NVIDIA's NVentures adds Alice & Bob to its quantum portfolio

Alice & Bob, a quantum hardware company building fault-tolerant machines on a proprietary cat-qubit architecture, extended its €100m Series B by adding NVentures to its cap table. The new investment did not disclose financial terms and does not replace existing backers including Future French Champions, AXA Venture Partners, and Bpifrance. The company also deepened its tie-up with Nvidia by integrating its cat-qubit hardware with Nvidia’s CUDA-Q platform and NVQLink interconnect. This integration supports Nvidia’s quantum strategy of acting as a classical compute and software substrate rather than building its own QPU. NVentures’ broader portfolio spans multiple quantum hardware approaches, including ion traps, neutral atoms, and photonics, reflecting a hardware-agnostic, software-anchored thesis.

"Alice & Bob, the Paris- and Boston-based quantum hardware company building fault-tolerant machines on its proprietary cat-qubit architecture, has added NVentures, Nvidia's venture arm, to its cap table in an extension of its €100m Series B. Financial terms of the new investment were not disclosed. The round was announced on Friday by the company. The original Series B closed in January 2025, led by Future French Champions, AXA Venture Partners and Bpifrance, and valued at €100m (about $104.9m at the time)."

"What Nvidia is buying is partly a strategic option and partly a software integration. Alice & Bob has spent the last year tying its cat-qubit hardware into Nvidia's CUDA-Q platform and the NVQLink interconnect that Nvidia uses to glue accelerators and QPUs together. That work is a precondition for what Nvidia has telegraphed as its quantum strategy: rather than build its own QPU, it positions itself as the classical compute and software substrate that every credible quantum modality eventually has to run alongside."

"The NVentures portfolio reflects that. The fund has spent the past nine months writing cheques across the major hardware approaches: into Quantinuum (ion trap) in its $600m round at a $10bn valuation, into QuEra (neutral atoms), into PsiQuantum's $1bn Series E (photonic), and now into Alice & Bob (superconducting cat qubits). The thesis is hardware-agnostic and software-anchored. Whichever architecture clears fault tolerance first, Nvidia"

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