Ground State Ventures Fund

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 or US

quantum tech only

early-stage first check

EU + US deals

deep tech / hardware

follow-on capable

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 now 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/...

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 or US based startups

Expect follow-on support through Series A

Engage with their advisor/ecosystem network

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

Ton van 't Noordende

General Partner / Founder

deep tech operatorEurope-rootedpolicy-connected

Chad Rigetti

Partner

quantum pioneerfounder-turned-investorUS-based

Kris Kaczmarek

Investment Director

PhD quantumex-operatorphotonics expert

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Fund Overview

Fund Size€75.2M

Saves0

Website

Key People

Ground State Ventures

Ton van 't NoordendeGeneral Partner / Founder

Chad RigettiPartner

Kris KaczmarekInvestment Director