Deep Tech · VC Firm

IQ Capital

Cambridge-rooted deep tech firm with two live UK-EU quantum positions: it co-led Nu Quantum's pre-Series A and followed into its record $60M Series A (Dec 2025), and co-led QuantumDiamonds' seed with Earlybird. Quantum is one conviction inside a broad deep tech portfolio, not a dedicated practice.

Active London, United KingdomFounded 2007

Investment thesis

Dedicated European deep tech firm founded in Cambridge (LLP registered 2007; team active since 2005), now headquartered in London with a Cambridge office; over $1B AUM across six fund cycles, with Fund V raising (BBB cornerstone, Jan 2026).

Leads pre-Seed to Series A with $1-10M first tickets and follows on with up to $40M through its growth opportunity funds; exits include Apple, Meta, Google, Siemens, Qualcomm and Oracle.

Quantum exposure is infrastructure-layer, not full-stack: Nu Quantum (photonic quantum networking, co-led pre-Series A 2023, followed into the $60M Series A led by National Grid Partners in Dec 2025) and QuantumDiamonds (quantum sensing for semiconductor inspection, co-led seed with Earlybird 2023). Paragraf (graphene electronics) is adjacent.

PhD-rich team; managing partners Kerry Baldwin, Max Bautin and Ed Stacey have worked together for over 20 years, with Simon Hirtzel as General Partner and COO.

Anti-thesis

The patterns that trigger a fast no with this fund.

  1. Two quantum positions, both infrastructure layers (networking, sensing tools); IQ Capital has never backed a full-stack quantum computer and shows no sign of starting
  2. Bautin frames deep tech through productisation speed ('more rapid productisation, rapid prototyping and faster iterations'); long-horizon quantum hardware without a near-term product story will struggle here
  3. Heavy Cambridge gravity: most quantum and adjacent positions are Cambridge spin-outs or Cambridge-linked; founders outside that network start further from the door
  4. On Nu Quantum's last two rounds IQ Capital followed rather than led (National Grid Partners led the Series A); its lead appetite in quantum may be capped at early stage
  5. Generalist deep tech fund: quantum competes for capital against AI, semiconductors, bio and defence inside the same vehicles

Notable quantum portfolio

Full portfolio
Nu QuantumQuantumDiamondsParagraf

Frequent co-investors

  • Amadeus Capital
  • Earlybird
  • National Grid Partners
  • NSSIF
  • Presidio Ventures (Sumitomo)
  • Ahren
  • Cambridge Enterprise Ventures
  • Parkwalk