By Titik Puspa 
Boston, MA | June 9, 2026 – Despite the persistent reality that widespread, industrial-scale quantum computing is still years away, with no imminent replacement for today’s supercomputers on the 2026 horizon, investor enthusiasm for companies pursuing the elusive “quantum advantage” has not only persisted but demonstrably surged. This burgeoning confidence is underscored by Quantonation Ventures, a prominent venture firm specializing in quantum and physics-based startups, which has successfully closed its oversubscribed second fund at a substantial €220 million (approximately $260 million). This figure more than doubles the size of their inaugural fund, signaling a robust and growing appetite for investment in the quantum technology sector, and a clear indication that the anticipated "quantum winter" has yet to materialize.
The initial narrative surrounding quantum computing often included a cautionary note: that excessive hype, coupled with a lack of tangible, real-world outcomes, would eventually lead to a funding collapse. However, the prevailing trend has been the antithesis of this prediction. Consider the much-discussed potential of quantum computers to break modern encryption. While the timeline for achieving this monumental feat remains decidedly unclear, governments and major technology corporations are actively participating in the race to develop quantum-resistant solutions, pouring significant resources into research and development. This strategic foresight, even in the absence of immediate definitive breakthroughs, highlights the long-term vision driving investment in the quantum space.
Since Quantonation’s inception in 2018, the quantum technology landscape has evolved significantly, moving beyond its nascent stages. This maturation is evidenced by a series of technological breakthroughs and the emergence of early demand from both academic institutions and industrial laboratories. This evolving environment has, in turn, reshaped the investment opportunities available to firms like Quantonation. Will Zeng, a partner at Quantonation, explained to TechCrunch that their second fund benefits from a "shift in the types of investment opportunities that are available."
One such evolving opportunity lies in what Zeng describes as the "picks and shovels" approach – investing in companies that are developing the foundational technologies and infrastructure essential for the broader quantum industry to flourish. A prime example of this strategy is the Dutch startup Qblox. This company, which operated on a bootstrapped model for a considerable period, was already supplying critical quantum control hardware and software to Quantonation’s existing portfolio companies. Recognizing Qblox’s potential and strategic importance, Quantonation later co-led its Series A funding round, demonstrating their commitment to nurturing key players within the quantum ecosystem.
This growing and increasingly sophisticated ecosystem is a key reason why established backers are increasing their commitment to Quantonation, and why new, dedicated quantum funds have emerged. Funds such as QDNL, which hit its first close on a new fund at €25 million in January 2025, and 55 North, which launched what was then the world’s largest quantum fund in October 2025, are indicative of this trend. As Zeng articulated, "VCs recognize that this is not an easy area to invest in at the early stage. The technology is very specific and complex, the markets are often new, and the teams as well." This acknowledgment of the inherent challenges, coupled with a willingness to invest, speaks volumes about the perceived long-term value of quantum technologies.
Quantonation’s investment thesis centers on early-stage engagement to capture maximum value. The venture firm’s strategy is proving prescient, as a handful of quantum companies have already made their public debuts, witnessing substantial surges in their share prices in recent months. According to Bloomberg, this "quantum frenzy" is partly fueled by endorsements from industry giants. Nvidia, for instance, has played a significant role. In June 2025, Nvidia CEO Jensen Huang declared that "quantum computing is reaching an inflection point," a statement that resonated throughout the tech and investment communities, amplifying the sense of imminent progress.
Despite the ongoing challenge that quantum chips have yet to demonstrably outperform classical computers outside of highly specialized, purpose-built benchmarks, a growing consensus suggests that real-world applications are within reach in the coming years. These applications are expected to span diverse fields, from breakthroughs in life sciences and drug discovery to the development of novel materials with unprecedented properties. A significant driver of this progress is the advancement in quantum error correction – the crucial ability to mitigate and rectify the inherent instability and errors that plague quantum systems.
