French physics and quantum startup capital firm Quantonation Ventures completed its second flagship fund, Quantonation II, at €220 million.
Quantonation Ventures
High-profile financing milestones between 2025 and 2026 show that quantum and deep-physics investment in Europe is rising. Quantonation Ventures, a worldwide legend in quantum capital management, closed a €220 million flagship fund. This financial inflow is occurring throughout the continent, with businesses like QuantWare and Equal1, as well as other companies like 55 North, obtaining large sums to expand their silicon platforms, processors, and hardware.
A deliberate move away from fundamental laboratory research and toward industrial-scale applications, such as secure communications, improved materials, and medical imaging, is indicated by these advancements. The entire quantum stack is attracting more attention from investors, who are looking beyond individual devices to support the supply chains, infrastructure, and technical expertise needed for commercial viability. Eventually, this pattern shows an increasing belief that these disruptive technologies are prepared to spearhead the next industrial revolution on a worldwide scale.
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€220 Million Fund to Expand the Quantum Stack, Quantonation
Quantonation Ventures, a venture capital firm based in Paris that focuses on innovations in physics and quantum, has announced that its second flagship fund, Quantonation II, closed at €220 million. By assets under management (AUM), Quantonation is apparently the largest specialized quantum investing business in the world, following its oversubscribed closing. With a substantial increase over its predecessor, which raised €91 million, the fund demonstrates an increasing institutional belief that quantum technology is moving from lab study to large-scale industrial use.
Several well-known and varied investors were drawn to the fund. Bradley M. Bloom, Vertex Holdings, and Bpifrance (who oversee Fonds National d’Amorçage 2) are returning limited partners. They are joined by new big sponsors including Toshiba, Novo Holdings, Grupo ACS, the European Investment Fund (EIF), and Planet First Partners. Following previous noteworthy fundraising events including Equal1’s €51 million round in early 2026, 55 North’s €134 million first closure, and QuantWare’s €20 million Series A, this investment comes at a critical juncture for the European DeepTech sector.
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The Move from Innovators to Industrial Use
This is an important time for the industry, according to Quantonation’s leadership. The synchronization of hardware, software, supply chains, and industry demand has caused quantum technology to mature and no longer be “five years away,” according to Christophe Jurczak, Managing Partner of Quantonation. While Quantonation II is specifically focused on utility and scalability, the firm’s initial fund was more concerned with supporting “pioneers” and the rise of the first leaders. According to Partner Olivier Tonneau, the objective is now to create reliable goods for manufacturing and show a practical benefit.
In contrast to a competition for a single computer, the company sees the quantum environment as an interlocking stack with persistent value spread over several levels. With this approach, larger initial checks are written, and businesses are supported for longer during their scale-up stages. Currently, the company’s portfolio includes over ten nations in Asia-Pacific, North America, and Europe.
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Building the Hardware Foundation
Fundamental to this “stack” is a wide range of hardware techniques. The company Pasqal, which uses ordered neutral atoms in 2D and 3D arrays that are controlled by lasers to function as qubits, is one that Quantonation has supported. Because these processors can function at normal temperature, they eliminate the need for intricate cryogenic equipment and provide the possibility of scaling to thousands of qubits.
Utilizing the current semiconductor infrastructure, silicon-based designs are the focus of other hardware expenditures. A spin-off from the University of New South Wales, Diraq uses silicon quantum dots that can be synthesized using conventional CMOS technology. With this method, billions of qubits are intended to be integrated into a single chip. Likewise, Quobly, a French firm, is using completely depleted silicon-on-insulator (FD-SOI) technology to create scalable quantum controllers.
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ORCA Computing and Quandela are working on modular, adaptable light-based quantum computers in the photonics space. Due to its interoperability with current fiber-optic networks and high speeds, photonic technologies make integration simpler. Using bosonic codes to encode error correction directly into individual qubits, Nord Quantique adds another layer to the hardware stack by concentrating on fault-tolerant technology. This is said to reduce physical qubit overhead by a factor of 1,000 to 10,000.
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Securing and Connecting the Quantum Future
To link and safeguard these systems, Quantonation II has also made significant investments in the necessary infrastructure. Businesses such as Qblox offer modular and scalable control stacks, which are the electronics needed to operate qubits on different platforms. Distributed quantum architectures require quantum interconnects and transducers to bridge quantum computers, which WelinQ and QphoX are creating for networking. This is being advanced further by Qunnect and MemQ, who are creating optical interconnects and field-ready technology that can take use of the current telecom infrastructure.
From a security perspective, the company is tackling the imminent danger that quantum computers provide to traditional encryption. VeriQloud and CryptoNext Security provide post-quantum cryptography (PQC) and quantum-secure architectures to safeguard data while it is being stored and transmitted. By focusing on blockchains, new investments like Project Eleven allow users to connect quantum-resistant keys to already-existing assets like Bitcoin.
Deep Physics and Sensing Expansion
In “Deep Physics,” where advances in materials and sensing complement one another, the firm’s theory goes beyond computing. Pioniq Technologies is a shining example, using quantum simulations to create solid-state batteries that are sustainable and devoid of essential components like cobalt and lithium. Chiral Nano is an additional company that uses robotic placement to integrate nanomaterials like carbon nanotubes to create high-performance electronics.
Silicon photonics is being used by businesses such as SteerLight to develop mechanical-free LiDAR sensors for autonomous mobility in the sensing space. Resolve Stroke is transforming emergency medicine’s brain diagnoses by using cutting-edge acoustic imaging. On-chip sensors from InSpek for real-time biochemical monitoring and diamond-based magnetometers from Qnami for atomic-scale imaging are examples of further sensing applications.
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An Agenda for the Industrial Revolution
The Quantonation II portfolio is intended to include about 25 startups, and the company wants to be more than just a source of funding. According to Will Zeng, a partner, physics is a “powerful engine for civilizational progress,” and the new fund gives teams operating businesses the gasoline they need to propel the next industrial revolutions. With generative AI and quantum-inspired software, Quantonation is establishing itself as the foundation of the global quantum ecosystem by bridging the gap between theoretical research and industrial application, as businesses like Multiverse Computing and LightOn are already doing.
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