Amsterdam-based specialized venture capital firm QDNL Participations has announced its formal corporate rebranding to Ground State Ventures as it prepares the final close of its inaugural early-stage quantum technology fund. The vehicle has raised over €75.2 million ($88 million), significantly outpacing its original capital target of €59.8 million ($70 million). The operational restructure and expanded capital allocation plan reflect the firm’s strategic transition from localized seed investments in the Netherlands to structured cross-border deal execution across Europe and the United States.

                         [ Ground State Ventures Capital Pool ]
  Fund Status         ──► Approaching final close with €75.2M+ ($88M) raised.
  Initial Target      ──► Oversubscribed beyond the original €59.8M ($70M) baseline.
  Investment Scope    ──► Early-stage checks across computing, sensing, networks, and infrastructure.
  Asset Management    ──► Distributed operational bases in Amsterdam, London, and San Francisco.

Originally established in 2022 by General Partner Ton van ‘t Noordende, the fund functioned as the initial institutional pre-seed anchor for the thriving Dutch quantum computing and sensing ecosystem. The firm’s early portfolio included primary positions in notable spin-outs from the Delft and Leiden hubs, including hardware developer QuantWare, microwave controller manufacturer Qblox, quantum-frequency converter designer QphoX, cell-tracking biophysics specialist QT Sense, and quantum network architect Q*Bird. The new international deployment thesis shifts capital toward global hubs, supporting initial investment rounds for Swiss cryogenic microelectronics group Rhonexum alongside U.S.-based entities Diffraqtion, Quantum Elements, and SiC Systems.

The structural scaling of Ground State Ventures is reinforced by the addition of partner Chad Rigetti, founder and former CEO of Rigetti Computing. The specialized fund relies on a technically concentrated investment team that includes multiple physics PhDs from Oxford, Harvard, Stanford, Yale, and UC Berkeley to perform due diligence on complex hardware and protocol layer startups. Reflecting its follow-on funding capability, the fund recently supported Rigetti’s newest venture, Sygaldry Technologies, participating across both the Seed and Series A phases of the startup’s massive €118.9 million ($139 million) total capitalization round to manufacture quantum-accelerated servers tailored for high-density artificial intelligence workloads. Backed by first-check positioning in its assets, the VC reports that the cumulative valuation of its portfolio holdings has climbed to $1.3 billion within 15 months of deployment.

Review the official rebranding parameters and global venture portfolio metrics here, or access real-time fund tracking and executive commentary via the professional advisory brief here.

July 9, 2026

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