Denmark launches the world’s largest quantum fund

Denmark has unveiled a substantial new investment fund dedicated to quantum technology, marking a significant step in Europe's growing focus on this transformative field. The €300 million fund, dubbed 55 North, aims to accelerate the development and commercialization of quantum technologies, with a particular emphasis on global investments from a European perspective. This initiative underscores the continent's commitment to fostering innovation and achieving digital sovereignty in a rapidly evolving technological landscape. The fund's first close has already secured €134 million, demonstrating strong initial backing from major players, including the Export and Investment Fund of Denmark (EIFO) and Novo Holdings. 55 North intends to invest across various stages of quantum technology development, showcasing its breadth. Investments already include European quantum leaders like IQM and Kiutra, signaling a clear commitment to supporting indigenous European companies in the sector. This investment is poised to have a broad impact, potentially boosting European competitiveness in quantum computing, communication, and sensing. The focus on globally diverse investment coupled with specific commitments to European players allows the EU to compete on a larger stage. The move is significant for European businesses seeking funding in the quantum space and contributes to the continent's ability to develop strategically important technologies independently. The establishment of 55 North follows Denmark’s 2023 national quantum strategy and reflects the growing recognition across Europe of quantum technologies’ strategic importance. With the leadership of experts from leading tech companies like Amazon and Microsoft, the fund is well-positioned to leverage global knowledge and expertise in developing the quantum ecosystem.