Generalist · VC Firm
Bessemer Venture Partners
Concentrated lead bets on superconducting (Rigetti, Series C 2020) and photonic (Xanadu, Series B 2021) quantum hardware, anchored by David Cowan's quantum practice and the standing Quantum Fellows program. Both bets are now public: Rigetti on NASDAQ in 2022 (RGTI) and Xanadu on NASDAQ/TSX in March 2026 (XNDU). No new quantum position since 2021; BVP partially trimmed its Rigetti stake in late 2024 while remaining a significant holder.
Investment thesis
$19B venture platform (per the Nov 2025 Forge II announcement); flagship BVP XII $3.85B (2022) plus the $1B BVP Forge II growth buyout fund closed Nov 2025.
Published quantum roadmap ('The Race to Quantum Advantage', 2020) and a standing Quantum Fellows program convening industry thought leaders.
Led the only two quantum bets it holds: Rigetti Series C ($79M, Aug 2020) and Xanadu Series B ($100M, May 2021); both now public (NASDAQ: RGTI; NASDAQ/TSX: XNDU since Mar 2026, ~$3.6B pro forma market cap at listing).
Enterprise scaling playbook ('Scaling to $100M', Cloud Index) and Fortune 500 CIO network applied to deep tech category leaders.
Anti-thesis
The patterns that trigger a fast no with this fund.
- Multi-stage generalist anchored in cloud and SaaS; quantum is one roadmap among thirteen, with exactly two positions ever taken
- No new quantum check since 2021 (last follow-on Nov 2022); the practice is in harvest mode, both holdings now public
- David Cowan left the Rigetti board in June 2024 and BVP filed partial RGTI sales in Nov 2024: the firm is managing exits, not building new quantum exposure
- Deal team turnover: Tess Hatch (deep tech partner) left for Stifel Venture Bank; quantum coverage now rests on Cowan plus an Operating Partner and a VP
- BVP's enterprise playbook ('Scaling to $100M', ARR benchmarks) presumes commercial traction that pre-revenue quantum startups cannot show; expect ARR-style scrutiny in memos