Google’s Willow chip, unveiled in 2024, represented a significant milestone in error correction research. However, the quantum computing landscape remains highly competitive, with no single architecture having yet emerged as the definitive winner. Smaller, agile players continue to innovate and vie for dominance in the race to build the most effective quantum chips. Zeng pointed to the surprising number of companies participating in DARPA’s Quantum Benchmarking Initiative as evidence of this intense competition and the breadth of innovation occurring across the sector. He also emphasized that beyond the public market excitement, "there are more exciting technologies that are currently private," hinting at a deep pipeline of potential future leaders.
For Quantonation, the scope of investment opportunities extends beyond just quantum processors. Their second fund has already deployed capital into 12 startups, with a target portfolio of approximately 25 companies. This portfolio is designed to encompass not only the software and industrial layers necessary to realize quantum advantage but also adjacent physics-based technologies such as photonics and advanced laser systems, recognizing the interconnectedness of these fields in building a comprehensive quantum ecosystem.
This broadened investment thesis has attracted a strong base of both returning and new investors. Key limited partners from Quantonation’s first fund, including Singapore’s Vertex Holdings and Bpifrance’s Fonds National d’Amorçage 2, have reinvested in the second fund. They are joined by a notable cohort of new investors, including the European Investment Fund, Grupo ACS, Novo Holdings, Planet First Partners, and Toshiba. This diverse investor base reflects a global recognition of the strategic importance and long-term potential of quantum technologies.
Quantonation’s operational footprint is as international as its investor base. With dual headquarters in Paris and New York City, the firm has actively supported French quantum companies like Pasqal and Quandela, while also making strategic investments in promising ventures across Asia and North America. This global approach is rooted in the understanding that groundbreaking research and development in quantum technologies are not confined to specific regions. As Zeng noted, "In a lot of the areas we invest in, there’s not yet a clear regional winner, and a lot of the research has come from universities in many places." This decentralized nature of innovation necessitates a global investment strategy to identify and support the most promising advancements, regardless of their geographic origin.
The continued influx of capital into quantum startups, exemplified by Quantonation’s successful second fund, signifies a profound shift in the investment landscape. While the path to widespread quantum computing adoption remains challenging and complex, the sustained investor confidence and the maturation of the quantum ecosystem suggest that the era of quantum advantage, though not immediate, is steadily approaching. The industry is moving beyond theoretical promise to tangible development, with a growing focus on the essential building blocks and enabling technologies that will ultimately unlock the transformative power of quantum computation. The current investment climate indicates that the market is prepared to weather the complexities and long development cycles inherent in this revolutionary field, betting on a future where quantum computers redefine the boundaries of what is computationally possible.
The emergence of new investment funds and the significant growth of existing ones like Quantonation underscore a collective belief that the long-term potential of quantum computing far outweighs the near-term challenges. This is not merely a speculative gamble; it is a calculated investment in a technology that promises to revolutionize industries, solve currently intractable problems, and fundamentally alter our understanding of the universe. As the field progresses, driven by relentless innovation and substantial financial backing, the prospect of quantum computers becoming integral tools for scientific discovery, industrial advancement, and national security grows increasingly plausible. The "quantum winter" may have been a specter on the horizon, but the current thaw, fueled by significant capital and strategic vision, suggests a much warmer future for quantum technology.
The strategic importance of quantum computing is not lost on governments worldwide, which are increasingly recognizing its potential impact on national security, economic competitiveness, and scientific leadership. This recognition translates into increased public funding for research and development, as well as policy initiatives aimed at fostering domestic quantum capabilities. This symbiotic relationship between private investment and government support creates a powerful engine for innovation, accelerating progress in a field that has the potential to reshape the global technological landscape. The continued success of venture capital firms in raising substantial funds dedicated to quantum technologies is a testament to this growing strategic imperative and the perceived economic and societal benefits that quantum computing promises to deliver. The investment community’s robust response to the evolving quantum landscape suggests a clear understanding that the future of computation, and indeed many aspects of our technological future, will be profoundly influenced by the advancements in this groundbreaking field.