Ground State Ventures, formerly known as QDNL Participations, has rebranded and announced that its early-stage quantum technology fund has reached $88 million in commitments, surpassing its original target of $70 million as it approaches final close. The new name and identity reflect the firm’s expansion well beyond its original focus on Netherlands-based quantum startups to a broader international investment platform spanning the United States, Europe, and beyond.
The rebrand draws on quantum science terminology: in quantum physics, the ground state is the baseline energy level of a particle, and with the right input of energy it can reach an excited state where its reach and influence expand. The firm positions itself as the catalyst that does the same for early-stage quantum startups, injecting capital and support to take companies from their starting point and onto a path toward commercial success and meaningful technological impact.
Founded with a concentrated focus on Dutch quantum startups, Ground State Ventures was the first investor in several of Europe’s highest-potential quantum companies, including QuantWare, Qblox, QT Sense, QphoX, Orange Quantum Systems, and Q*Bird. The firm has since expanded internationally, leading initial funding rounds in U.S.-based startups including Diffraqtion, Quantum Elements, and SiC Systems, as well as Switzerland-based Rhonexum. The international expansion reflects the firm’s view that the most compelling quantum technology opportunities are increasingly global in nature.
In 2023, the firm attracted Chad Rigetti, founder of Rigetti Computing and one of the pioneering figures in quantum computing, as a partner. Ground State Ventures has also backed Rigetti’s new company, Sygaldry Technologies, participating in both the seed and Series A components of Sygaldry’s recent $139 million raise. The Sygaldry investment illustrates the firm’s strategy of putting the first check into companies it believes in and continuing to support them with follow-on funding as they scale.
Ground State Ventures has put the first check into every company it has backed to date, with portfolio value growing to 1.3 billion dollars in under fifteen months. The fund will continue backing startups at the earliest stages while also participating in follow-on rounds as portfolio companies mature. The firm operates with offices in Amsterdam, London, and San Francisco, with a team drawing on deep expertise across both quantum technologies and venture capital.
