Copenhagen-based 55 North has made a significant move in the quantum technology sector by closing its first round of funding for its €300 million venture capital fund. The company has raised €134 million from anchor investors Novo Holdings and EIFO, positioning itself as the world’s largest dedicated quantum technology fund.

The fund’s focus on emerging opportunities in the sector has attracted a range of high-profile investors, including Vsquared Ventures and Cambium Capital. This marks a significant milestone for 55 North, which was co-founded by three general partners: Owen Lozman, Dr. Helmut Katzgraber, and Dr. Kai Hudek.

Quantum technologies have gained traction globally, with the EU, UK, Germany, France, and Denmark embedding quantum into their core security and innovation frameworks. The G7’s recent pledge to coordinated action highlights the importance of leadership in this space for economic sovereignty, climate resilience, and national security.

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, with IQM’s €275 million Series B being 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.

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, bringing deep entrepreneurial and technological expertise to the table.

The team’s combined experience in building and investing in quantum technology companies positions 55 North for success in this rapidly evolving sector.

Denmark’s Central Hub of Expertise

Denmark has become a central hub for quantum innovation, with EIFO spearheading the creation of a world-leading quantum investment fund. The anchoring of 55 North by EIFO and Novo Holdings strengthens the global quantum ecosystem, providing access to expertise and innovation.

The success of this fund marks a significant milestone for Denmark’s quantum strategy, which includes a mandate for EIFO to create a world-leading quantum investment fund. This commitment reflects Denmark’s long-term vision for innovation and economic growth.

In conclusion, 55 North’s €134 million raise is a significant step forward for the quantum technology sector. With its diversified strategy and experienced leadership team, the company is well-positioned to drive innovation and growth in this rapidly evolving space.

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• https://justainews.com/technologies/quantum-computing/55-north-closes-e134m-for-e300m-quantum-tech-fund/