Deep Tech · VC Firm

Innovation Endeavors

Deep-tech/Super-Evolution thesis fund: a single quantum bet on Atom Computing (neutral-atom HW), joined at Series A in 2021 and held through Series B, now compounding as Atom builds Magne, a ~50-logical-qubit system with Microsoft for Denmark's QuNorth, and signs a $100M US Commerce letter of intent (May 2026).

Active Palo Alto, United StatesFounded 2010

Investment thesis

Founded in 2010 by former Google CEO Eric Schmidt and Dror Berman, Innovation Endeavors invests its published 'Super Evolution' thesis: the convergence of sensing, machine learning, and advanced engineering re-architecting physical industries. Its single quantum position is Atom Computing (neutral-atom hardware), which it joined at the $15M Series A in July 2021 and backed again in the $60M Series B led by Third Point Ventures in January 2022. Atom broke the 1,000-qubit barrier with its 1,180-qubit machine in 2023, demonstrated 24 entangled logical qubits with Microsoft in November 2024, and is now building Magne, a roughly 50-logical-qubit system for Denmark's QuNorth, expected operational in early 2027; in May 2026 it signed a $100M letter of intent with the US Department of Commerce. Schmidt's parallel role chairing SandboxAQ deepens the firm's quantum-AI network, though the fund itself is not a SandboxAQ cap-table investor. First checks run $1M-$15M out of the $630M Fund V closed in January 2024, with reserves carrying companies through the deeptech 'valley of death' the firm explicitly raised against.

Anti-thesis

The patterns that trigger a fast no with this fund.

  1. Concentration, not coverage: one quantum position in 15 years signals the firm backs a single conviction bet per hard-tech category rather than spreading across the stack
  2. Quantum is framed as computing infrastructure inside the published 'Super Evolution' and Fund V 'technology Space Race' essays, not as a standalone vertical; a pure quantum story without an AI or compute convergence angle fits poorly
  3. No new quantum first checks since January 2022: posture is follow-on reserves behind Atom Computing, so a new quantum pitch competes with an existing board seat (Dror Berman)
  4. The firm's published focus areas (intelligent applications, computing primitives, physical economy, engineering health) leave no obvious home for QKD or PQC pure-plays, which it has never backed
  5. Likely expects government and sovereign co-funding to carry hardware capex, as Atom's own path shows (EIFO, Novo Nordisk Foundation, US Department of Commerce); a capex-heavy plan without that leverage is a hard sell

Notable quantum portfolio

Full portfolio
Atom Computing

Frequent co-investors

  • Venrock
  • Prelude Ventures
  • Third Point Ventures
  • Prime Movers Lab