Ground State Ventures Secures $88M to Fuel Quantum Startups
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QDNL Participations has rebranded as Ground State Ventures after exceeding its initial funding goal, closing with over 88 million to invest in early-stage quantum startups. The firm’s expansion reflects growing investor confidence in the quantum technology sector, demonstrated by the significant oversubscription of its first fund, initially targeted at 70 million.
Ground State Ventures attracted Chad Rigetti, founder of Rigetti Computing, as a partner in 2023, signaling belief in quantum innovation beyond his own company. “The quantum information age isn’t coming, it’s being built right now, by a growing number of extraordinary scientists and founders,” said Ground State Ventures founder and General Partner, Ton van ’t Noordende, emphasizing the firm’s commitment to both scientific understanding and venture capital expertise, bolstered by a team holding PhDs from Oxford, Stanford, Harvard, Yale, and UC Berkeley. QDNL Rebrands as 88m Ground State Ventures Ground State Ventures signals a new era in quantum venture capital, having surpassed its initial fundraising goal by securing over 88 million, exceeding the originally targeted 70 million. The firm, formerly known as QDNL Participations, completed the rebrand to reflect its broadened international scope and the accelerating pace of innovation within quantum technologies. Initially focused on Dutch quantum startups, the fund has rapidly expanded its portfolio to include promising US and Swiss companies like Diffraqtion, Quantum Elements, and Rhonexum, demonstrating a strategic shift toward global investment. This expansion is underscored by the addition of Chad Rigetti, founder of Rigetti Computing, to the partnership in 2023; this highlights a trend of experienced quantum builders now directing capital towards nascent ventures. “Some investors focus on science, others on venture,” stated a representative from the firm. The fund’s early success is apparent, with its portfolio valued at 1.3 billion in under 15 months, and participation in a 139 million raise for Sygaldry.
Partner Chad Rigetti added, “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 intends to continue providing follow-on funding to its portfolio companies, solidifying its position as a key player in the quantum ecosystem. Early Investments in Sygaldry, QuantWare & US Startups The oversubscription demonstrates a shift in venture capital allocation towards quantum startups, moving beyond initial exploratory funding to support companies poised for growth. The firm’s investment strategy prioritizes European and American ventures, with early backing for companies like QuantWare and Sygaldry illustrating a commitment to nurturing innovation across continents. This emphasis on technical expertise is central to the firm’s approach. Having already seen its portfolio reach a 1.3 billion valuation in under 15 months, Ground State Ventures is actively providing follow-on funding, as evidenced by its participation in Sygaldry’s recent 139 million raise. The quantum information age isn’t coming, it’s being built right now, by a growing number of extraordinary scientists and founders.
Scientific Expertise Drives Quantum Startup Selection This move signals a significant shift; a key architect of established quantum hardware is now focused on nurturing the earliest stages of the next generation of quantum companies, demonstrating confidence in innovation extending beyond his own firm’s boundaries. The fund’s approach isn’t solely financial; it prioritizes a deep understanding of the underlying physics driving these nascent technologies. This concentration of expertise allows for more informed investment decisions in a field where assessing technical feasibility is paramount, and differentiates the firm from those relying on purely financial metrics. The firm’s ability to attract over 88 million in funding, exceeding its initial $70 million target, further validates this approach, indicating strong investor confidence in the fund’s ability to identify and support promising quantum ventures. Having been an active part of the first wave of quantum technology companies, I know what it takes to build the next generation. Source: https://www.gsv.vc/ Tags: Ivy Delaney We've seen the rise of AI over the last few short years with the rise of the LLM and companies such as Open AI with its ChatGPT service. Ivy has been working with Neural Networks, Machine Learning and AI since the mid nineties and talk about the latest exciting developments in the field. Latest Posts by Ivy Delaney: InP Quantum Dots Tackle Core Uniformity, Lagging Blue Emission April 27, 2026 Meta Deploys Tens of Millions of AWS Graviton AI Cores April 27, 2026 IonQ’s QKD Technology Secures Nearly 100-Mile Florida Corridor April 27, 2026