Deep Tech · VC Firm
Voima Ventures
Nordic-Baltic deep-tech specialist with strong VTT linkage, leading seed rounds in quantum enabling hardware (SemiQon silicon/cryo-CMOS) and control software (QuantrolOx, Voima-led 2023 seed); Quantagonia exited to Strangeworks in 2025. Writes €200k-€3M initial with sizable follow-on reserves; published an 'infrastructure first' quantum doctrine in May 2026.
Investment thesis
Voima Ventures is a Helsinki/Stockholm-based Nordic deep-tech VC founded 2019, with Fund III at €100M+ (first close June 2023, final close December 2024). Invests pre-seed to Series A in Nordic and Baltic science-based companies: quantum, advanced materials, semiconductors, space, photonics. Cheques €200k-€3M initial, larger follow-ons. VTT, Finland's national technical research centre, is the anchor relationship: Voima manages the former VTT Ventures portfolio (Fund I, 100% VTT-owned) and VTT is a cornerstone LP in Funds II and III.
Quantum bets focus on Nordic enabling infrastructure: SemiQon (VTT spin-out, silicon quantum chips and cryo-CMOS on a 300mm line; Voima-led seed 2023, since stacked ~€24M total incl. EIC blended finance and Business Finland) and QuantrolOx (qubit tuning software; Voima led the €3.5M 2023 seed). Quantagonia (software) was acquired by Strangeworks in August 2025. A May 2026 doctrine piece argues 'infrastructure first' for second-wave quantum.
Value-add: VTT integration gives founders access to Finland's sovereign quantum research infrastructure (20+ years of silicon-qubit heritage, the Micronova fab in Espoo) and the broader Finnish quantum cluster anchored by IQM in Espoo; the LUMI supercomputer (EuroHPC, hosted by CSC in Kajaani) anchors the national compute ecosystem. Strong Nordic syndication reach.
Differentiated as the only VC structurally integrated with VTT's silicon-quantum manufacturing heritage, uniquely positioned for the 'quantum silicon foundry' thesis.
Anti-thesis
The patterns that trigger a fast no with this fund.
- Mandate is geography-bound (Nordics + Baltics): a French, German or Dutch quantum founder gets passed regardless of quality
- 25 to 30 companies on a €100M fund means €200k-3M tickets, too small to lead a credible quantum Series A and forcing dependency on co-leads
- Heavy bias toward VTT / Aalto / KTH spin-outs (over 70% of the portfolio is research-originated); non-academic operator-led quantum teams underweighted
- Three-pillar mandate (green transition, life sciences, breakthrough tech) means quantum competes internally with climate and biotech for partner attention and reserves
- SemiQon is the only quantum hardware bet (March 2023, Fund II); despite a 2026 'infrastructure first' doctrine piece, Fund III's deployed deals include no new pure-quantum company, and SemiQon's follow-on capital has come from EIC and Business Finland rather than a Voima-led round
Notable quantum portfolio
Full portfolioFrequent co-investors
- Nielsen Ventures
- Hoxton Ventures
- Oxford Science Enterprises (OSE)
- EIC Fund