Deep Tech · PE Firm

Omnes

Omnes' Real Tech / Deep Tech franchise targets European quantum scale-ups, with Quandela as flagship photonic-quantum bet; new Omnes Real Tech 2 (€112M first close 2025) lists quantum among priority sectors.

Active Paris, FranceFounded 1999

Investment thesis

Omnes is a EUR 6.7B AUM Paris-based private-markets platform active in venture (Real Tech deep-tech series, ~EUR 650M), infrastructure (Capenergie, Construction Energy) and private equity. Omnes Real Tech 2 (EUR 112M first close, July 2025) targets European deep-tech (incl. quantum) from Series A to early growth, with follow-on capacity.

Quantum exposure is concentrated on the French national-champion layer: backed Quandela (photonic quantum computing, single-photon sources from quantum dots; Omnes led the 2021 Series A and joined the 2023 EUR 50M round) and Qubit Pharmaceuticals (quantum-physics molecular simulation for drug discovery, EUR 16M seed 2022). Note: 'Quantum Systems' in the broader portfolio is a defense-drone company, not a quantum-technology holding.

Value-add is rooted in industrial networks: Omnes' long-standing infrastructure franchise gives portfolio founders access to European utilities, large-cap industrial partners and public procurement channels, relevant for quantum deployments in energy, defense and HPC.

Differentiated as one of the few European private-markets platforms combining early-stage deep tech with infrastructure capital, giving quantum founders a path from Series A to industrial-scale financing within a single platform.

Anti-thesis

The patterns that trigger a fast no with this fund.

  1. Passes on pre-revenue / pre-traction quantum science projects: explicitly an early-growth deep tech investor requiring revenue or order backlog and profitability visible within 24 months (Real Tech 2 thesis), Series A and earlier qubit physics bets are out of mandate
  2. Avoids quantum startups whose go-to-market depends on selling to Airbus / Thales / large primes 'taking a chunk of the margins' (de Lempdes, Sifted): direct-to-government or direct-to-end-user channel preferred
  3. Skeptical of the defence-quantum hype cycle: 'if everybody starts to talk about defence, it's because it's too late' and 'we are not a defence fund', so pure defence-quantum positioning without a civilian / industrial story will get passed
  4. Will not be the science-risk seed: they back industrialisation (fusion, decarbonisation, AI for industry, quantum scale-up) once the physics is de-risked, not lab-to-startup hardware bets

Notable quantum portfolio

Full portfolio
QuandelaQubit Pharmaceuticals

Frequent co-investors