Quantonation Ventures is a Paris and New York-based venture capital firm founded in 2018, and the world's first and now largest dedicated early-stage fund for quantum technologies and deep physics. The firm was built on the conviction that physics, not just software, will define the next industrial revolution, and that the most transformative technologies of the coming decades will emerge from breakthroughs in quantum mechanics, photonics, advanced materials, and sensing. Since its founding, Quantonation has invested across more than ten countries, backed 27 companies through its first fund, and helped establish quantum technology as a credible and investable asset class at a time when most institutional investors treated the field as purely speculative. With the close of its second fund in February 2026, Quantonation now holds the distinction of being the largest dedicated quantum investment firm globally by assets under management.
Quantonation II closed in February 2026 at €220 million, above its original target, making it more than double the size of Quantonation's first fund of €91 million. The fund was oversubscribed and had already deployed capital into 12 companies at the time of the close, with a target portfolio of approximately 25 companies and five venture studios worldwide. The European Investment Fund committed €30 million to the vehicle, a significant institutional anchor that reflects Europe's strategic interest in building quantum technology sovereignty.
New limited partners in Fund II include Novo Holdings, the controlling shareholder of Novo Nordisk; Grupo ACS, the Spanish infrastructure and data center builder; Planet First Partners; Toshiba; and the European Investment Fund. Returning LPs from Fund I include 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. Quantonation I has performed in the top quartile globally for its vintage, which drove strong LP conviction for the follow-on raise. The larger Fund II allows Quantonation to write bigger initial checks, support companies longer through their scale-up phases, and expand its coverage beyond core quantum computing into advanced materials and sensing. Managing Partner Christophe Jurczak framed the fund's timing around ecosystem maturity: "Quantum has spent decades being described as five years away. That wasn't a failure of physics, but of ecosystems."
Leadership
Quantonation is led by three partners, all of whom bring deep scientific and investment credentials to the firm. Christophe Jurczak, Ph.D., serves as Managing Partner and is one of the pioneers of dedicated quantum venture investing globally. Olivier Tonneau is a Partner with a strong investment background who has been central to the firm's European ecosystem development and LP relationships. Will Zeng, Ph.D., is a Partner based primarily in the United States, bringing scientific depth and North American network connectivity. The firm's investment team is further supported by Emily Meads, Joseph Maillard, Raphael Bodin, Ylan Tran, Yu-Hsin Wang, and Eleonore de Rose. Nobel Laureate Alain Aspect, the quantum physicist whose foundational experiments on entanglement have shaped the field for decades, serves as an advisor to the fund. The firm also maintains venture studio partnerships globally, having supported the launch of QV Studio in Canada and Quantum Italia, with additional studios in development across Europe, Asia-Pacific, and the United States.
Investment Strategy
Quantonation's strategy is grounded in the view that quantum and deep physics technologies do not scale like software. They scale through engineering discipline, patient capital, and active ecosystem building across academia, industry, research institutions, and public policy. The firm invests from pre-seed through Series A, with selective participation in Series B for its most promising portfolio companies. A distinguishing feature of Quantonation's approach is that its partners will read research papers, visit labs, and consult world-renowned experts before making investment decisions, a level of technical diligence that most generalist VCs are not equipped to conduct. The firm also works actively to build new companies when no suitable existing team is available, using its venture studio partnerships in Canada, Italy, and beyond to co-create companies from scientific foundations. Portfolio companies benefit from the firm's global network spanning academia, industry, and institutional investors, and from the firm's ability to facilitate supply chain introductions and customer development across the quantum ecosystem.
Notable Investments
Quantonation's Fund I portfolio of 27 companies includes some of the most recognized names in the global quantum technology landscape. PASQAL, a leading neutral-atom quantum computing company co-founded by Nobel Laureate Alain Aspect, is one of the firm's marquee investments and has emerged as a category leader in programmable quantum processors. Quandela builds quantum photonic processors and is one of Europe's most advanced quantum hardware companies. Multiverse Computing develops quantum and quantum-inspired software for financial services and industrial optimization. Nord Quantique is advancing quantum error correction with a unique bosonic approach. Quobly is developing silicon-spin qubits. Qubit Pharmaceuticals applies quantum computation to drug discovery. WeLinQ and QphoX work on quantum memories and quantum interconnects that will underpin future quantum networks. Qblox builds modular, scalable control electronics that enable practical quantum computing deployments. From Fund II, early investments include Diraq, which is scaling silicon-based quantum computing toward millions of qubits using global semiconductor foundries; Pioniq, developing quantum materials for next-generation energy storage; Chiral Nano, advancing nanomaterials and semiconductor components; and Project11, building quantum-secure cybersecurity products to protect blockchain infrastructure against future quantum decryption attacks.
Notable Exits
Quantonation has not publicly disclosed specific exit events from its portfolio. As a firm investing in deep-tech hardware and physics-based platforms, exit timelines tend to be longer than in software venture, reflecting the engineering cycles required to bring these technologies to commercial maturity. The firm's Fund I has nonetheless performed in the top quartile of global venture capital for its vintage, suggesting meaningful value creation across the portfolio even without disclosed liquidity events.
Other
Founders considering Quantonation should understand that this firm operates at the frontier of investable science, not product-market fit. It is one of the very few VC firms globally with the team and expertise to evaluate cutting-edge physics research, engage with laboratory founders, and help commercialize technologies that most investors do not yet understand. Founders with deep scientific backgrounds, university spinout companies, or teams working on quantum hardware, photonics, sensing, or advanced materials will find a genuinely differentiated and technically fluent partner in Quantonation. The firm's LP base adds a further strategic dimension: Novo Holdings brings life sciences and drug development relevance, Toshiba brings deep quantum electronics expertise, and the European Investment Fund brings institutional credibility and follow-on access. Founders should also be aware that Quantonation actively co-creates companies via its venture studio network, meaning it is open to engaging even before a company is formally incorporated if the underlying science is compelling. The firm has a strong European and global orientation and is not geographically restricted.
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