Blond & Quantum #3: “Betting early on quantum: inside a $260M quantum & physics fund” with Olivier Tonneau, Partner at Quantonation

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In this episode of Blond & Quantum, Eva sits down with Olivier Tonneau from Quantonation to unpack what it really takes to build — and back — a global quantum ecosystem.

Fresh off closing more than $260M for Fund II, Olivier shares what this milestone signals not just for Quantonation, but for the entire deep-tech and quantum landscape. We go back to 2018, when investing in quantum was still considered niche and risky, and explore what gave Quantonation the conviction to move early while others hesitated.

We discuss first-mover advantages, competitive dynamics among quantum investors, and where the strongest global startup momentum is emerging today. Olivier also reveals which types of quantum companies are scaling fastest, what business models are already working despite early-stage hardware, and how startups are generating real traction now — not in some distant future.

The conversation dives into the critical triangle between governments, venture capital, and startups, and why coordinated ecosystems — not just breakthrough physics — determine who wins the quantum race. Olivier also explains why Quantonation builds companies through venture studios across multiple countries, and how those startups differ from traditional founders.

Finally, we look ahead five years: which industries quantum will disrupt first, what shifts investors should watch closely, and whether there’s a deal Olivier wishes he could still invest in.

If you want a clear, insider view of where quantum is actually heading — beyond hype — this episode is your roadmap.

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