Quantonation Research
Investment Thesis
Quantonation is a Paris-headquartered, globally investing early-stage venture capital fund dedicated exclusively to breakthrough technologies built on advances in physics and computing. Its founding premise is that physics is the underlying basis for the next wave of industry transformation across energy, transportation, finance, healthcare, and aerospace. The firm positions itself as the world's first (and now largest) venture fund dedicated specifically to quantum technologies and deep physics, backing founders who are translating fundamental scientific breakthroughs -- in quantum computing, quantum sensing, quantum networking, photonics, and advanced materials -- into industrial-scale companies.
Stage Focus
Quantonation invests from pre-seed through Series A, with selective participation in Series B rounds to support portfolio companies as they scale toward industrialization. The firm frequently acts as the first institutional check into deep-tech, PhD-founder teams spinning out of national labs and universities.
Check Size
Exact check-size bands are not published on the website. Based on observed lead checks (e.g., leading a $25.5M seed round in ZuriQ, leading a EUR4M seed in PrediQT), Quantonation appears to write checks from roughly $500K at pre-seed up to $10M+ for larger seed/Series A leads, with reserves for follow-on through Series B. Confidence on precise bands is moderate.
Lead Tendency
Quantonation frequently leads or co-leads its investments. Recent press releases explicitly describe the firm "leading" rounds (ZuriQ's $25.5M seed, PrediQT's EUR4M seed) and initiating first-check relationships (Yaqumo, its first Japanese investment; SBQuantum; PINC Technologies).
Recent Activity
Quantonation has been highly active through 2025 and 2026. In February 2026 it closed Quantonation II, a EUR220 million fund (more than double the EUR91 million Fund I closed in 2022) to back the industrialization of quantum and physics-based technologies, with the European Investment Fund committing EUR30M to the vehicle in June 2025. Since then the firm has announced new investments in ZuriQ, Yaqumo (first Japan investment), and SBQuantum, alongside portfolio milestones at Multiverse Computing ($570M Series C), Quobly (EUR115M Series A), memQ ($10M Series A), Chiral ($12M raise), and Project Eleven ($20M Series A). The firm also strengthened its platform in June 2026 by adding two global deep-tech industry executives.
Portfolio Highlights
Across its two funds, Quantonation has backed 50+ companies spanning quantum computing (Pasqal, Diraq, Quobly, ORCA Computing, Quandela, Nord Quantique, ZuriQ, Yaqumo), quantum networking and quantum-safe communications (WelinQ, CryptoNext Security, KETS Quantum Security, VeriQloud, evolutionQ, Qunnect, memQ, Project Eleven), quantum sensing (SBQuantum, Qnami, EuQlid, Sensorium, InSpek, SteerLight), and deep physics / advanced materials spinouts (Chiral, Tau Systems, Vertical Compute, PrediQT, Zoo, Resolve Stroke). Notable scale-ups include Pasqal, Multiverse Computing (AI optimization on quantum-inspired methods), and Quobly, each of which has gone on to raise large follow-on rounds from tier-one investors. Fund I, per third-party reporting, has performed in the top quartile globally across its 27 portfolio companies. No public exits (acquisitions/IPOs) were identified in this research pass.
Team
- Christophe Jurczak, PhD -- Co-founder & Managing Partner. PhD in quantum physics under 2022 Nobel laureate Prof. Alain Aspect; background spanning government/executive roles in energy and defense; degrees from Ecole Polytechnique and Ecole Normale Superieure.
- Olivier Tonneau -- Co-founder & Managing Partner. ESSEC graduate; ten years as a management consultant at Kearney, then CEO of holding company Gravitation; sits on the boards of Multiverse Computing, Qnami, and KETS Quantum Security; Kauffman Fellows Class 28.
- Emily Meads -- Principal. Physicist (University of Bath, Universidad Politecnica de Madrid); previously invested in deep tech at Speedinvest.
- Joseph Maillard -- COO. Called to the Bar of England & Wales; International Trust Management and Corporate Taxation certifications.
- Raphael Bodin, Ylan Tran, Yu-Hsin Wang -- Associates, with backgrounds spanning quantum-startup operating roles (Quandela, Alice&Bob, Qubit Pharmaceuticals) and finance/strategy (Arkea, Devoteam, Danone).
- Marie-Sophie Chevreteau -- Legal Counsel; seven years as a VC/M&A lawyer at Gide Loyrette Nouel, admitted to the Paris Bar.
The firm also maintains a scientific advisory relationship with Nobel laureate Prof. Alain Aspect and is a co-founder of Le Lab Quantique, France's quantum innovation hub, alongside ties to the EU's Quantum Flagship program and startup studios QV Studio (Quebec) and Quantum Italia.
Decision Process
Investment decisions run through a small partnership of two co-founders and a principal-led deal team rather than a solo GP or large investment committee, consistent with a specialist, high-conviction deep-tech fund.
Founder Preferences
Quantonation backs PhD-level, physicist-entrepreneur founding teams commercializing fundamental research -- frequently first-time founders spinning technology out of academic labs -- who need both capital and deep technical/scientific diligence support to reach industrial scale.
Geographic Focus
Global mandate spanning Europe (headquartered in Paris), North America, and Asia-Pacific, with its first Japan-based investment (Yaqumo) announced in April 2026 and existing exposure to the US and Canada (Tau Systems, Zoo, evolutionQ, Nord Quantique, Foqus).