Introduced by Andreas Munk Holm, this EUVC Live at GoWest series spotlights the thought leadership of policymakers, institutional investors, GPs, corporates, and public capital leaders around one defining question:
How does Europe mobilize its own capital to secure its technological future?
Across the sessions, one theme emerges repeatedly:
Europe does not lack talent.
It does not lack innovation.
It does not lack savings.
It lacks coordination.
Europe builds 40% of the world’s quantum computers.
Yet it risks losing the industry.
In this keynote, Olivier Tonneau, Founder and Partner of Quantonation, argues that Europe has the science, the startups, and the talent to lead in quantum technologies but may lack the capital structure to sustain that leadership.
And the next 12–24 months are decisive.
Quantum Is Sovereign Infrastructure
Quantum technologies are built on three core principles:
Superposition: particles existing in multiple states simultaneously
Entanglement: correlated particles across distance
Measurement collapse: observing a quantum system changes it
These properties unlock capabilities with geopolitical consequences:
Exponential computing power
Unhackable communication
Ultra-precise sensing
The scaling curve is brutal.
When a quantum system moves from 100 to 101 qubits, its computing power doubles.
At scale, quantum machines will surpass classical supercomputers and reshape what is possible in defense, intelligence, industrial design, and cryptography.
This is not just innovation.
It is sovereignty.
Europe Is Competitive For Now
Europe is not behind in science.
It is ahead in multiple layers of the stack:
~40% of deployed quantum machines globally come from Europe
Strong academic ecosystems (e.g., Chalmers University)
A dense startup base across hardware, software, sensing, and communication
Europe is firmly in the game.
But the industry is no longer decided by research.
It is decided by scaling.
And scaling is being financed elsewhere.
The Funding Shock
For years, global quantum startup funding hovered around ~$2B annually.
Europe consistently raised roughly half what the US raised, not ideal, but survivable.
Then last year, the market shifted.
Suddenly:
~$10B flowed into quantum startups
~$7B went to US companies
~$1.2B went to Europe
~$1B went to the UK
The funding ratio moved from roughly 1:2 to nearly 1:7.
That gap changes everything.
Because in frontier industries, capital is not fuel.
Capital is velocity.
The Consequence: Europe Becomes the Lab, the US Becomes the Market
With a 1:7 funding gap:
US firms scale faster
Public listings become more feasible
M&A accelerates
European companies become acquisition targets
Europe can end up in the worst possible position:
Building the science.
Training the talent.
Creating the companies.
And exporting the value.
What Must Happen
Olivier outlines levers that are both immediate and structural.
Immediate (Next 12–24 Months)
Fully deploy European Innovation Council programs
Expand EIF-backed large-scale venture funds
Reinforce public procurement as a scaling mechanism
Launch and scale the €5B Scale-Up Fund Europe
Remain pragmatic about foreign capital
Liquidity matters
US listings may be necessary
Long-Term
Unified European capital markets
Pension fund participation
Larger VC vehicles
Clearer exit pathways
European preference in strategic procurement
The Core Thesis
Europe has the research base.
It has the startups.
It has the talent.
The question is whether it has the financial conviction.
Quantum leadership will not be won by publishing papers.
It will be won by building companies that can scale faster than they can be acquired.
And that requires capital architecture.
