Fund profile / Netherlands

Ground State Ventures Fund

Geography: Netherlands
Stage: Seed
Fund size: €75.2M
Focus: Deep Tech and Semiconductors
Signals: Published

N°01 / About

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.

N°02 / Thesis

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

Shahar Graf hired as Head of Ecosystem; deepens founder engagement and support infrastructurelinkedin @Martin SFP Bryant

Actively hiring Executive Assistant; signals team growth and operational expansion phaselinkedin @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

29 signals on Ground State Ventures Fund

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Facts

Fund Overview

Fund Size€75.2M

Saves0

Website

People

Key People

Ground State Ventures

Ton van 't NoordendeGeneral Partner / Founder

Chad RigettiPartner

Kris KaczmarekPartner / Investment Director

Martin SFP BryantHead of Communications

Shahar GrafHead of Ecosystem

Backers

Known LPs

Quantum Delta NLPublic / State institution

N°04 / See also

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