Copenhagen-based 55 North announces €134 million first close for record €300 million quantum technology fund
A significant boost for Europe's burgeoning quantum technology sector has arrived with the first close of a €300 million fund dedicated to supporting advancements in this crucial field. The Copenhagen-based venture capital firm, 55 North, has secured €134 million in its initial funding round, making it the world's largest fund specifically focused on quantum technologies. This investment signifies a major step forward in Europe's pursuit of technological leadership and digital sovereignty. The fund's backers include Novo Holdings and EIFO, and it will concentrate on investments across diverse areas, including quantum computing, sensing, and communications. 55 North adopts a stage-agnostic approach, meaning they will support both foundational technologies and integrated solutions. The firm has already made strategic investments in European quantum companies like IQM and co-led the Series A-2 round for Kiutra, demonstrating its commitment to fostering the growth of promising ventures. This development has far-reaching implications for European businesses, researchers, and citizens. It promises to accelerate the development of quantum technologies that could revolutionize industries, from healthcare and finance to cybersecurity. Furthermore, this investment aligns with the growing global emphasis on quantum, with European governments actively developing national strategies to support innovation and maintain a competitive edge. Denmark's National Strategy for Quantum Technology, implemented in 2023, exemplifies this commitment, and mandates support for quantum investment. With this influx of capital, Europe is positioned to not only benefit from the transformative potential of quantum technology but also to strengthen its digital autonomy and secure its place as a leader in this strategic domain.
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