Observed Signal · Jun 23, 2025 · Funding · Source: Tech.eu · Impact: 2/5 · Sentiment: Positive
Ex-Chorus One CIO Launches $20M Crypto Fund Frachtis
Xavier Meegan, former Chief Investment Officer at Chorus One, has launched Frachtis, a $20 million pre-seed fund dedicated to technical crypto-native founders. The fund is backed by institutional investors including Theta Capital, as well as crypto-native backers RockawayX, Chorus One, and Cyber Fund. Frachtis will focus on decentralized AI, middleware, infrastructure, and consumer applications. Meegan will lead as a solo general partner, supported by an advisory and investment committee comprising veterans from Chorus One, Symbiotic, Bitstamp, and TradeBlock. The first fund has already backed eight projects at pre-seed and seed stages, including DeFi middleware project Turtle Club and AI infrastructure protocols Hyve and Bless.
New VC fund focusing on decentralized AI and infrastructure, relevant to AI technologies but not directly to AdTech.
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Key Takeaways & Evidence Grounding
- Frachtis is a $20 million pre-seed fund launched by Xavier Meegan, former CIO of Chorus One.
- The fund is backed by institutional investors including Theta Capital, RockawayX, Chorus One, and Cyber Fund.
- Frachtis focuses on decentralized AI, middleware, infrastructure, and consumer applications.
- The advisory committee includes Brian Crain, Felix Lutsch, Erwin Dassen, and Mel Tsiaprazis.
- The first fund has backed eight projects, including Turtle Club, Hyve, and Bless.
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1 Entity mapped“and AI infrastructure protocols Hyve and Bless...”
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Universal Quantum Raises Record $100M Series A
Universal Quantum, a UK-based quantum computing startup spun out of the University of Sussex, has raised a $100 million (€89 million) Series A round, the largest ever for a British quantum company, bringing total funding to over $125 million. The round was co-led by DCVC and Firgun Ventures, with participation from EDBI, Integral GlobalTech, NGS Super, and Roblox founder Dave Baszucki, as well as existing investors Nauta Capital and The Venture Collective. Founded in 2018 and based in Haywards Heath, UK, the company specializes in trapped-ion quantum computing with microwave control on its iQPU chip, targeting room-temperature, scalable, error-corrected systems. The funds will accelerate global expansion in the US, Japan, and Germany and support commercialization. Universal Quantum holds a €67 million contract with the German Aerospace Center (DLR) and a partnership with Rolls-Royce.
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