Who are the leading quantum investors?

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The quantum technology investment landscape has reached an inflection point where $3.8 billion in private venture funding flowed into quantum startups during the first half of 2025 alone.

For entrepreneurs and investors entering this market, understanding which investors are backing quantum technologies and their specific focus areas is crucial for securing funding or identifying investment opportunities. This comprehensive guide maps the most active quantum investors, their portfolio strategies, and investment patterns based on the latest 2024-2025 data.

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Who are the most active quantum investors in 2024 and 2025?

The quantum investment landscape is dominated by specialized deep-tech VCs, corporate venture arms, and tech giants making strategic bets on quantum technologies.

Quantonation II leads European quantum investing with €30 million in European Investment Fund backing, focusing specifically on deep-physics startups including quantum control electronics and spin qubit technologies. QDNL Participations from the Netherlands has emerged as another quantum-focused fund, raising €25 million in their first close and targeting photonic processors and quantum hardware companies.

PSG Equity stands out as the most aggressive growth-stage investor, deploying over $560 million across three major quantum rounds in 2025: Quantum Machines' $170 million Series C, IonQ's $360 million ATM offering, and QuEra's $230 million Series B. Intel Capital and Red Dot Capital Partners frequently co-invest in later-stage quantum companies, particularly those developing quantum control infrastructure.

Tech giants IBM, Google, Microsoft, and Amazon maintain active strategic investment programs, though their exact quantum allocations remain undisclosed. Main Sequence Ventures from Australia rounds out the top-tier investors, participating in over $100 million worth of quantum funding rounds in 2025.

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Which specific startups did these investors back and what do they specialize in?

Each major quantum investor has developed distinct portfolio specializations reflecting different quantum technology approaches and commercialization timelines.

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How much capital did each investor allocate to quantum ventures in 2024 and 2025?

Capital deployment patterns reveal both the scale of quantum investment and investor confidence levels across different quantum technology approaches.

PSG Equity deployed the largest quantum allocation at over $560 million across three major rounds, demonstrating strong conviction in growth-stage quantum companies approaching commercialization. Intel Capital participated in over $530 million worth of quantum funding, though as a co-investor rather than lead investor in most cases.

European quantum-focused funds show more modest but concentrated deployment: Quantonation II received €30 million in EIF backing specifically for quantum and deep-physics investments, while QDNL Participations raised €25 million in their first close targeting early-stage quantum hardware companies.

Corporate strategic investors including IBM, Google, Microsoft, and Amazon do not disclose specific quantum investment amounts, but industry sources estimate their combined strategic quantum R&D and investment budgets exceed $200 million annually. Main Sequence Ventures participated in over $100 million worth of quantum rounds, focusing primarily on Australian and European quantum startups.

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At what funding stages do these investors typically enter quantum deals?

Quantum investors show clear stage preferences that align with their risk tolerance and portfolio construction strategies.

Specialized quantum VCs like Quantonation II and QDNL Participations focus on pre-seed through Series A rounds, typically investing €500K to €5 million in early-stage quantum hardware and software companies. These funds specifically target university spinouts and technical founder teams developing core quantum technologies.

Growth-stage investors like PSG Equity and Intel Capital enter primarily at Series B and Series C stages, writing checks of $10-50 million for companies with proven quantum technology and early commercial traction. Red Dot Capital Partners exclusively participates in Series C and later rounds, focusing on quantum companies approaching revenue generation.

Tech giants IBM, Google, Microsoft, and Amazon engage through strategic partnerships rather than traditional equity rounds, often providing R&D collaboration, cloud credits, and technical resources in exchange for technology access and commercial partnerships. Main Sequence Ventures invests across all stages from seed through growth, adapting check sizes from $500K to $10 million based on company maturity.

Which countries and regions attract the most quantum investment activity?

Quantum investment concentrates heavily in North America and Europe, with specific regional clusters emerging around quantum research hubs and talent pools.

