Copenhagen-based 55 North has announced the first close of its €300 million quantum technology fund, raising €134 million from anchor investors Novo Holdings and EIFO. The fund positions itself as the world’s largest dedicated quantum technology venture capital vehicle, focusing exclusively on the sector’s emerging opportunities.

The fund was co-founded by three general partners—Owen Lozman, Dr. Helmut Katzgraber, and Dr. Kai Hudek—alongside EIFO (the Export and Investment Fund of Denmark), Novo Holdings, European VC firm Vsquared Ventures, and US-based Cambium Capital. Headquartered in Denmark, 55 North invests stage-agnostically across the globe and has already completed two investments: backing European quantum leader IQM in its €275 million Series B and co-leading Kiutra’s €13 million Series A-2.

Quantum Becomes a Strategic Priority

Quantum technologies have moved from research labs to government agendas. The EU, UK, Germany, France, and Denmark have embedded quantum into their core security and innovation frameworks. The G7 recently pledged coordinated action, with $40 billion in global public funding highlighting that leadership in this space is now tied to economic sovereignty, climate resilience, and national security.

Denmark launched its National Strategy for Quantum Technology in 2023, committing to the field as part of its long-term innovation agenda. This included a mandate for EIFO to spearhead the creation of a world-leading quantum investment fund. The anchoring of 55 North by EIFO and Novo Holdings strengthens the global quantum ecosystem, with Denmark providing access to a central hub of expertise and innovation.

Funds Target Computing, Sensing, and Communications

55 North’s approach focuses on three areas: quantum computing, sensing, and communications. The fund backs companies developing enabling technologies, full-stack solutions, and software designed to solve real-world problems. This diversified strategy balances short-term commercial traction with long-term ambition while creating synergies between portfolio companies.

The fund’s initial investments reflect this thesis. IQM’s €275 million Series B is the largest round raised by a European quantum technology company. IQM has installed the largest number of on-premises quantum computers in Europe and offers cloud access to quantum computing resources. Meanwhile, 55 North co-led the €13 million Series A-2 in Germany-based Kiutra, which develops cryogenic cooling systems essential for the ultra-low temperatures required by quantum computing and sensing.

Leadership Team Combines Technical and Investment Expertise

The fund is led by Managing Partner Dr. Owen Lozman FRSC, formerly of M Ventures, alongside General Partners Dr. Helmut Katzgraber (ex-Amazon, ex-Microsoft) and Dr. Kai Hudek (ex-IonQ). They’re supported by Vsquared Ventures and Cambium Capital. The team brings deep entrepreneurial and technological expertise, having built, run, and backed successful deep tech ventures globally.

“Quantum is no longer a science experiment, it’s a strategic imperative. 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.”

Dr. Owen Lozman, Managing Partner of 55 North

Investment Momentum Accelerates in 2025

This year marks the UN’s International Year of Quantum Science and Technology, celebrating 100 years of quantum mechanics. Quantum investment surged to over €1 billion in Q1 2025 alone, despite a 50% drop in overall tech investments. This represents more than double the capital invested in the previous year.

The global quantum market reached $1.45 billion in 2024, with projections to hit $5.4 billion by 2030. This signals a shift from quantum as a long-term research effort to commercial readiness, creating opportunities for advancements across industries. Denmark, with its deep quantum heritage, is building on this legacy to establish itself as a global innovation hub.

Strategic Backing from Danish and European Investors

Peder Lundquist, CEO of EIFO, emphasized the fund’s strategic importance: “We are thrilled to see 55 North launch. To fulfil the strategic objective of the Danish Government, we have teamed up with strategic partners to incubate a world-leading platform ready to invest in the important field of quantum technology. Quantum will shape industries, economies, and security frameworks worldwide. That is why Europe must act decisively to secure a leading position. With an outstanding team and solid backing from us, Novo Holdings, and further investors to come, 55 North is set to play a defining role.”

Søren Møller, Managing Partner at Novo Holdings, added context to their involvement: “We are very pleased to act as cornerstone investors in 55 North alongside EIFO, which shares our conviction that quantum innovation holds the potential to address some of the most critical challenges in human and planetary health. Innovation requires capital, and it is therefore essential to make the necessary resources available to the companies that create the solutions of tomorrow. This marks an important step in Novo Holdings’ quantum investment strategy, where we aim to back the most promising companies driving progress in the field. We see quantum technologies as a transformative enabler of life science solutions that can ultimately improve the health of people and the planet worldwide.”

Denmark Positions Itself as Quantum Hub

Morten Bødskov, Danish Minister for Industry, Business and Financial Affairs, highlighted the national significance: “We need to seize the potential of quantum technology. It can help us solve some of the major challenges we are facing. Just look at the opportunities within, for example, cybersecurity and supply chain optimization. But courage and investment are needed. In Denmark, we proudly carry on Niels Bohr’s legacy as we inaugurate the world’s largest quantum fund today. With it, we can invest in the major quantum breakthroughs of the future and more quickly get ideas out of the labs and into our society.”

55 North’s focus on European quantum leadership aligns with EU initiatives to maintain technological independence in critical computing infrastructure as quantum technologies transition from research to commercial deployment. The fund invests with a long-term horizon, supporting companies at all stages that are developing quantum computing, communications, sensing, and other enabling technologies.

The team combines technical expertise with a proven investment track record, partnering with world-class investors, scientists, and entrepreneurs to advance breakthrough quantum solutions. Supporting companies worldwide and targeting real-world applications that deliver significant economic and societal value, 55 North is committed to establishing Europe as a global hub for quantum innovation.

Origianl Creator: Ekaterina Pisareva
Original Link: https://justainews.com/technologies/quantum-computing/55-north-closes-e134m-for-e300m-quantum-tech-fund/
Originally Posted: Thu, 02 Oct 2025 08:49:29 +0000