Quantonation’s double-sized second fund shows quantum still has believers

Quantonation, a venture capital firm specializing in quantum and physics-based startups, has raised approximately $260 million for its second fund—more than double the size of its inaugural fund launched in 2018. This increase in funding signals sustained and growing investor confidence in the quantum computing sector, despite the technology not yet reaching industrial scale or outperforming classical supercomputers broadly. The firm’s partner Will Zeng highlighted a shift in investment opportunities toward companies providing supporting technologies for the quantum ecosystem, such as quantum control hardware and software, exemplified by Dutch startup Qblox. This reflects a maturing quantum technology landscape with both technological breakthroughs and early demand from academia and industry. Quantonation’s expanded investment thesis now covers a broader range of quantum-related and adjacent physics-based technologies, including photonics and lasers, beyond just quantum chips and software. The firm has already invested in 12 startups with plans to build a portfolio of around 25 companies. The fund’s backers include returning investors like Singapore’s Vertex