Copenhagen-based venture capital firm 55 North has closed the first tranche of a €300 million fund that’s solely dedicated to advancing quantum technologies. Among the key backers of this fund are Novo Holdings and Denmark’s Export and Investment Fund (EIFO), marking the world’s largest pure-play quantum tech VC, aiming to fuel innovation across quantum computing, sensing, and communications.
Founded by Managing Partner Dr. Owen Lozman FRSC (formerly of M Ventures), alongside General Partners Dr. Helmut Katzgraber (ex-Amazon, Microsoft) and Dr. Kai Hudek (ex-IonQ), the fund pursues a stage-agnostic, diversified investment strategy that spans the entire quantum technology stack. This includes enabling hardware technologies, full-stack quantum computers, and advanced software and algorithms that tackle real-world challenges.
Dr. Owen Lozman, Managing Partner of 55 North, says, “As classical computing nears its physical and computational limits in applications like drug discovery and AI, quantum is well-positioned to accelerate these workloads. Europe must push its quantum agenda to remain a producer, not just a buyer of quantum technologies. With our first close and early investments, we’re laying the foundation for the world’s quantum future.”
True to this vision, 55 North’s portfolio already includes a €275 million Series B investment in IQM, a leading European quantum computing company that boasts the largest on-premises quantum installations on the continent and offers cloud-based quantum access. Additionally, they co-led a €13 million Series A-2 round in Kiutra, a startup developing next-generation cryogenic cooling systems crucial for quantum computing and sensing.
Looking ahead, 55 North is set to invest across the full lifecycle of quantum technology companies worldwide, balancing support for near-term commercial breakthroughs with the pursuit of transformative, long-term innovation.
With €300 million in capital, the fund aims to serve as a catalyst for the entire quantum ecosystem, helping to reshape industries, bolster national security, and tackle global challenges.
