Observed Signal · Feb 22, 2026 · Funding · Source: TechCrunch · Impact: 3/5 · Sentiment: Positive
Quantonation's €220M Fund Signals Quantum Investment Surge
Quantonation Ventures has closed its oversubscribed second fund at €220 million (approx. $260M), more than twice the size of its first fund, signaling continued investor interest in quantum and physics-based startups. The firm, with dual headquarters in Paris and New York, has already invested in 12 startups and aims for a ~25-company portfolio that spans quantum hardware, software, and adjacent physics technologies like photonics and lasers. Returning limited partners include Vertex Holdings and Bpifrance, while new LPs include the European Investment Fund, Grupo ACS, Novo Holdings, Planet First Partners, and Toshiba. Quantonation partner Will Zeng highlighted a maturing ecosystem with more “picks and shovels” opportunities and broader geographic research contributions, even as major players like Nvidia and Google continue to drive market excitement around quantum progress.
A sizable, oversubscribed second fund (€220M) indicates sustained investor confidence and growing ecosystem activity in quantum technologies, which affects funding flows and startup formation in the quantum/physics-based tech sector.
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Key Takeaways & Evidence Grounding
- Quantonation Ventures closed its second, oversubscribed fund at €220 million (approx. $260 million).
- The second fund is more than twice the size of Quantonation's inaugural fund.
- Fund two has already invested in 12 startups with a target portfolio of around 25 companies across quantum hardware, software, and adjacent physics technologies.
- Returning investors include Vertex Holdings and Bpifrance's Fonds National d’Amorçage 2; new limited partners listed include the European Investment Fund, Grupo ACS, Novo Holdings, Planet First Partners, and Toshiba.
- Quantonation operates dual headquarters in Paris and New York and has backed companies such as Pasqal, Quandela, and Qblox.
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QuTwo valued at $380M after €25M angel round
QuTwo, a Finnish AI lab founded by Peter Sarlin, has raised a €25 million (~$29M) angel round that values the company at €325 million (about $380M). The startup — which positions itself as an AI company with strong ties to quantum computing research — sells QuTwo OS, an orchestration layer that routes workloads to classical, quantum, or hybrid architectures and promotes "quantum-inspired" computing on classical hardware. QuTwo reports roughly $23M in committed revenue from design partnerships including Zalando, recently expanded into Sweden, and has hired about 50 quantum and AI scientists. The angel investor group includes prominent European investors and founders; Sarlin says the funding approach preserves long-term strategic freedom and supports ambitious R&D across automotive, life sciences and gaming sectors.
US Plans $2B Quantum Grants, Taking Equity Stakes
Quantum computing stocks jumped after reports that the U.S. government will award $2 billion in grants to nine quantum-focused firms and take equity stakes in recipients. The Wall Street Journal reported the package, funded via the 2022 Chips and Science Act, with IBM reportedly the largest beneficiary at $1 billion. IBM confirmed it will work with the government to build a purpose-built 300‑mm quantum wafer foundry, launching a new company called Anderon and matching the grant with a $1 billion investment. Other reported awards include $375 million for GlobalFoundries and roughly $100 million each for D‑Wave, Rigetti and Infleqtion; startup Diraq is reported to receive $38 million. The deals are not yet finalized and Commerce Department comment was pending.
Chemistry Ventures Raises $500M for Second Fund
Chemistry Ventures, a VC firm founded by Mark Goldberg, Ethan Kurzweil and Kristina Shen, is raising $500 million for its second fund, according to an SEC filing. Launched two years ago by alumni of Bessemer, Index Ventures and Andreessen Horowitz, the firm debuted with a $350 million fund and focuses on early-stage AI startups including infrastructure and apps. Its portfolio includes Granola, Decagon, Persona, Serval and Nova Intelligence. The Wall Street Journal reports the new fund is already oversubscribed and expected to close soon.
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