55 North, the world’s largest dedicated quantum technology venture capital fund, has announced the first close of its €300 million Fund I at €134 million, marking a significant milestone for both the European and global quantum ecosystems. The fund establishes itself as the largest pure-play quantum VC in the world, positioned to drive commercial readiness and strategic leadership in quantum innovation.
Founded by Dr. Owen Lozman, Dr. Helmut Katzgraber, and Dr. Kai Hudek—all veteran figures in quantum and deep-tech investment—the fund is anchored by EIFO (the Export and Investment Fund of Denmark) and Novo Holdings, with additional participation from Vsquared Ventures (Europe) and Cambium Capital (U.S.). Headquartered in Denmark, 55 North will take a stage-agnostic, global investment approach, backing startups and scale-ups that are redefining the future of computing, sensing, and communication through quantum technologies.
The fund has already completed its first two investments: participating in IQM’s €275 million Series B—the largest funding round ever for a European quantum technology company—and co-leading Kiutra’s €13 million Series A-2 round, supporting the German firm’s development of advanced cryogenic cooling systems essential for quantum computing.
Building the World’s Leading Quantum Investment Platform
Quantum technologies have become a strategic national and global priority, with governments across Europe, North America, and Asia recognizing their potential to transform industries, accelerate scientific discovery, and enhance national security. The G7 recently pledged coordinated action amid nearly $40 billion in global public funding, underscoring the urgency of establishing leadership in this field as a matter of economic sovereignty, technological independence, and climate resilience.
Within this landscape, Denmark has emerged as a major hub of quantum research and development. Its National Strategy for Quantum Technology, launched in 2023, includes a mandate for EIFO to spearhead a world-leading investment platform in the sector. The formation of 55 North, anchored by EIFO and Novo Holdings, fulfills this strategic vision—placing Denmark at the heart of global quantum innovation.
Peder Lundquist, CEO of EIFO, emphasized the government’s ambitions:
“We are thrilled to see 55 North launch. Quantum will shape industries, economies, and security frameworks worldwide. Europe must act decisively to secure a leading position. With an outstanding team and strong backing from us, Novo Holdings, and others, 55 North is set to play a defining role.”
Quantum’s Moment Has Arrived
The launch of 55 North coincides with a pivotal moment for the field. 2025, declared the UN International Year of Quantum Science and Technology, marks the centenary of quantum mechanics and reflects a decisive shift from research to commercialization.
According to recent data, quantum investment surpassed €1 billion in Q1 2025 alone, doubling last year’s levels even as overall tech investment declined by 50%. The global quantum market—valued at $1.45 billion in 2024—is expected to grow to $5.4 billion by 2030, highlighting both investor confidence and market readiness.
Dr. Owen Lozman, Managing Partner of 55 North and a former executive at M Ventures, framed the opportunity succinctly:
“Quantum is no longer a science experiment—it’s a strategic imperative. As classical computing reaches its physical limits, quantum is emerging as the key to solving complex workloads in areas like drug discovery and artificial intelligence. Europe must push its quantum agenda to remain a producer, not just a consumer, of these technologies. With our first close and early investments, we’re laying the foundation for the world’s quantum future.”
A Deep-Tech Team with Global Reach
The leadership team at 55 North brings together some of the most experienced professionals in quantum and advanced computing:
- Dr. Owen Lozman, Managing Partner – Formerly at M Ventures, Lozman is a Fellow of the Royal Society of Chemistry (FRSC) and has extensive experience in deep-tech investment and scaling frontier technologies.
- Dr. Helmut Katzgraber, General Partner – Former Principal Research Scientist at Amazon Web Services and former Principal Researcher at Microsoft, Katzgraber has spent over two decades advancing quantum computing and optimization.
- Dr. Kai Hudek, General Partner – A physicist and former Head of Software at IonQ, Hudek brings hands-on experience building and commercializing quantum systems.
They are joined by supporting partners Vsquared Ventures and Cambium Capital, extending the fund’s footprint across Europe and the United States.
This diverse team combines technical mastery with deep entrepreneurial expertise, having built, operated, and backed successful deep-tech ventures globally. Their combined experience uniquely positions 55 North to identify and nurture quantum startups poised for both scientific impact and commercial scalability.
Investing Across the Quantum Stack
55 North’s strategy is built around a comprehensive investment thesis, focusing on the three pillars of the quantum ecosystem—computing, sensing, and communication. The fund will invest in enabling hardware, software, and algorithms that can drive real-world transformation across industries such as pharmaceuticals, energy, finance, cybersecurity, and logistics.
By backing companies at various stages—from early research spinouts to growth-stage ventures—55 North seeks to balance short-term commercial traction with long-term technological ambition. Its diversified approach also fosters synergies among portfolio companies, accelerating collective progress in the field.
Søren Møller, Managing Partner at Novo Holdings, underscored the significance of this approach:
“Quantum innovation holds the potential to address some of the most critical challenges in human and planetary health. Innovation requires capital, and it’s essential that we provide the resources to the companies creating tomorrow’s solutions. We see quantum technologies as transformative enablers that can improve the health of people and the planet worldwide.”
Denmark’s Legacy and Leadership
For Denmark, home to Niels Bohr—one of the founding fathers of quantum physics—the creation of 55 North represents both a continuation of scientific legacy and a bold step into the future.
Morten Bødskov, Denmark’s Minister for Industry, Business and Financial Affairs, commented on the broader national importance of the fund:
“We need to seize the potential of quantum technology. It can help us solve some of the major challenges we face, from cybersecurity to supply chain optimization. With courage and investment, we proudly carry on Niels Bohr’s legacy by inaugurating the world’s largest quantum fund. This will help turn groundbreaking ideas from the lab into real-world solutions.”
By establishing 55 North in Denmark, the nation solidifies its position as a global innovation hub for quantum technology, attracting international partnerships, talent, and capital to drive forward the next generation of computing.
Early Investments Reflect Strategic Focus
The fund’s initial two investments embody its dual focus on commercial readiness and technological depth:
- IQM Quantum Computers (Finland) – A €275 million Series B round, co-led by 55 North, marks the largest-ever quantum funding round in Europe. IQM has installed the most on-premises quantum computers in Europe and provides cloud-based access to quantum resources for enterprise and research customers.
- Kiutra (Germany) – A €13 million Series A-2 investment supporting Kiutra’s cryogenic cooling systems, a critical enabler for stable quantum operations at ultra-low temperatures.
These early deals demonstrate 55 North’s intent to invest not only in full-stack quantum computing companies but also in the enabling technologies that make scalable quantum systems possible.
Looking Ahead
With a final target of €300 million, 55 North Fund I is set to become the largest dedicated quantum investment vehicle globally—a critical instrument for shaping the future of one of the century’s most transformative technologies.
As quantum moves rapidly from theory to application, 55 North stands ready to back the innovators, entrepreneurs, and scientists driving this new industrial revolution. The fund’s launch signals a clear message: quantum technology is entering its commercial age, and Europe—anchored by Denmark—is determined to lead the charge.
