Deep Tech · VC Firm

Amadeus Capital Partners

One of Europe's longest-standing quantum backers, with partner-level depth (Manjari Chandran-Ramesh led Nu Quantum and Photonic; Venture Partner Kelly Richdale ran ID Quantique's Quantum Safe Security). Covers the enabling quantum stack: error correction (Riverlane), networking (Nu Quantum), fault-tolerant hardware (Photonic, planqc), photonic chips (iPronics) and post-quantum encryption (Sitehop), plus an exit via Cryptosense's sale to SandboxAQ.

Active London, United KingdomFounded 1997

Investment thesis

Founded 1997 by Anne Glover and Hermann Hauser; one of the first UK VC firms focused purely on technology, with over $1.3 billion raised for investment and 200+ companies backed since inception.

Invests from seed to growth out of the £110M Amadeus V Technology Fund (closed April 2021, cornerstone British Patient Capital) and the EUR 80M-target Amadeus APEX Technology Fund (first close EUR 28M, Feb 2023, with Vienna-based APEX Ventures, DACH focus, EUR 1-1.5M initial tickets).

Builds quantum positions early and follows on: co-led Riverlane's £3.25M seed (2019) then backed its $20M Series A (2021), £15M Series B (2023) and $75M Series C (2024, led by Planet First Partners); led Nu Quantum's £2.1M seed (2020) then backed its £7M round (2023) and $60M Series A (Dec 2025, led by National Grid Partners), the largest UK quantum Series A to date.

Thesis centres on the enabling layer of quantum: error correction (Riverlane), networking (Nu Quantum), fault-tolerant architectures (Photonic, planqc via APEX), photonic chips (iPronics) and post-quantum encryption (Sitehop, seed co-led 2024), anchored in Hermann Hauser's Cambridge ecosystem.

Anti-thesis

The patterns that trigger a fast no with this fund.

  1. Their quantum first checks are early-stage and modest; they participate rather than lead the large rounds (Riverlane C led by Planet First Partners, Nu Quantum A led by National Grid Partners), so they will not anchor a big raise
  2. The latest dedicated vehicle (APEX, EUR 1-1.5M initial tickets) is DACH-focused and shared with APEX Ventures; non-DACH or non-UK founders may not fit either pocket
  3. Portfolio is concentrated on the enabling layer (error correction, networking, PQC); a full-stack QPU play competing with Photonic or planqc faces conflict-of-interest screening
  4. Amadeus V closed in 2021 and APEX in 2023; with no new flagship announced as of mid-2026, dry powder for new quantum names may be limited versus follow-on reserves
  5. UK and Cambridge ecosystem bias: most quantum deals are Cambridge spin-outs or UK national-security adjacent (NSSIF co-investor on three deals); a US-only story has weaker pull

Notable quantum portfolio

Full portfolio
RiverlaneNu QuantumPhotonic Inc.iPronicsSitehopplanqc

Frequent co-investors