QDNL Participations has rebranded to Ground State Ventures following an oversubscribed first fundraise of 88 million dollars, well above its 70-million-dollar target. The Amsterdam-based investor says the new name reflects both its growing international footprint and the global potential of quantum technology. The fund is expected to reach final close shortly, marking a strong early milestone for one of Europe’s most specialized quantum investors.
Founded in 2022 with a focus on Dutch startups, the Quantum Delta NL Participations fund backed early players such as Quantware, QBlox, QPhox, QT Sense and QBird. It has since expanded into Europe and US, investing in companies including Diffraqtion, Quantum Elements, SiC Systems and Switzerland-based Rhonexum. The firm now operates offices in Amsterdam, London and San Francisco.