The United States dominates private quantum VC funding, capturing over 70% of global quantum venture investment activity. Key US quantum investment hubs include Boston/Cambridge (leveraging MIT and Harvard quantum research), Silicon Valley (tech giant proximity), and New York (financial market applications). Major US quantum investment rounds in 2025 include QuEra's $230 million Series B and IonQ's $360 million ATM offering.

Europe represents the second-largest quantum investment region, led by the UK, France, Germany, Netherlands, and Switzerland. The European Investment Fund's €30 million commitment to Quantonation II signals strong institutional support for European quantum development. The Netherlands has emerged as a quantum investment hotspot with QDNL Participations and companies like QuantWare raising significant funding.

Asia-Pacific shows mixed patterns: China leads in public quantum funding with over $15 billion in government investment, but private VC disclosure remains limited. Australia shows growing quantum investment activity through Main Sequence Ventures, while Singapore's planned Horizon Quantum SPAC signals emerging regional interest.

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Are tech giants like Google, IBM, Microsoft, and Amazon actively investing in quantum startups?

Major technology companies pursue quantum investments through strategic partnerships, acquisitions, and internal R&D programs rather than traditional venture capital approaches.

IBM maintains the most aggressive quantum investment strategy, developing internal quantum hardware (Willow chip), offering quantum cloud services, and building strategic partnerships with quantum software companies. IBM's quantum network includes over 200 organizations and represents one of the largest corporate quantum ecosystems.

Google focuses on quantum hardware development (photonic qubits), open-source quantum software (Qiskit, Cirq), and quantum research collaborations with universities and startups. Google's quantum AI division actively partners with quantum software companies while developing internal quantum capabilities.

Microsoft's quantum strategy centers on topological qubits (Majorana 1 chip), Azure Quantum cloud platform, and strategic acquisitions like ID Quantique for post-quantum cryptography. Microsoft Azure Quantum provides quantum development tools and hardware access for quantum startups.

Amazon Web Services operates the Amazon Quantum Solutions Lab, partnering with quantum hardware and software companies to develop quantum applications for AWS customers. Amazon's approach emphasizes quantum-as-a-service offerings rather than direct equity investments.

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Which venture funds specifically focus on deep tech or quantum computing?

A growing number of venture funds have developed quantum-specific investment theses, though most quantum investing still occurs through broader deep-tech funds.

• Quantonation (France/US): Europe's first quantum-dedicated VC fund with €91 million Fund I and €30 million EIF backing for Fund II, focusing exclusively on quantum technologies and deep physics
• QDNL Participations (Netherlands): €25 million quantum-focused fund targeting European quantum hardware companies, particularly photonic and superconducting quantum processors
• Main Sequence Ventures (Australia/US): Deep-tech fund with significant quantum allocation, backing Pasqal, Orca Computing, and other quantum companies
• Atomico (Pan-European): Growth-stage deep-tech fund that has backed quantum companies in Series B and later rounds
• IQ Capital (UK): University spinout-focused fund investing in Cambridge and Oxford quantum research commercialization
• Serena (Early-stage): Quantum software-focused fund targeting quantum algorithm and application companies

What quantum breakthroughs and R&D areas currently attract the most funding?

Quantum investment concentrates on technologies approaching near-term commercialization, with control electronics and hybrid quantum-classical systems receiving the largest funding allocations.

What is the total global quantum investment in 2024 versus 2023?

Global quantum investment reached $2.6 billion in private venture funding during 2024, representing a 9% increase from 2023's $2.4 billion, while public quantum funding grew to $44.5 billion in 2024 from approximately $42 billion in 2023.

The private venture capital increase reflects growing investor confidence in quantum commercialization timelines, with larger average deal sizes indicating maturation of the quantum startup ecosystem. Public funding growth demonstrates continued government prioritization of quantum technology development across the US, Europe, and Asia.

First half 2025 data shows dramatic acceleration, with $1.25 billion in Q1 2025 alone representing a 128% year-over-year surge compared to Q1 2024. This pace suggests total 2025 private quantum investment could reach $3.8-4.2 billion, representing significant growth over 2024 levels.

