According to the “State of Quantum 2024” report, venture capital investment in quantum computing saw a substantial drop of 50% last year, declining from $2.2 billion in 2022 to $1.2 billion, as funds shifted their focus towards generative AI. Nevertheless, government expenditures on quantum technologies are projected to reach $40 billion over the next ten years, prompting a new European VC fund to leverage this trend.
Named QDNL Participations, this fund has successfully closed €25 million in its initial phase, with aims to establish a total fund of €60 million dedicated to early-stage quantum startups.
QDNL has plans to broaden its investment strategy beyond national borders and seek opportunities on a global scale.
Previously, the firm’s €15 million fund concentrated on the Dutch quantum ecosystem, supporting startups like Qblox, QuantWare, QphoX, and Q*Bird.
In an interview with TechCrunch, Ton van ‘t Noordende, general partner at QDNL Participations, remarked: “Quantum is a global field. Over the last decade, remarkable advancements in research have led to the emergence of a new startup ecosystem with more than 600 companies. Additionally, over $42 billion has been invested by more than 20 governments in the past few years, which has helped establish the infrastructure, clean rooms, and facilities, effectively de-risking the technology.”
The emergence of QDNL signifies the Netherlands’ ambition to become a significant player in the quantum computing landscape. The government, with support from the EU, has already initiated an expansive program called Quantum Delta NL, which also invests in QDNL.
The team boasts prominent figures in the field, including quantum computing pioneer Chad Rigetti, serving as venture partner in the U.S., and Kris Kaczmarek, a specialist quantum VC based in London, who has joined as investment director after his tenure at quantum VC firm 2xN. They are joined by advisors Nadia Carlsten (CEO of the Danish Centre for AI Innovation) and Charles Marcus from the University of Washington.
The year started off challenging for quantum computing, with both Mark Zuckerberg and Nvidia’s Jensen Huang expressing pessimistic views on the industry’s timeline for breakthroughs. However, Nvidia made a swift turnaround, announcing a dedicated quantum-focused Nvidia Day at their upcoming March event.
Compiled by Techarena.au.
Fanpage: TechArena.au
Watch more about AI – Artificial Intelligence
