We’re changing our name: QDNL Participations is now Ground State Ventures

And our fund has hit $88 million, well exceeding its target

Author

Ton van 't Noordende
April 28, 2026

Today is a big day for QDNL Participations…. We’ve changed our name and launched a complete rebrand! 

We’re also announcing that our fund has reached $88 million (well above target) as it approaches final close.

Introducing Ground State Ventures.

This rebrand reflects both our expansion far beyond our initial focus and the increasing opportunities in quantum technology across the globe.

QDNL Participations began with a solid focus on quantum startups based in the Netherlands. We were the first investor in some of Europe’s highest-potential quantum companies like QuantWare, Qblox, QT Sense, QphoX, OrangeQS, and Q*Bird.

More recently, we have expanded internationally, leading initial funding rounds in stellar US startups like Diffraqtion, Quantum Elements, and SiC Systems, as well as Switzerland-based Rhonexum.

Reflecting our ambitions from an early stage, we attracted quantum computing pioneer Chad Rigetti, founder of Rigetti Computing, as Partner in 2023. We have also backed Chad’s new company, Sygaldry.

The Ground State Ventures team is based across the US and Europe, with offices in Amsterdam, London, and San Francisco. Our team draws on deep expertise in both quantum technologies and venture capital, allowing us to select startups with the potential to drive quantum forward in meaningful, and commercially successful, ways.  

Why Ground State Ventures?

In quantum science, the ‘ground state’ is the baseline for a quantum particle. With the addition of the right amount of energy, it can reach an ‘excited’ state where its reach and influence expands.

Similarly, this is what Ground State Ventures does to early-stage quantum technology startups: we inject the capital and support necessary to take them from their starting point and put them on a path to transforming the world.

Our fund is almost at final close

We’re preparing the final close on the raise of our early-stage quantum technology fund.

Having already hit $88 million raised, far exceeding the original target of $70 million, the fund positions us to continue backing the best quantum technology founders right at the start of their journey, and support them with follow-on funding as they grow.

Having put the first check into every company we have backed to date, and having seen our portfolio value grow to $1.3 billion in under 15 months, we have established ourselves as an astute identifier of high-potential quantum startups.

We will continue to back startups in follow-on rounds, as demonstrated by our participation in both the seed and Series A components of Sygaldry’s recent $139 million raise announcement.