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Ground State Ventures — the venture capital firm formerly known as QDNL Participations — has announced that its early-stage quantum technology fund has reached $88 million in committed capital, well above its original $70 million target, and is preparing for final close. Alongside the fundraise milestone, the firm has launched a complete rebrand from QDNL Participations to Ground State Ventures, reflecting its expansion far beyond its initial Dutch focus and the increasing opportunities in quantum technology globally.
The fund has already raised $88 million, comfortably exceeding the original $70 million target as it approaches final close. The strong demand reflects deep institutional appetite for differentiated, specialist exposure to quantum technology — a sector where capital and technical conviction are increasingly seen as inseparable. The fund’s proven ability to identify high-potential founders has translated into rapid value creation: portfolio value has grown to $1.3 billion in under 15 months, an impressive marker of underwriting quality at the earliest stages of company formation.
The fund is positioned to continue backing the best quantum technology founders right at the start of their journey, with the capital flexibility to support them through follow-on funding as they grow. Ground State Ventures has put the first cheque into every company it has backed to date, reinforcing its position as an astute identifier of high-potential quantum startups at the earliest, most asymmetric stage of the funding lifecycle.
Originally launched with a sharp focus on quantum startups in the Netherlands, Ground State Ventures was the first investor in some of Europe’s highest-potential quantum companies, including QuantWare, Qblox, QT Sense, QphoX, OrangeQS, and Q*Bird. More recently, the firm has expanded internationally, leading initial funding rounds in US startups including Diffraqtion, Quantum Elements, and SiC Systems, as well as Switzerland-based Rhonexum.
In a clear signal of its early ambition, the firm attracted quantum computing pioneer Chad Rigetti, founder of Rigetti Computing, as Partner in 2023. Ground State Ventures has also backed Chad’s new company, Sygaldry — participating in both the seed and Series A components of Sygaldry’s recent $139 million raise.
The Ground State Ventures team is now based across the US and Europe, with offices in Amsterdam, London, and San Francisco. The team draws on deep expertise in both quantum technologies and venture capital, enabling the firm to select startups with the potential to drive quantum forward in meaningful and commercially successful ways.
In quantum science, the “ground state” represents the baseline for a quantum particle. With the addition of the right amount of energy, the particle can reach an “excited” state where its reach and influence expand. The new firm name draws directly on this metaphor: Ground State Ventures injects the capital and support necessary to take early-stage quantum technology startups from their starting point and put them on a path to transforming the world.
The rebrand and approaching final close together represent an inflection point — both for the firm itself, as it transitions from a Dutch-anchored quantum specialist into a globally networked early-stage venture firm, and for the quantum technology sector as a whole, where institutional capital is increasingly recognising the commercial maturation of formerly purely academic disciplines.
Ground State Ventures (formerly QDNL Participations) is an early-stage venture capital firm focused on quantum technology startups across Europe and the United States. The firm has put the first cheque into every company it has backed to date, with a portfolio that has grown to $1.3 billion in value in under 15 months. With offices in Amsterdam, London, and San Francisco, Ground State Ventures combines deep quantum expertise with traditional venture capital underwriting to identify and support founders building the next generation of commercially significant quantum companies.
