Copenhagen-based venture capital firm 55 North has launched the first phase of a €300 million fund dedicated entirely to quantum technologies. With backing from Novo Holdings and Denmark’s Export and Investment Fund (EIFO), the firm positions itself as the world’s largest pure-play quantum tech VC, designed to fuel breakthroughs in quantum computing, sensing, and communications.
The fund is led by Managing Partner Dr. Owen Lozman FRSC, formerly with M Ventures, alongside General Partners Dr. Helmut Katzgraber, who previously worked at Amazon and Microsoft, and Dr. Kai Hudek, formerly of IonQ. Their strategy spans the entire quantum stack—from enabling hardware and full-stack quantum computers to advanced software and algorithms addressing real-world applications.
Dr. Lozman explained that as classical computing reaches its physical and computational limits, especially in fields like AI and drug discovery, quantum technology offers a path forward. He emphasized that Europe must strengthen its quantum agenda to remain a producer, not just a consumer, of these technologies. With this first close and early investments, he believes 55 North is laying the groundwork for a quantum-powered future.
The firm’s portfolio already highlights this mission. It recently took part in a €275 million Series B funding for IQM, a leading European quantum computing company known for its large-scale on-premises quantum installations and cloud-based access. 55 North also co-led a €13 million Series A-2 round in Kiutra, which is developing next-generation cryogenic cooling systems vital for quantum computing and sensing.
Looking ahead, the firm plans to invest across the lifecycle of quantum companies worldwide, balancing near-term commercial opportunities with long-term transformative innovation. With €300 million at its disposal, 55 North aims to act as a catalyst for Europe’s quantum ecosystem, reshaping industries, bolstering national security, and addressing pressing global challenges.
