QDNL Participations

The firm targets early-stage quantum technology startups globally, investing from the pre-incorporation idea stage through to seed and early venture rounds. Its portfolio includes quantum computing hardware, quantum sensing for life sciences, cryogenic electronics, and quantum-enhanced AI. The fund explicitly bridges the gap between academic grants and institutional venture capital, providing both capital and commercial support to scientist-founders.

Quantum computing pioneer Chad Rigetti serves as Venture Partner, bringing deep technical and entrepreneurial credibility from founding and taking public Rigetti Computing. The investment team also includes Nicola Weiroster. The firm has not publicly disclosed a complete leadership roster, but Rigetti's role signals a scientist-founder-driven investment approach anchored in the quantum research community.

QDNL Participations operates as a specialist venture capital firm, not a family office. It raised a committed fund — initially €15 million in the Netherlands, later expanded to a €60 million global fund — and invests on behalf of limited partners rather than a single family's capital. In 2024, it rebranded to Ground State Ventures while maintaining its existing fund entity.

The firm commonly leads or co-leads pre-seed and seed rounds and participates alongside other specialist deep tech and quantum investors. For example, it led Rhonexum's $1 million pre-seed round and co-invested with Interreg Europe grant funding in QT Sense's €6 million raise. It has not publicly described rigid co-investment policies, but its deal pattern suggests openness to syndication.

The firm invests at the intersection of AI and quantum technology, not exclusively in pure quantum plays. It backed Quantum Elements, an AI-native quantum development platform, and SiC Systems, a startup building quantum-enhanced AI for biomanufacturing, industrial automation, and defense. Its thesis encompasses applications where quantum computing and quantum sensing unlock AI capabilities.

Ground State Ventures is the rebranded entity of QDNL Participations, announced by the firm in May 2024 to reflect its broadened global ambition. The existing fund entity and name QDNL Participations remain in use for ongoing operations. The rebrand indicates a strategic evolution rather than a new or separate fund structure.

While originally launched to accelerate the Dutch quantum ecosystem, the €60 million global fund invests across Europe and North America. Portfolio companies include Switzerland-based Rhonexum, Dutch startups QuantWare and QT Sense, and US-based Diffraqtion and Quantum Elements. The firm maintains its headquarters in Amsterdam while sourcing deals from quantum research hubs worldwide.