Generalist · VC Firm

Morpheus Ventures

LA generalist with a real quantum book: Rigetti (pre-IPO, 2020), Q-CTRL, Quoherent (led the seed), Nu Quantum and Sygaldry, sourced by physics-trained Operating Partner Damien Petty.

Active Los Angeles, United StatesFounded 2016

Investment thesis

Founded 2016 in Los Angeles by Mark Dyne (early Skype seed investor); Fund II $200M closed February 2022, Fund III first close $94.8M (January 2026, targeting $150M).

Quantum track since August 2020, led by physics-trained Operating Partner Damien Petty: started with Rigetti's $79M Series C, then Q-CTRL (joined Series B July 2023, re-upped in the $113M GP Bullhound-led B-2 in October 2024).

Leads at seed when conviction is high: led Quoherent's $4.7M seed (November 2023) alongside Draper Associates and Khosla Ventures; follows in larger rounds (Nu Quantum $60M Series A, December 2025; Sygaldry $139M seed plus Series A, 2026).

Differentiated value-add is crisis management, IP strategy and hostile-situation support, with roughly 80% of investments made outside Silicon Valley.

Anti-thesis

The patterns that trigger a fast no with this fund.

  1. Quantum is a frontier-tech sleeve inside a generalist FinTech/InsurTech/PropTech fund, not a dedicated practice
  2. Petty is an Operating Partner without a current quantum board seat (his active boards are Ten63, VeriSIM Life, Vintra), and Morpheus has led only one quantum round (Quoherent's $4.7M seed)
  3. Quoherent has quietly dropped off the firm's portfolio grid (deep page still live); status unclear
  4. Follower checks in National Grid Partners and Breakthrough Energy-led rounds buy exposure, not influence, and Fund III's $94.8M first close is half the size of Fund II

Notable quantum portfolio

Full portfolio
Q-CTRLRigetti ComputingQuoherentNu QuantumSygaldry

Frequent co-investors