55 North announced the first close of its inaugural Fund I, having raised €134 million out of a targeted €300 million. This significant milestone establishes 55 North as the largest dedicated venture capital fund focused exclusively on quantum technology. The fund was co-founded by three seasoned general partners: Owen Lozman, Dr. Helmut Katzgraber, and Dr. Kai Hudek, all of whom possess deep expertise in quantum and deep-tech sectors. Notable anchor investments include the Export and Investment Fund of Denmark (EIFO) and Novo Holdings, complemented by support from European VC firm Vsquared Ventures and U.S.-based Cambium Capital.
Based in Denmark, 55 North aims to invest globally across diverse stages of development in quantum technology. The fund has already made two promising investments. It backed IQM, a leader in the European quantum space, during its impressive €275 million Series B financing round. Additionally, 55 North co-led an investment in Kiutra’s €13 million Series A-2 round, focusing on advancing groundbreaking technology within the quantum sector.
Recent developments indicate that quantum technologies have become a strategic priority at multiple levels—national, European, and global. Countries such as the EU, UK, Germany, France, and Denmark are actively embedding quantum technologies into their security and innovation frameworks. The G7 recently announced coordinated efforts to advance these technologies, supported by $40 billion in global public funding. This commitment underscores the pressing need for effective leadership in areas such as economic sovereignty, national security, and climate resilience. Denmark has embarked on this journey with its National Strategy for Quantum Technology launched in 2023, which underscores the nation’s dedication to nurturing the quantum tech field as part of its long-term innovation agenda.
The establishment of the 55 North fund, backed by EIFO and Novo Holdings, represents a significant step toward bolstering the global quantum ecosystem. Denmark serves as an ideal location for such a fund, given its rich reservoir of expertise and innovation. This strategic location equips 55 North with the resources necessary to effectively invest in quantum technologies on an international scale.
The leadership team at 55 North comprises Managing Partner Dr. Owen Lozman FRSC, who previously worked at M Ventures, alongside General Partners Dr. Helmut Katzgraber, with experience at Amazon and Microsoft, and Dr. Kai Hudek, formerly of IonQ. Together, they are supported by the expertise of Vsquared Ventures and Cambium Capital. This diverse team hails from various regions, including Europe, the UK, and the US, bringing a wealth of entrepreneurial and technical knowledge built through years of nurturing and investing in successful deep-tech ventures.
55 North’s highly specialized approach focuses exclusively on quantum technologies, directing its investments across three interrelated areas: computing, sensing, and communication. The fund is committed to backing companies that are transforming industries, accelerating research and discovery, and pushing global progress forward. Investments target a range of solutions, from enabling technologies to complete systems and software designed to solve pressing real-world problems. This well-rounded strategy is designed to balance immediate commercial gains with long-term aspirations, fostering synergies among portfolio companies to enhance overall growth in the quantum sector.
The initial investments made by 55 North illustrate this strategic vision clearly. The €275 million Series B financing for IQM stands out as the largest funding round ever secured by a European quantum technology company. IQM is notable for having installed the largest number of on-premises quantum computers in Europe and for providing cloud access to quantum computing resources. Additionally, 55 North has co-led the €13 million Series A-2 financing round for Kiutra, a German company specializing in advanced cryogenic cooling systems, which are crucial for the efficient operation of quantum computing and sensing applications.
55 North’s strategic focus on elevating European leadership in the quantum sector aligns seamlessly with EU-led initiatives aimed at preserving technological independence in critical computing infrastructure while ensuring a successful transition of quantum technologies from academic research to commercial applications.
KEY QUOTES:
“Quantum is no longer a science experiment, it’s a strategic imperative. As classical computing nears its physical and computational limits in applications like drug discovery and AI, quantum is well positioned to accelerate these workloads. Europe must push its quantum agenda to remain a producer, not just a buyer of quantum technologies. With our first close and early investments, we’re laying the foundation for the world’s quantum future.”
Dr. Owen Lozman, Managing Partner of 55 North
“We are thrilled to see 55 North launch. To fulfil the strategic objective of the Danish Government, we have teamed up with strategic partners to incubate a world-leading platform ready to invest in the important field of quantum technology. Quantum will shape industries, economies, and security frameworks worldwide. That is why Europe must act decisively to secure a leading position. With an outstanding team and solid backing from us, Novo Holdings, and further investors to come, 55 North is set to play a defining role.”
Peder Lundquist, CEO, EIFO
“We are very pleased to act as cornerstone investors in 55 North alongside EIFO, which shares our conviction that quantum innovation holds the potential to address some of the most critical challenges in human and planetary health. Innovation requires capital, and it is therefore essential to make the necessary resources available to the companies that create the solutions of tomorrow. This marks an important step in Novo Holdings’ quantum investment strategy, where we aim to back the most promising companies driving progress in the field. We see quantum technologies as a transformative enabler of life science solutions that can ultimately improve the health of people and the planet worldwide.”
Søren Møller, Managing Partner, Novo Holdings
“We need to seize the potential of quantum technology. It can help us solve some of the major challenges we are facing. Just look at the opportunities within, for example, cybersecurity and supply chain optimization. But courage and investment are needed. In Denmark, we proudly carry on Niels Bohr’s legacy as we inaugurate the world’s largest quantum fund today. With it, we can invest in the major quantum breakthroughs of the future and more quickly get ideas out of the labs and into our society.”
Morten Bødskov, Danish Minister for Industry, Business and Financial Affairs
