Amsterdam’s QDNL Participations rebrands as Ground State Ventures, raises over €75.2 million for quantum tech fund

Amsterdam-based quantum technology-focused VC firm QDNL Participations today announced its rebranding to Ground State Ventures. It is also preparing for the final close of its early-stage quantum technology fund, having already raised over €75.2 million ($88 million), far exceeding the original target of €59.8 million ($70 million).

As per the VC firm, the rebrand reflects both the firm’s expansion beyond its initial focus and the increasing opportunities in quantum technology across the globe.

Ground State Ventures founder and General Partner, Ton van ’t Noordende, said, “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. 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.”

Founded in 2022 by General Partner Ton van ‘t Noordende, QDNL Participations initially focused on quantum startups based in the Netherlands. It was the first investor in some of Europe’s notable quantum companies, including QuantWare, Qblox, QphoX, QT Sense, and Q*Bird.

Recently, it has also grown internationally, leading initial funding rounds in prominent US startups such as Diffraqtion, Quantum Elements, and SiC Systems, along with Switzerland’s Rhonexum.

Explaining the rationale behind the name Ground State Ventures, the firm mentioned, “In quantum science, the ‘ground state’ is the baseline for a quantum particle. With the addition of the right amount of energy, it can reach an ‘excited’ state where its reach and influence expands. Similarly, this is what Ground State Ventures does to early-stage quantum technology startups: injecting the capital and support necessary to take them from their starting point and put them on a path to transforming the world.”

In 2023, the firm brought in Chad Rigetti, founder of Rigetti Computing, as a partner. Additionally, the fund supported Rigetti’s new venture, Sygaldry. 

Ground State Ventures is preparing the final close on the raise of its early-stage quantum technology fund. It backs high-potential quantum technology startups at their earliest stages and focuses on quantum computing, sensing, communications and infrastructure. 

It also supports these startups with follow-on funding as they grow, as demonstrated by its involvement in both the Seed and Series A stages of Sygaldry’s recent €118.9 millio ($139 million) funding round.

“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,” said Ground State Ventures partner Chad Rigetti. 

It states that it has invested the first check in every company it has supported so far and reports that its portfolio increased to $1.3 billion in less than 15 months.

Ground State Ventures notes that it has a team with top-tier scientific and technical expertise, including PhDs in Physics from institutions such as Oxford, Stanford, Harvard, Yale, and UC Berkeley. The investment team operates across the US, the Netherlands, and the UK.

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