Insider Brief
- Ground State Ventures, formerly QDNL Participations, raised $88 million for its early-stage quantum fund, exceeding its $70 million target and signaling strong investor demand.
- The firm rebranded to reflect its expansion from a Netherlands-focused investor to a global venture fund backing quantum startups across computing, sensing, communications, and infrastructure.
- Ground State Ventures has built a $1.3 billion portfolio within 15 months and continues to lead early-stage investments while participating in follow-on rounds as companies scale.
- Image: Ground State Ventures General Partner Ton van ’t Noordende
Ground State Ventures, the venture firm formerly known as QDNL Participations, said it raised $88 million for its early-stage quantum fund — well above its $70 million target — as it expands its global investment strategy.
The oversubscribed raise, which the firm said is nearing final close, exceeded its initial goal by roughly 25% and signals continued investor demand for early-stage quantum technology bets. The funding news comes alongside the firm’s rebrand from QDNL Participations to Ground State Ventures, a move it said reflects a broader geographic reach and a wider investment scope.
The capital raise is the more immediate development. At $88 million, the fund gives Ground State Ventures additional capacity to continue backing quantum startups at inception and to participate in follow-on rounds as companies scale. The firm said it has written the first check into every company it has backed to date.
Founded in 2022 by General Partner Ton van ’t Noordende, the firm began with a concentrated focus on quantum startups in the Netherlands. Early investments included companies such as QuantWare, Qblox, QphoX, QT Sense, and Q*Bird.
The firm has since expanded internationally, leading early-stage rounds in U.S.-based startups including Diffraqtion, Quantum Elements, and SiC Systems, as well as Switzerland-based Rhonexum.
Ground State Ventures said its portfolio has reached a combined valuation of approximately $1.3 billion within 15 months, though it did not disclose details on valuation methodology or exits.
The rebrand, introduced alongside the funding update, draws on terminology from quantum physics, where the “ground state” refers to a system’s lowest energy level. The firm said the name reflects its focus on identifying companies at their earliest stage and providing the capital and support needed to scale them into commercially viable businesses.
The firm has also added industry experience as it has grown. In 2023, Chad Rigetti, founder of Rigetti Computing, joined as a partner. The fund has also backed his newer venture, Sygaldry, including participation in both its seed and Series A rounds as part of a recently announced $139 million raise.
Ground State Ventures said its investment team includes researchers with advanced degrees in physics from institutions such as Oxford, Stanford, Harvard, Yale, and UC Berkeley, reflecting a strategy that combines scientific expertise with venture discipline.
The firm operates across Amsterdam, London, and San Francisco, and said it intends to continue investing globally across quantum computing, sensing, communications, and infrastructure.
“The quantum information age isn’t coming, it’s being built right now, by a growing number of extraordinary scientists and founders. We’ve had the privilege of backing some of the best of them, from the very start,” van ’t Noordende said in a statememnt. “Some investors go deep on science, others on venture. We understand both the science and the stakes, and we aim to build a category defining fund that drives exceptional returns to our investors. I’m incredibly proud of the stellar investment team we’ve brought together, and deeply grateful for the trust of our portfolio founders and the investors backing us.”
Ground State Ventures partner Chad Rigetti said: ”Having been an active part of the first wave of quantum technology companies, I know what it takes to build the next generation. Ground State Ventures is carefully structured to identify, invest in, and support the most commercially and technically promising quantum tech startups in the world right from the start of their journey.”
The raise comes as quantum venture investment appears to be shifting toward more targeted bets on scalability and commercial pathways. Ground State Ventures’ ability to exceed its fundraising target suggests that specialized funds with deep technical expertise may continue to attract capital, even as broader venture markets remain selective.
The firm said it expects to complete the fund’s final close in the near term.
