Ground State Ventures has rebranded from QDNL Participations, announcing an $88 million close for its latest quantum technologies-focused fund.
The firm has been raising its second fund since January 2025, when it secured €25 million at first close, anchored by the Dutch government-backed Quantum Delta NL. At the time, the fund had a target size of €60 million.
Launched in March 2023, Ground State Ventures secured €15 million for its first fund, whose sole limited partner was Quantum Delta NL.
The firm’s original focus was on preseed quantum technology developers in the Netherlands, specifically those emerging from TU Delft, Eindhoven University of Technology, Leiden University, the University of Twente, and the University of Amsterdam.
The increased capital will allow Ground State Ventures to double down on an increasingly global pipeline. The firm already operates offices in Amsterdam, London, and San Francisco.
Its recent commitments in international markets include Diffraqtion (spun out of MIT and the University of Maryland), SiC Systems (spun out of TU Denmark), and Rhonexum (spun out of EPFL).
Ground State Ventures has been the first cheque into every portfolio company to date, with follow-on capital also available, and this new fund will maintain that strategy.
The firm expects a final close in the near future, though it has not provided a timeline or updated target size.
