Quebec’s first venture capital fund dedicated to quantum technologies
Sherbrooke, Friday November 24th, 2023 – Quantacet, a new venture capital fund based in Quebec and dedicated to quantum technology start-ups, has announced a first closing of $20 million.
Quantacet is an eagerly-awaited new player within Quebec’s innovation ecosystem, bringing an added dimension to the range of resources available for creating, supporting, developing, and attracting quantum start-ups in Quebec. This fund will play a key role in the growth of the quantum industry in Quebec, which has already benefited from numerous private and public investments in recent years. By joining a select group of quantum funds around the world, Quantacet confirms Quebec’s international leadership in this field.
Quantacet has an initial envelope of 20 million dollars, the result of contributions from a number of public and private sponsors who share the vision of supporting long-term industrial development in Quebec, seeing quantum technology as a sector of growth for the future of Quebec’s economy. Contributors include the Quebec government, through its agent Investissement Québec which has invested $10 million in the fund, as well as some 20 private individuals and institutional investors.
Quantacet will invest in ambitious young companies at the pre-seed or seed stage throughout Quebec. It may also make strategic investments in foreign companies, particularly if they are considering setting up operations in Quebec. The fund focuses on technologies with the potential to address the most critical challenges of our time, including technologies in quantum computing, communications, sensors, and materials, as well as technologies critical to the quantum industry supply chain. By supporting the best companies in Quebec, Quantacet will actively contribute to building the quantum economy of the future and positioning Quebec as a leader in the global quantum industry. The aim is to invest in about 20 companies over the next 5 years.
Quantacet is co-managed by Martin Laforest and Chloé Archambault, two well-established specialists in the quantum industry, and Ghyslain Goulet, CEO of the Accélérateur de création d’entreprises technologiques (ACET) and manager of ACET Capital fund. Quantacet intends to leverage its international network and its understanding of commercialization issues in this cutting-edge sector to actively support its portfolio companies.
Quantacet finds an important strategic partner in ACET. ACET is a leader in business coaching for growing start-ups and has developed in recent years an expertise in supporting quantum start-ups. For ACET and its quantum start-ups, Quantacet represents a source of capital that fills an important gap in the financing chain. Quantacet is also a co-founding partner of QV Studio, a Sherbrooke-based start-up studio dedicated to creating and nurturing new quantum technology companies.
“Quantum technologies have the potential to transform a number of industries and thereby have an impact on the technological and societal landscape of the 21st century. Quebec is in the process of putting in place all the required ingredients to catalyze a quantum industry of international stature, and Quantacet will be there to support the most disruptive young quantum companies by giving them the means to achieve their ambitions. Quantacet’s aim is to accelerate the development cycle of quantum technologies so that we can all benefit from them more quickly,” explains Martin Laforest, Manager at Quantacet and well-established expert in the quantum community.
“Quantacet is bringing together a number of private investors from across Quebec and the Estrie region with the aim of boosting Quebec’s quantum start-ups, many of which are active in the Sherbrooke region and incubated at ACET,” adds Ghyslain Goulet, Manager at Quantacet and President and CEO of ACET.
“Quantum sciences represent a strategic sector of the future for the Estrie region and all of Quebec. With the Quantacet fund, we are acquiring a new tool in our financing chain to accelerate the creation and development of companies that will help build a strong, internationally competitive Quebec ecosystem,” said Pierre Fitzgibbon, Minister of the Economy, Innovation and Energy, Minister responsible for Regional Economic Development, and Minister responsible for Greater Montreal and the Montreal Region.
Quantacet is the first Quebec-based venture capital fund dedicated to early-stage companies working in the field of quantum technologies. Located at the heart of DistriQ, Sherbrooke’s quantum innovation zone, Quantacet invests in the most promising quantum start-ups that will have a transformative impact on a wide range of applications in healthcare, cybersecurity, energy, transportation, and many other areas of society. By being an active player in Quebec’s venture capital ecosystem, notably through its presence at Espace CDPQ, the largest community dedicated to venture capital in Canada, Quantacet aims to facilitate access to venture capital for quantum start-ups to support their growth. https://quantacet.com
The mission of the Accélérateur de création d’entreprises technologiques (ACET) is to identify innovative and daring technological projects, to support entrepreneurs in their development, and to propel new innovative companies having a positive societal impact. Supported by a committed business community, ACET offers personalized support from seed to internationalization, access to different sources of financing including its own investment funds, the expertise of its market intelligence service, and the power of its networks so that entrepreneurs can transform their passion, vision, and innovations into a successful business. https://acet.ca