The Paris-based cat-qubit company adds NVentures to a cap table already backed by FFC, AVP and Bpifrance, and deepens its CUDA-Q tie-up with Nvidia.
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).
It was one of the larger European quantum hardware rounds on record and the clearest signal to date that French sovereign capital, channelled through Bpifrance and the state-backed FFC vehicle, was prepared to underwrite a serious shot at fault tolerance from a domestic operator. The NVentures extension does not replace any of those backers; it bolts onto them.
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 wants its tooling on the other side of the call.
The technical premise of Alice & Bob is that bosonic cat qubits can suppress bit-flip errors at the hardware level, which the company argues should let it reach fault tolerance with thousands of physical qubits rather than the millions implied by less protected superconducting designs.
The company has publicly targeted a “useful” quantum computer by 2030. That is the timeline the new capital is being raised against.
The funding also lands at a moment when state involvement in the sector is unusually heavy. On Wednesday, the US Commerce Department signed letters of intent for $2bn in CHIPS Act funding to nine quantum companies, taking equity stakes alongside the grants.
France has been running its own version of that approach since 2021 through the €1.8bn national quantum plan and the Proqcima programme, which TNW has covered in detail. Alice & Bob sits inside Proqcima as one of the country’s two designated quantum hardware champions.
What the extension does not disclose is the cheque size, the post-extension valuation, or whether NVentures negotiated any board observation rights. Alice & Bob has been measured in what it publishes about its cap table; further detail is unlikely to surface unless a later round prices it in.
