London VC Firgun Ventures has unveiled the first $70m (£53.4m) close of its quantum-focused investment fund.
Targeting early growth-stage firms developing quantum technologies, the fund will back Series A and B rounds in the sector.
The fund, for which Firgun aims to raise $250m, has secured significant backing from the Qatar Investment Authority as well as a handful of family offices and Ilyas Khan, the founder of Cambridge Quantum Computing, which was later formed into one of the world’s largest companies in the space Quantinuum.
“Quantum isn’t a buzzword. It’s an industrial revolution. It will reshape how we compute, communicate, and diagnose or cure disease. We’re here to fund its future leading companies,” said Dr Kris Naudts, co-founder of Firgun Ventures.
“Our investor ethos begins with ‘first, do no harm,’ borrowed from the medical world, but used here to mean that we are focussed on helping founders and management teams maintain innovation and drive sustainable and organised growth. Quantum technology is here to change the world, and we strongly believe in its ability to do so for the better.”
With the quantum sector advancing beyond research into revenue-generating commercial ventures, Firgun has seen an opportunity to back it as it grows increasingly intertwined with sectors from medical technology to banking and finance.
“We back quantum founders who have already crossed from lab to market, and they need investors who understand both worlds in order to successfully scale,” added Firgun co-founder Zeynep Koruturk.
“After more than a decade working with technology entrepreneurs at Goldman Sachs, I’ve seen how transformative innovation takes hold when it’s backed by the right kind of capital. Quantum is no different – it needs investors who combine conviction with values. That’s exactly what Firgun was built to deliver.”
