Bringing quantum to life for our LPs

The first half of 2025 has been exceptional for our fund, showcasing remarkable performance with a strong TVPI and Net IRR.

Recently, we welcomed QDNL Participations limited partners to our first ever LP and Portfolio Day in Delft, the Netherlands.

LPs got to hear pitches from some of our portfolio companies, including an introduction to some of our new US investments, before they’ve been announced!

It’s rare to get to see inside a quantum tech lab, but Q*Bird, QuantWare, and QphoX treated our LPs to lab tours, providing an up-close understanding of what they’re building.

We ended the day by bringing our LPs and portfolio together for a meal, to get to know each other better over some lively conversation.

Unless you’re at the front line of the tech’s development, quantum can seem abstract and distant from everyday life. Events like this help show the progress our portfolio companies are making, and we’ll be doing more of them in the future.

In the meantime, I’m going to be in New York later this month for Inside Quantum Technology’s second Quantum + AI event. I’ll be onstage as part of the VC and investment roundtable on October 20th. Want to schedule a chat while I’m in town? Drop me a line.

– Ton

Portfolio news

• QphoX has been awarded a $5.8 Million contract alongside Rigetti Computing. The three-year deal with Air Force Research Laboratory is to develop superconducting quantum networking technologies.

• Qblox has launched Qubit Lab, a fully operational in-house quantum computer, designed for development, benchmarking, and demonstration of Qblox hardware in quantum computing environments. It has also launched Qblox Scheduler, an open-source framework transforming complex quantum experiments into hardware-ready code.

• QuantWare has appointed former Graphcore VP Tom Wilson as its VP of Business Development. It has also signed a letter of intent with India’s Centre for Development of Advanced Computing (C-DAC) to explore the co-development of hybrid quantum computing technologies.

• OrangeQS co-organised the third edition of the Superconducting Qubits and Algorithms conference, SQA 2025, which took place in Delft, the Netherlands. Not familiar with the startup’s work? TNO has produced a video in Dutch (with English subtitles available) that acts as a great introduction.

• Q*Bird CEO and co-founder Ingrid Romijn was named by Sifted as one of 8 female founders to watch in quantum. She’s also a finalist in the Quantum.Tech Hot 10, “a group of exceptional individuals who are making a meaningful impact and contribution to the future of quantum.”

Quantum momentum

More recent developments from the world of quantum tech:

• PsiQuantum has raised $1 billion to build million-qubit scale, fault-tolerant quantum computers. Investors in the round include NVIDIA’s venture arm, NVentures. PsiQuantum will collaborate with NVIDIA in areas including quantum algorithms and software, GPU-QPU integration and PsiQuantum’s silicon photonics platform.

• Quantinuum has raised $600 million at a $10 billion pre-money valuation. NVIDIA’s NVentures is in on this round too. Quantinuum has also revealed a 4x improvement since May this year in the Quantum Volume achieved by its System Model H2 quantum computer platform.

• QuEra is another NVIDIA NVentures quantum investment, extending the quantum computing company’s $230 million Series B round, which was first announced in February

• IQM has raised a €275 million Series B round, giving it a unicorn valuation exceeding $1 billion.

• Quantum algorithms company Phasecraft has raised a $34 million Series B round.

• IonQ has announced its intention to acquire Vector Atomic, a quantum sensing company specializing in the positioning, navigation, and timing (PNT) space. Vector Atomic boasts a portfolio of high-performance clocks, gravimeters, inertial sensors, and $200M+ in government contracts. Meanwhile, Morgan Stanley has disclosed a 7% ownership stake in IonQ.

• Horizon Quantum is to go public via a SPAC deal, merging with NYSE-traded dMY Squared Technology Group. The deal values Horizon at around $500 million.

• That’s not the only quantum SPAC deal in the pipeline. Infleqtion plans to merge with Nasdaq-traded Churchill Capital Corp X.

• The Norwegian government has announced a five-year investment of around $100 million into quantum technology. The aim is to strengthen Norway’s competitiveness and national security.

• New Mexico is making a $315 million push to boost quantum computing in the US state. As part of this, it has established the Quantum Frontier Project with defense R&D body DARPA.

• US semiconductor manufacturer SkyWater Technology says quantum computing is now its second-largest end market, forecasting revenue growth of more than 30% in 2025.

• IBM and AMD have announced plans to collaborate on the development of quantum computing technology.

• Quantum Motion has delivered the first full-stack silicon CMOS quantum computer, which has been installed at the UK’s National Quantum Computing Centre.

• Google Quantum AI, the California Institute of Technology, and Purdue University have published a research paper showing that both learning and sampling can be performed efficiently in the beyond-classical regime. This opens up new potential for quantum-enhanced generative models with provable advantage.

Look out for more news from QDNL Participations soon.