Quantonation Closes €220 Million ($260 Million USD) Second Fund to Scale Physics-Based Technologies

Quantonation Ventures has closed its second flagship fund, Quantonation II, at €220 million ($260 million USD), surpassing its original €200 million ($236.3 million USD) target. With this close, the firm becomes the largest dedicated quantum investment vehicle globally by assets under management. This second vintage is more than twice the size of the firm’s inaugural €91 million ($123.3 million USD) fund and signals a strategic pivot from backing early laboratory-to-market "pioneers" toward the industrialization and enterprise deployment of quantum and physics-based systems.

The fund is backed by a mix of returning and new institutional limited partners, including Vertex Holdings, Bpifrance (on behalf of the French State), the European Investment Fund, Novo Holdings, and Toshiba. The capital is intended to support an "interlocking stack" of technologies, where hardware, software, and supply chains mature in parallel. The firm’s investment scope has expanded beyond quantum computing to include advanced materials, photonics, and ultra-precise sensing, reflecting a conviction that these technologies scale through engineering discipline rather than the rapid iteration cycles typical of software.

Quantonation II has already deployed capital into 12 companies, with a total portfolio target of approximately 25. Recent investments highlight a focus on scalable infrastructure and hardware, including Diraq (silicon-based quantum chips), Qblox (modular control stacks), and Pioniq (quantum materials for energy storage). This funding activity coincides with broader European capital flows into the sector, such as 55 North’s €300 million quantum fund and QuantWare’s Netherlands-based expansion, underscoring a regional trend toward institutionalizing quantum R&D into industrial supply chains.

For further technical details, view the official announcement from Quantonation here or read the industry analysis at EU-Startups here.

February 18, 2026