Ground State Ventures

Ground State Ventures (formerly QDNL Participations) is an early-stage venture capital firm focused exclusively on quantum technology, investing across quantum computing, sensing, communications, and infrastructure. Founded in 2022 by Ton van 't Noordende, the firm is headquartered in Amsterdam with offices in London and San Francisco. Its $88 million fund — which exceeded its original $70 million target — typically writes first checks of $500K–$1.5M at the pre-seed and seed stages, and the firm participates in follow-on rounds as portfolio companies scale. The team includes Chad Rigetti (founder of Rigetti Computing) as a partner, alongside physicists with PhDs from Oxford, Stanford, Harvard, Yale, and UC Berkeley. The portfolio currently spans 15 companies across Europe, the U.S., and Switzerland, with a combined valuation that reached $1.3 billion within the fund's first 15 months. Notable portfolio companies include QuantWare, Qblox, Sygaldry, Diffraqtion, and QT Sense.