QDNL Participations
QDNL Participations is an Amsterdam-based early-stage venture capital fund launched by Quantum Delta NL to bridge the gap between academic quantum research and commercial venture investment. The fund focuses exclusively on quantum technology startups globally, with an initial emphasis on Dutch quantum companies. In April 2026, it rebranded to Ground State Ventures following an oversubscribed $88M fund close.
Amsterdam, Netherlands · 3+ investments · 3 portfolio companies
- Headquarters
- Amsterdam, Netherlands
- Founded
- 2023
- Website
- qdnlparticipations.nl
- AUM
- $88.0M
- Portfolio Companies
- 3
- Total Investments
- 3
- Last Investment
- Oct 2025
- Geographic Focus
- Europe, Global, Netherlands, United States
Investment Thesis
QDNL Participations is a Venture Capital firm based in Amsterdam, Netherlands. It has made 3 investments, including Q*Bird, ORANGE QUANTUM SYSTEMS and SiC Systems. Focus areas include Deep Tech and Quantum Communications.
Portfolio3
Co-investors7
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7 co-investors across 9 shared portfolio companies — who they back alongside, and how often they lead.
Venture Capital ×5 · Accelerator ×1 · Government ×1 · 6 shared rounds
Investment History
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