Denmark is set to host the world’s largest quantum technology fund. EIFO has led the creation of the €300 million fund, which will be co-anchored with Novo Holdings. With a heavy European gravity in its strategy, the fund has already made its first two investments, in Finland and Germany respectively.
Denmark takes a decisive step into the quantum future with the launch of a new investment platform, 55 North. Incubated and co-founded by EIFO (the Export and Investment Fund of Denmark), the platform will manage the world’s largest venture capital fund focused exclusively on quantum technologies.
We need to seize the potential of quantum technology. [...] But courage and investment are needed.
With a target size of €300 million and an initial close of €134 million, the fund is headquartered in Copenhagen and marks the realization of a key ambition in Denmark’s National Strategy for Quantum Technology. More than a century after Niels Bohr’s Nobel Prize placed Copenhagen at the heart of quantum science, Denmark is once again poised to lead on the global stage.
“We need to seize the potential of quantum technology. It can help us solve some of the major challenges we are facing. Just look at the opportunities within, for example, cybersecurity and supply chain optimization. But courage and investment are needed. In Denmark, we proudly carry on Niels Bohr’s legacy as we inaugurate the world’s largest quantum fund today. With it, we can invest in the major quantum breakthroughs of the future and more quickly get ideas out of the labs and into our society,” said Morten Bødskov, Danish Minister of Industry, Business and Financial Affairs.
The National Strategy for Quantum mandated EIFO to incubate a world-leading investment fund. Drawing on its extensive experience in building investment platforms in partnership with private actors, EIFO has taken the lead role in designing the fund, securing cornerstone investors, and assembling an international team of top-tier experts.
“We are thrilled to see 55 North launch. To fulfil the strategic objective of the Danish Government, we have teamed up with strategic partners to incubate a world-leading platform ready to invest in the important field of quantum technology. Quantum will shape industries, economies, and security frameworks worldwide. That is why Europe must act decisively to secure a leading position. With an outstanding team and solid backing from us, Novo Holdings, and further investors to come, 55 North is set to play a defining role,” said Peter Lundquist, CEO of EIFO.
Danish roots, international reach
The fund’s structure reflects both Danish roots and international reach. Cornerstone investor Novo Holdings joined early as a strategic partner, underlining the importance of quantum technologies for areas ranging from advanced computing to life science, global health defense and security. The fund has been co-founded with European venture capital firm Vsquared Ventures and US-based Cambium Capital, ensuring deep global connections and a broad foundation for growth.
“We are very pleased to act as cornerstone investors in 55 North alongside EIFO, who shares our conviction that quantum innovation holds the potential to address some of the most critical challenges in human and planetary health. Innovation requires capital, and it is therefore essential to make the necessary resources available to the companies that create the solutions of tomorrow.This marks an important step in Novo Holdings’ quantum investment strategy, where we aim to back the most promising companies driving progress in the field. We see quantum technologies as a transformative enabler of life science solutions that can ultimately improve the health of people and the planet worldwide,” said Søren Møller, Managing Partner, Novo Holdings.
Establishing a fund of this scale, in such a complex and strategic field, is no small feat.
A dedicated EIFO team led the creation of 55 North, with a core focus on assembling a world-class leadership group.
“Establishing a fund of this scale, in such a complex and strategic field, is no small feat. We have been diligently assessing the best people and the ideal structure to maximize the impact of this initiative, for the investors and society at large. With the partnership of Novo Holdings and some of the world’s top quantum experts on the team, Denmark is now home to one of the world’s strongest quantum investment platforms,” said Erik Balck Sørensen, CIO of EIFO.
Hand-picked team, massive surge in quantum investments
Photo: From left: Helmut G. Katzgraber, Owen R. Lozman og Kai M. Hudek
55 North will be led by Managing Partner Owen R. Lozman FRSC, formerly M Ventures, together with General Partners Helmut G. Katzgraber, who has previously held positions at Amazon and Microsoft, and Kai M. Hudek, formerly IonQ. They are joined by advisors, Michael Jobst of Vsquared Ventures and David Moehring of Cambium Capital. Collectively, this team brings decades of experience in quantum physics, venture capital, and industrial research, having built, backed, and scaled deep-tech companies across Europe and the United States.
"Quantum is a strategic technology with implications far beyond any single market. With EIFO's strong support and cornerstone investment, we are building a truly international team to transform Europe's scientific leadership into commercial power. Denmark is the right location for this fund, and now is the right time." — Owen Lozman, CEO of 55 North
The launch of 55 North and the fund comes at a pivotal moment. In the first quarter of 2025 alone, more than one billion euros was invested globally in quantum technologies, doubling the level of the previous year even as overall technology investment declined sharply. The global quantum market, valued at $1.45 billion in 2024, is projected to reach $5.4 billion by 2030.
This rapid growth signals the next wave of quantum technology, moving from long-term research to commercial readiness.
Heavy focus on Europe, two initial investments already made
The investment strategy of 55 North targets the entire quantum value chain, with a focus on computing, sensing, and communication. Investments will cover everything from enabling technologies to full-stack hardware and applied software. This approach balances near-term commercial opportunities with long-term breakthroughs and creates synergies across the portfolio that can accelerate the field as a whole.
Around 75 percent of the fund will support European companies, with one quarter specifically targeting leading Nordic firms. The remaining capital will be deployed to pursue select opportunities worldwide, ensuring global reach while keeping a strong European center of gravity. Across all geographies, the fund will back early-stage quantum companies, aiming to make 25–30 investments in total.
“Quantum is an ecosystem, not a single product,” said Helmut Katzgraber, CSO at 55 North. “By backing the full stack, this fund will accelerate progress and help European companies grow into global leaders.”
The first two investments from 55 North exemplify the strategic thesis and commercial approach. In Finland, 55 North has backed IQM, a company that has installed the largest number of on-premises quantum computers in Europe. IQM raised €275 million in the largest funding round ever by a European quantum technology company. Also, 55 North co-led the €13 million Series A-2 in Germany-based Kiutra, who are developing advanced cryogenic cooling systems, essential for efficient operation at the ultra-low cryogenic temperatures required for quantum computing and sensing.
Named after Copenhagen’s latitude, 55 North honors Niels Bohr’s legacy and Denmark’s quantum physics heritage. Bohr’s ideas changed science forever and gave birth to Copenhagen’s status as a quantum ecosystem hub. 55 North’s leadership team; Owen R. Lozman, Helmut G. Katzgraber, and Kai M. Hudek, have all relocated with their families to Copenhagen.
