Deep Tech · PE Firm · Active
Omnes
Omnes is a €6B AUM Paris-based private markets platform active in venture (Real Tech), infrastructure (Capenergie, Construction Energy) and private equity.
Investment thesis
Omnes is a €6B AUM Paris-based private markets platform active in venture (Real Tech), infrastructure (Capenergie, Construction Energy) and private equity. Real Tech Fund II (€150M, 2024) targets European deep-tech and industrial software from Series A to B, with cheques €3-15M and follow-on capacity.
Quantum exposure is concentrated on the French national-champion layer: backed Quandela (photonic qubits with indistinguishable single-photon sources from quantum dots) through its Series A, a PROQCIMA programme selectee with a Lucy QPU deployed at CEA TGCC and a 2025 OVHcloud partnership for sovereign quantum cloud access. Also backs Quantum Systems (drone-based aerial intelligence, Series C 2024) — different "quantum" branding but same deep-tech discipline.
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 hardware 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.
- 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
- 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
- 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
- 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
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