55 North has held a first close on €134 million for its debut fund targeting €300 million. The firm is dedicated entirely to quantum technologies, including sensing and timing, computing and communication, according to its website.
“Quantum is no longer a science experiment, it’s a strategic imperative,” managing partner Owen Lozman said in a statement. “As classical computing nears its physical and computational limits in applications like drug discovery and AI, quantum is well positioned to accelerate these workloads.”
Based in Denmark, 55 North’s debut vehicle is anchored by the Export and Investment Fund of Denmark (EIFO), and Novo Holdings and has already completed two investments. The firm participated in the €275 million Series B round of Finnish quantum computing developer IQM and co-led the €13 million Series A-2 round of German magnetic cooling technology developer Kiutra.
The fund is stage-agnostic and will invest around the world but maintains a primary focus on supporting European quantum start-ups. Its press release points to the Danish government’s launch of its National Strategy for Quantum Technology program in 2023, which included a mandate for the EIFO to lead the creation of a quantum investment fund, as proof of its thesis.
“Europe must push its quantum agenda to remain a producer, not just a buyer of quantum technologies,” Lozman added. “With our first close and early investments, we’re laying the foundation for the world’s quantum future.”
55 North was founded this year by Lozman, Helmut Katzgraber and Kai Hudek, all long-time quantum and deep-tech specialists.
Lozman previously spent over a decade at biotech investor M Ventures, most recently serving as a managing director. He graduated from the University of Leeds with a PhD in physical and organic chemistry and worked for 15 years in scientific and R&D roles across various companies.
Katzgraber is the chief science officer and a general partner at 55 North and previously served as a global advanced solutions lead at Amazon Web Services.
He earned a PhD in physics from the University of California at Santa Cruz and spent a decade as a researcher and professor at ETH Zurich and Texas A&M University as well as in research roles across various companies.
Hudek serves as a general partner at 55 North and previously spent eight years at quantum computer manufacturer IonQ, most recently serving as a senior manager of product engineering.
He graduated from the University of Colorado Boulder with a PhD in atomic and molecular physics and spent nearly 15 years in research roles at multiple universities.
