Deep Tech · VC Firm

Bpifrance

Anchor public investor of French quantum: equity in all five PROQCIMA hardware champions (Alice & Bob, Pasqal, Quandela, Quobly, C12), co-leading Quobly's €115M Series A (2026). Invests through multiple vehicles from seed (Deeptech 2030, Fonds Innovation Defense) to growth (Large Venture).

Active Paris, FranceFounded 2012

Investment thesis

Bpifrance is France's public investment bank and the most active deep-tech investor in Europe, with direct venture capital across seed to late growth via Digital Venture, Large Venture and dedicated frontier-tech funds (Deeptech 2030, Fonds Innovation Defense, FFC). It holds equity in all five PROQCIMA champions: Alice & Bob (cat qubits), Pasqal (neutral atoms), Quandela (photonics), Quobly (silicon spin) and C12 Quantum Electronics (carbon nanotubes). PROQCIMA itself is a defence procurement program run by the DGA (up to €500M first phase), nested under France's €1.8B national quantum plan.

It has backed every major French quantum startup at Seed or Series A, co-led Alice & Bob's €100M Series B (January 2025) with FFC and AVP, and co-led Quobly's €115M Series A (June 2026) with SEALSQ and STMicroelectronics.

Its value-add blends patient capital, non-dilutive France 2030 instruments and a gateway to State programs (PROQCIMA is DGA-run).

Differentiated as the only European actor combining sovereign-scale conviction with the full venture playbook.

Anti-thesis

The patterns that trigger a fast no with this fund.

  1. We don't back quantum companies without a meaningful French anchor: French co-founders, French R&D footprint, or commitment to scale jobs and IP in France under Plan France 2030
  2. We avoid duplicating bets already covered by the existing Pasqal, Alice & Bob, Quandela, C12 portfolio unless the team brings a clearly differentiated modality or layer
  3. We don't write pure financial-return checks divorced from the national strategic agenda: sovereign capital expects sovereign optionality on supply chain, defence, and critical infrastructure
  4. We pass on teams that treat Bpifrance as a grant agency rather than a venture investor: we want governance, milestones, and co-investment alongside top-tier private VCs
  5. We're skeptical of pre-team spinouts without a clear path to recruiting a commercial CEO and building a non-academic operating bench within 12 months

Notable quantum portfolio

Full portfolio
Alice&BobPasqalQuandelaQuoblyC12 Quantum Electronics

Frequent co-investors