Deep Tech · VC Firm

Runa Capital

Luxembourg-based deep tech VC investing in quantum since Fund III (2020): four quantum bets in 2020-2023 (Pasqal, Qu&Co, Qnami, Welinq), all alongside Quantonation; quiet on new quantum deals since. ID Quantique was a 2013 bet of sister fund QWave, exited to SK Telecom in 2018.

Active Luxembourg, LuxembourgFounded 2010

Investment thesis

Quantum as one pillar of a broader deep tech thesis (open source, future of computing), formalized at Fund III (2020).

Full-stack coverage in four bets: hardware (Pasqal), algorithms (Qu&Co, merged into Pasqal), sensing (Qnami, exited 2026), interconnects (Welinq).

Physics-led diligence: the quantum practice is run by GP Dmitry Galperin (Berlin), a physicist; every quantum deal syndicated with Quantonation.

Likely the non-French VC with the deepest French-quantum exposure: Pasqal (double entry via the Qu&Co merger) and Welinq, with a Pasqal NASDAQ listing as the 2026 liquidity event.

Anti-thesis

The patterns that trigger a fast no with this fund.

  1. No new quantum investment since January 2023; Fund IV ($116M) is pitched on AI/ML, open source and fintech infrastructure, quantum is not named
  2. Never led a quantum hardware round; always a follower behind Quantonation on hardware (sole quantum leads: Qu&Co pre-seed software, Qnami sensing co-lead)
  3. Absent from Pasqal's 2025 EUR 340M+ pre-listing round, suggesting limited reserves or appetite for quantum follow-ons at scale
  4. Small fund ($116M) for deep tech capital intensity; quantum exposure is now concentrated in a single liquid-ish asset (Pasqal pre-SPAC) after the Qnami exit

Notable quantum portfolio

Full portfolio
PasqalWelinqQu&CoQnamiID Quantique

Frequent co-investors