Quantonation Ventures, a VC firm which has invested in multiple UK quantum technology start-ups, has raised £60 million (€70 million) for its new fund.

The firm eventually plans to raise £171 million (€200 million) for the new venture.

Since the fund was founded in 2018, it has invested in Oxford-based firm Orca Computing, Bristol’s KETS Quantum Security, Germany’s Quantum Simulations, and France’s PASQAL.

Quantonation’s managing partner Christophe Jurczak, said: “With these resources, we can pursue scouting for the best quantum companies in the world and support a fantastic roster of founders in their entrepreneurial journey, including in new geographies for us.”

Another unnamed spokesperson for Quantonation said we can expect to see more quantum computing companies “working on applications in health, climate change mitigation, security, energy, and high-performance computing” shortly.

Investors in the new fund included government-backed fund French Seed Fund and Berkshire Partners co-founder Bradley M Bloom.

The news comes after the UK government pledged £10 million towards six projects aimed at accelerating the development of components and systems for quantum network technologies back in November 2023.

The government said projects could change the way the UK distributes, secures, and processes information to meet the challenges of an “increasingly complex data economy.”

Quantinuum, an integrated quantum computing company, received a $300 million investment from JP Morgan in January - one of the largest-ever funding rounds for the quantum tech firm.

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