Deep Tech · VC Firm

Engine Ventures

MIT-born 'Tough Tech' firm ($1.1B AUM) whose lone pure-quantum hardware bet, Atlantic Quantum, was incubated out of William Oliver's EQuS lab and exited to Google Quantum AI in October 2025. Official focus is climate, human health, and advanced systems. No net-new quantum deal since the July 2022 seed: treat as an MIT-ecosystem door, not an active quantum check-writer.

Active Cambridge, United StatesFounded 2016

Investment thesis

Born at MIT in 2016 as The Engine; the investment fund spun out in 2023 as Engine Ventures, an independent firm led by CEO Katie Rae, with $1.1B AUM across three funds (Fund I $205M 2017, Fund II $230M 2020, Fund III $398M June 2024).

Invests in 'Tough Tech' across climate, human health, and advanced systems; quantum sits inside its Advanced Computing and Quantum Systems vertical rather than as a standalone thesis.

Its flagship quantum bet, Atlantic Quantum (fluxonium qubits out of William Oliver's EQuS lab at MIT), was seeded with $9M led by The Engine in July 2022 and acquired by Google Quantum AI in October 2025, an exit, not an active position.

Earlier quantum software bet Zapata Computing (seed co-led 2018) ceased operations in October 2024; as of mid-2026 the firm holds no active pure-quantum position.

Anti-thesis

The patterns that trigger a fast no with this fund.

  1. No active pure-quantum position since October 2025: Atlantic Quantum exited to Google, Zapata wound down in 2024; the live pipeline is fusion (Commonwealth Fusion Systems), energy, bio, and materials
  2. Last net-new quantum deal was July 2022; nothing in the Fund III announcement signals quantum as a priority for new capital
  3. Fund III's stated focus is climate, human health, and advanced systems; quantum hardware competes for attention against 60+ portfolio companies in capital-hungry verticals
  4. The lab-space and infrastructure pitch belongs to The Engine Accelerator, a separate 501(c)(3) since 2023; a founder funded by Engine Ventures is not automatically a resident, and vice versa
  5. Concentrated early checks with board seats mean slow recycling; expect high selectivity and long diligence for any new quantum hardware claim post-Atlantic Quantum exit

Notable quantum portfolio

Full portfolio
Atlantic QuantumZapata AI

Frequent co-investors