Quantonation

Investment thesis

Quantonation is the world's largest dedicated quantum investment firm by AUM, operating from Paris and New York. Fund II closed oversubscribed at EUR 220M on Feb 18, 2026 (above EUR 200M target), more than double Fund I (EUR 91M, 2018 vintage, top-quartile with 27 companies and 2 exits). Institutional LPs: Bpifrance (for the French State), EIF, Vertex Holdings (Temasek), Novo Holdings, Toshiba.

Portfolio spans the full quantum stack: HW (Pasqal neutral atoms, Diraq silicon spin, Nord Quantique bosonic qubits), SW (Multiverse Computing), sensing (Qnami NV-centers), communication (Welinq, QphoX, Qunnect, memQ), post-quantum security (CryptoNext, Project Eleven), quantum chemistry (Qubit Pharmaceuticals), supply chain (Qblox modular systems, Pioniq quantum materials). Active across 10+ countries, ~25-company target per fund.

Science-driven diligence. Managing Partner Christophe Jurczak (PhD physics, CEA-Leti alum) co-founded Pasqal alongside Nobel laureate Alain Aspect, giving structural integration with top-tier quantum science. Partner Will Zeng (ex-Goldman Sachs quantum, ex-Rigetti) anchors the US office. Also backs quantum venture studios (QV Studio Canada, Quantum Italia) to accelerate spin-out formation.

Fund II thesis extends beyond quantum computing to broader physics-based technologies: advanced materials, nanomaterials, physics-based sensing, LiDAR. Differentiated as the only quantum VC with genuine multi-architecture conviction, global reach across 10+ countries, and the deepest scientific bench in the specialist category.