Ground State Ventures Fund

Netherlands
Seed
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About Ground State Ventures Fund

Amsterdam-based Ground State Ventures (formerly QDNL Participations) closed at $88M (€75.2M), oversubscribing its $70M target by 26%. Led by Ton van 't Noordende with quantum hardware veteran Chad Rigetti as Partner. First-cheque investor for quantum-tech startups with 15 portfolio companies at combined $1.3B valuation.

Investment Focus

Location / RegionNetherlands
Funding StageSeed
Industry Focus
Deep Tech
Semiconductors

Investor Signals Profile

active

Sweet Spot

Early-stage quantum tech founders in EU, US, or APAC

quantum tech only
early-stage first check
EU + US + APAC deals
deep tech / hardware
follow-on capable
quantum sensing/imaging focus

Bullish Signals

$88M raised, above $70M target — 26% oversubscribed in a tough VC marketfundmomentum.vc/blog/...
Portfolio value $1.3B across 15 months; Q*Bird, Qblox, QuantWare, QphoX standard European quantum referenceslinkedin
In-depth FundMomentum analysis published — positions Ground State as Europe's first dedicated quantum category leader with global (EU, US, APAC) distributionfundmomentum.vc/blog/...
QuantWare Series B $178M (largest quantum processor company round ever); Ground State co-investedtwitter @GroundStateVC
Ground State Assembly annual flagship event convenes global quantum investor/researcher/founder ecosystemtwitter @GroundStateVC
Expanding to APAC — Ton scouting Japan quantum ecosystem; strengthens non-EU/US reachtwitter @GroundStateVC
Kris Kaczmarek promoted to Partner; reinforces quantum technical credibility at board leveltwitter @GroundStateVC
Portfolio company Diffraqtion advanced to DARPA Phase 2 (quantum sensing/imaging focus)twitter @GroundStateVC
Diffraqtion selected by NASA for orbital debris tracking; quantum sensing real-world use caselinkedin @GroundStateVC
New portfolio investment: Arq Quantum Technologies pre-seed $1.4M; quantum repeater/internet focustwitter @GroundStateVC
Q*Bird part of €50M European P4Q project; quantum photonic chips for quantum secure commstwitter @GroundStateVC
Active in Danish quantum ecosystem; Niels Bohr Institute + NATO Center quantum tech partnershipstwitter @GroundStateVC

Contrarian Signals

Approaching final close — LP entry window narrowinglinkedin
Quantum-only thesis — very niche filter; mark-to-market gains on pre-product companies are noisyfundmomentum.vc/blog/...

Founder Do's

Be first-check ready — they lead seed rounds
Have quantum tech at core of product
Open to EU, US, or APAC based startups
Expect follow-on support through Series A
Engage with Ground State Assembly ecosystem

Founder Don'ts

Don't pitch non-quantum deep tech
Don't expect late-stage entry
Don't pitch if not commercially oriented

Key GPs & Partners

TN
Ton van 't Noordende
General Partner / Founder
deep tech operatorEurope-rootedecosystem scout
CR
Chad Rigetti
Partner
quantum pioneerfounder-turned-investorUS-based
KK
Kris Kaczmarek
Partner / Investment Director
PhD quantumphotonics expertpublic speaker
MB
Martin SFP Bryant
Head of Communications
communications leadlong-term collaboratorecosystem builder

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Fund Overview

Fund Size€75.2M
Saves0

Key People

Ground State Ventures

Ton van 't NoordendeGeneral Partner / Founder
Chad RigettiPartner
Kris KaczmarekPartner / Investment Director
Martin SFP BryantHead of Communications

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