Berkeley, Oxford, Cambridge, and Chalmers, typically before companies are incorporated.
Members only
What the fund looks for in founders and which sectors it backs.
Ground State Ventures announced its second fund at $88 million in May 2026. The firm's first fund, launched in March 2023, raised $17 million with Quantum Delta NL as its sole LP. In less than 15 months, the portfolio's total value reached $1.3 billion. Ground State Ventures plans to invest in approximately 30 companies over the coming years.
Members only
Fund size, LPs and track record.
Leadership
Ton van't Noordende is the founder and General Partner of Ground State Ventures.
Investment Strategy
The fund typically invests between $500,000 and $1.5 million at the earliest stages, and is prepared to make follow-on investments, particularly when a company is solving a key challenge in the quantum stack. Ground State Ventures leads the first investment in each company, acts as investor of record, and typically takes a board seat. The firm's sourcing approach centers on direct engagement with university research groups before founders have incorporated, positioning the fund as the first institutional check in every portfolio company.
Notable Investments
Fund I from Dutch university spinouts:
Fund II from international expansion:
The current portfolio totals 15 companies: five US-based and ten European.
Members only
Leadership, investment strategy, notable investments and exits.
