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Battery Ventures

Battery Ventures is a Boston/San Francisco/Menlo Park/London/Tel Aviv-based multi-stage VC founded 1983, with $17B AUM. Battery XIV ($1.15B) and Battery Select Fund II ($1.4B) for a combined $2.55B…

Stage Pre-Seed → Growth
Ticket $500k - $100.0M
Quantum focus Quantum Computing HW, Quantum Computing SW
Geography Global

Investment thesis

Battery Ventures is a Boston/San Francisco/Menlo Park/London/Tel Aviv-based multi-stage VC founded 1983, with $17B AUM. Battery XIV ($1.15B) and Battery Select Fund II ($1.4B) for a combined $2.55B vintage (2022). Invests seed through buyout across software, consumer internet, industrial tech, fintech, healthcare. Cheques $500k-$100M+ depending on stage.

Quantum portfolio is concentrated on Israeli quantum infrastructure: lead investor in Quantum Machines (control and orchestration hardware for any qubit modality — "OS for quantum computers"; Series C 2024 at ~$170M total) and Quantum Art (trapped-ion with multi-qubit gates, seed 2021). Battery's bet is architecture-agnostic, mirroring DCVC's picks-and-shovels philosophy but with heavier growth-stage firepower.

Value-add: B2B enterprise GTM expertise relevant to quantum-cloud and on-prem sales motions; strong Israeli deep-tech network through Tel Aviv office; portfolio of 500+ enterprise software companies providing potential pilot customers.

Differentiated as the largest generalist VC backing the "control plane" layer of quantum computing, with enterprise-software GTM playbooks that HW-native VCs lack.

Anti-thesis

The patterns that trigger a fast no with this fund.

  1. Passes on early-stage hardware-only deep tech: Battery is fundamentally a software / infrastructure shop and quantum hardware Series A rounds are off-thesis for the growth funds
  2. Skeptical of pre-revenue science: they want $5M+ ARR or a clear enterprise SaaS-like motion, which rules out most quantum computing companies pre-2027
  3. Will pass on capex-intensive plays where gross margins look like contract manufacturing: their growth model needs 70%+ software-like margins at scale
  4. Avoids government-dependent revenue concentration: if more than ~40% of pipeline is DoD / DoE SBIR / OTA, they read it as non-VC-scalable
  5. Skeptical of deep tech founders without a repeat-CEO or commercial GTM lead: their playbook leans on operator-led scaling, not founder-scientist transitions

Notable quantum portfolio

Full portfolio →
Quantum MachinesQuantum Art

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