The public-private funding ratio remains heavily skewed toward government investment, with public funding representing approximately 95% of total quantum investment when including government R&D, infrastructure, and strategic programs. However, private venture funding growth rates significantly exceed public funding growth, suggesting increasing commercial viability of quantum technologies.

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What early investment trends and large funding rounds have emerged in 2025?

The first half of 2025 has witnessed unprecedented quantum funding activity, with four rounds exceeding $100 million and a clear trend toward later-stage financing for companies approaching commercialization.

Major 2025 funding rounds include IonQ's $360 million ATM offering (largest quantum public offering to date), QuEra's $230 million Series B (neutral-atom quantum computing), Quantum Machines' $170 million Series C (quantum control systems), and Alice & Bob's €100 million Series B (logical qubit development). These rounds demonstrate investor confidence in quantum companies with proven technology and commercial traction.

Investment trends show increased participation from growth-stage VCs and corporate strategic investors, with seed and Series A rounds now typically ranging $2-8 million (up from $1-5 million in 2024) and Series B-C rounds reaching $50-200 million for leading companies. European quantum companies are attracting larger rounds, with three European companies raising over €50 million in H1 2025.

The trend toward larger, later-stage rounds indicates quantum technology maturation, with investors increasingly focusing on companies with clear paths to revenue generation within 2-3 years rather than pure research and development plays.

Which quantum startups raised the most money recently and who led those rounds?

The largest quantum funding rounds in 2024-2025 have been led by growth-stage VCs and corporate investors, with control systems and neutral-atom quantum computing attracting the largest allocations.

IonQ's $360 million ATM offering represents the largest quantum financing, providing trapped-ion quantum computing access through cloud platforms. QuEra raised $230 million in Series B funding for neutral-atom quantum processors, led by undisclosed growth investors. Quantum Machines secured $170 million in Series C funding led by PSG Equity for quantum control orchestration platforms.

Alice & Bob raised €100 million in Series B for logical qubit development, targeting error-corrected quantum computing. These companies share common characteristics: proven quantum technology, commercial partnerships with quantum hardware companies, and clear revenue generation pathways within 24-36 months.

Lead investors across these rounds include PSG Equity (growth-stage focus), Intel Capital (strategic corporate), various European growth funds, and family offices with deep-tech investment mandates. The pattern shows institutional investors increasingly comfortable with quantum technology risk profiles as companies demonstrate technical progress and commercial traction.

What quantum investment growth can be expected for 2026 based on current momentum?

Based on current investment trends and quantum technology development timelines, 2026 quantum investment is projected to reach $4-5 billion in private venture funding, representing continued strong growth driven by commercialization milestones and increased corporate adoption.

Several factors support continued quantum investment growth: first meaningful demonstrations of quantum advantage in specific applications, government-mandated post-quantum cryptography migration creating market demand, and increasing corporate quantum adoption through cloud platforms. The trend toward larger Series B-C rounds suggests continued consolidation around quantum companies with commercial traction.

Corporate strategic partnerships will likely increase significantly in 2026, with tech giants, financial services companies, and pharmaceutical firms investing in quantum application development. The pattern of increased average deal sizes suggests investor focus will continue shifting toward later-stage companies approaching revenue generation.

Risk factors include potential quantum winter if commercialization timelines extend beyond investor expectations, increased competition from classical computing advances, and potential economic recession impacting venture capital availability. However, current momentum and government support suggest continued strong quantum investment growth through 2026.

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Conclusion

Sources

1. European Investment Fund invests €30M in Quantonation II
2. EIF invests EUR 30 million in quantum technologies
3. Quantum computing 2024 briefing
4. Quantum Machines raises $170M Series C
5. EIF invests €30M in Quantonation II to boost quantum tech
6. Pre-seed investor lists
7. Quantum industry sees big bets in early 2025
8. Quantum computing benefits for businesses
9. Rigetti Computing Q1 2025 financial results
10. Top deep tech VC funds investing in Europe
11. New data on the growing quantum industry
12. Quantum computing startups
13. TQI 2024 annual report
14. Quantum technology monitor April 2024
15. Q1 2025 quantum technology investment surge