Firgun Ventures: Scaling Quantum Beyond the Early Stages
Quantum technology is approaching an inflection point. After years of foundational research, breakthroughs in error correction and steady progress across multiple hardware modalities are accelerating the field. At the same time, the industry faces a structural bottleneck. While many early-stage quantum startups have emerged, very few investors are able to lead the significant Series A and B rounds required to turn scientific advances into commercially viable products.
Firgun Ventures was founded to address this gap. Established by Zeynep Koruturk and Dr. Kris Naudts, the firm focuses on the early growth stages of the quantum ecosystem, where companies must transition from research-driven development to scalable execution.
Firgun Ventures plans to invest globally across quantum computing, sensing, and communications. The fund has a target size of $250M. Beyond capital, the team brings operational experience, scientific depth, and the ability to shape an equity story that resonates with large institutional investors.
After completing its first close, the fund plans a second close in 2026. Firgun Ventures is already conducting due diligence on several opportunities and expects to make its first investments early next year. The team is actively engaging with founders and is open to new opportunities.
Learn more about the fund’s perspective on quantum technologies from our interview with Firgun Ventures’ founders:
What Inspired You to Start Firgun Ventures?
Kris: I have an academic background in computational neuroscience. After founding a startup, I knew I wanted to stay in the tech and startup world. Then I was misdiagnosed with a terminal illness, which I fortunately did not have. That experience made me want to work in deep tech and science to contribute meaningfully to drug discovery or diagnostics. Quantum technology felt like a natural fit, and I had already been indirectly involved in the ecosystem for nearly a decade through an early investment in Cambridge Quantum Computing, which is now called Quantinuum.
Zeynep: I have been actively covering quantum at Goldman for the past 10 years, meeting hundreds of companies and personally investing in the space, including key names such as Quantinuum. The more I spoke with founders, the clearer it became that there was a significant funding bottleneck: once companies reached Series A or B, very few investors could lead those rounds in an informed manner. Given how much time I was already spending in quantum and my experience as an angel investor, it made sense to move my efforts to an institutional VC platform. Quantum is an area where investors cannot easily access opportunities unless they have a strong network and the ability to conduct deep due diligence.
Tell Us More About Firgun Ventures and What You Focus On.
Firgun Ventures is built to address the funding gap at Series A and B for quantum technologies. The goal is to help companies move from Seed to Series A and from Series A to B, setting them up for long-term growth. We invest globally. If the fund reaches its target size of $250M, we plan to invest in around 20 companies across quantum computing, quantum sensing, and quantum communications.
What Value Add Do You Bring to Portfolio Companies?
There is deep operational experience from building a startup from the ground up, combined with an academic background that closely aligns with many quantum founders coming straight from research. This helps support the transition from lab to company building.
At the same time, there is a strong understanding of how companies eventually need to raise very large rounds from major global investors. Many quantum startups struggle to articulate an equity story that resonates with institutional capital, and part of the role is to shape that narrative and prepare them for the scale required to attract those pools of capital.
Quantum Cycles Have Historically Disappointed Investors. Why Is 2025 the Right Moment for a Dedicated Quantum Fund?
Quantum is reaching an inflection point. Advances in error correction over the last one to two years have reshaped the field, and public roadmaps now line up well with a 10-year fund horizon. Private valuations remain relatively reasonable, and companies are still accessible. At the same time, interest from individual LPs and corporates has risen sharply. Public quantum valuations have increased, yet almost the entire sector remains private, making access and due diligence difficult without a specialized vehicle.
For investors looking to enter the market, our diversified portfolio of around 20 companies offers a way to gain exposure at a moment that could, in hindsight, resemble investing early in today’s leading AI startups.
What Commercial Signals Do You Look for in Series a or B Companies?
Revenue is not the sole metric for evaluating quantum companies at this stage. The technology is still maturing, but that does not diminish its long-term potential.
What matters most is execution: credible and detailed roadmaps, iteration speed, clear technical milestones, and a team that can consistently deliver.
Commercially, we look at market readiness, scalability, and the quality of corporate relationships. Even if those relationships do not yet translate into meaningful revenue.
Technical due diligence is led by Professor Mete Atature in Cambridge, who assesses the underlying science and brings in additional experts when needed.
Where Do You See Realistic Exit Pathways for Quantum Companies in the Next 5–10 Years?
Consolidation is likely across several hardware modalities, as already seen in trapped ions and potentially emerging in photonics, where well-capitalized players may acquire smaller teams. Vertical exits are possible too, particularly for companies developing applications relevant to sectors like pharma.
Some of the quantum majors, such as Quantinuum or PsiQuantum, have reached a scale where public listings become plausible over the next few years.
By investing across computing, sensing, and communications, we diversify across different exit timelines: sensing and communication may offer earlier outcomes, while computing has the potential for larger but longer-term exits.
Quantum Hardware Modalities Are Fragmented. Is This Sustainable or Will the Field Consolidate?
It is too early to make a definitive prediction. Only a few years ago, many expected one or two modalities to dominate the field. Advances in error correction have shifted that view, with all major approaches showing meaningful progress. Multiple modalities may ultimately coexist, each suited to different classes of problems. It is also not yet clear where value will concentrate in the stack, whether in hardware, applications, or industry users such as pharma.
How Do the Different Maturity Levels of Quantum Computing, Communication, and Sensing Influence the Way You Construct Your Portfolio?
Yes, they do have an impact. There are simply fewer Series A and B candidates in quantum communication and sensing, given where those technologies are in their development cycle. Most of the viable Series A and B opportunities we see today are in quantum computing hardware.
What Advice Would You Give to Deep Tech Founders?
Founders should build stamina. It is a long journey, and staying physically and mentally fit makes a real difference.
It is also important to choose investors carefully. Many academic founders start companies because of a scientific breakthrough rather than a long-term plan to become entrepreneurs. Higher valuations or prominent logos can be tempting, but the real value comes from partners who understand the business deeply and can support the company over the long term.