New York and Paris-based venture capital firm Quantonation Ventures has closed its second flagship fund at €220 million, surpassing its €200 million target and becoming the largest dedicated quantum investment firm globally by assets under management.
The new vehicle is more than twice the size of the firm’s inaugural €91 million fund, which ranked in the top quartile globally. The oversubscribed raise reflects growing investor conviction that quantum and deep-physics technologies are moving from scientific research into industrial systems, enterprise deployment, and real-world supply chains.
Founded in 2018, Quantonation has invested in more than 10 countries across quantum computing, networking, sensing, advanced materials, supply chain infrastructure, and broader physics-based domains. All major investors from the first fund returned, including 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. New limited partners in the second fund include the European Investment Fund, Grupo ACS, Novo Holdings, Planet First Partners, and Toshiba.
The firm positions its strategy around long-term scaling of hardware-driven technologies, arguing that progress in physics-based innovation compounds through coordinated advances in hardware, software, materials, infrastructure, and policy rather than through a single breakthrough.
Quantonation I backed 27 companies globally, including PASQAL, Nord Quantique, and Multiverse Computing, helping establish quantum technologies as an investable asset class. With the second fund, the focus shifts toward scaling practical utility, building robust industrial products, and supporting companies through commercial expansion.
Quantonation II has already invested in 12 companies and expects to build a portfolio of approximately 25. The larger fund size allows the firm to write bigger initial checks and support portfolio companies through longer development cycles.
Recent investments span quantum computing company Diraq; advanced materials startup Pioniq; nanomaterials company Chiral Nano; supply chain infrastructure provider Qblox; blockchain security company Project11; acoustic imaging company Resolve Stroke; and LiDAR developer Steerlight.
The fund is led by partners Christophe Jurczak, Olivier Tonneau, and Will Zeng, alongside the broader investment team. Headquartered in Paris and New York, Quantonation invests across Europe, North America, and Asia-Pacific, focusing on translating deep physics research into commercially viable industrial technologies.
KEY QUOTES:
“Quantum has spent decades being described as five years away. That wasn’t a failure of physics, but of ecosystems. What’s changed is alignment: hardware, software, supply chains, and industrial demand. Quantum is no longer a race to build one machine. It’s an interlocking stack, and that’s where durable value now sits.”
Christophe Jurczak, Managing Partner, Quantonation
“With Quantonation I, our mission was to back the pioneers. These were the teams turning quantum physics into working machines, and to help the first leaders emerge. With Quantonation II, the focus shifts to utility and scale: demonstrating practical advantage, building robust products, and preparing for industrialisation.”
Olivier Tonneau, Partner, Quantonation
“Physics has been a powerful engine for civilizational progress. Our oversubscribed new fund adds fuel to that engine. We’re backing founders and teams building world-changing companies rooted in better physics and driving the next industrial revolutions.”
Will Zeng, Partner, Quantonation
