Revolut founder’s QuantumLight secures €432 million to expand its AI-driven venture capital strategy

London-based VC firm QuantumLight, co-founded by Revolut CEO Nik Storonsky in 2023, has closed its second fund at €432 million ($500 million). The new fund is twice the size of its first fund and will help the firm expand its data-driven approach to investing in technology companies.

The fund exceeded its original target and was oversubscribed, according to QuantumLight CEO Ilya Kondrashov.

The latest fund comes around 15 months after QuantumLight raised €222 million for its first fund in May 2025.

Other European VC firms have also raised new funds recently, including:

• London-based Transition Ventures’ €128 million Fund II
• Berlin-based Merantix Capital’s €103 million AI Fund
• Amsterdam-based DFF Ventures’ €70 million Fund III
• Antwerp-based Pitchdrive’s €60 million Fund IV
• UK-based Creator Fund’s €48.6 million fund
• London-based Passion Capital’s €46 million fourth Seed fund
• Munich-based Vanagon Ventures’ €20 million Fund I

Together with QuantumLight, these funds represent around €908 million in disclosed capital.

QuantumLight invests in technology companies worldwide across areas such as AI, FinTech, SaaS, HealthTech, and DeepTech.

Instead of mainly using the traditional VC model, where partners personally source and assess companies, QuantumLight uses its own AI system called Aleph. The system analyses potential investments and helps the firm make decisions with less human involvement.

Aleph is designed to screen companies at a large scale and use data and quantitative signals to identify promising investment opportunities. This brings an approach similar to systematic investing into the venture capital industry.

The strategy also reflects Storonsky’s focus on using data to make business decisions, an approach that has been important in the growth of Revolut.

QuantumLight has invested in 27 companies so far, including five that have reached unicorn status.

Its portfolio includes AI infrastructure company Together AI, health platform Function Health, software company Factory, legal tech startup Robin AI, employee benefits platform Ben, and UK energy company Fuse Energy.

The new fund gives QuantumLight significantly more capital to invest before the results of its first fund can be fully measured. Its oversubscribed close shows strong investor interest in Storonsky’s track record and QuantumLight’s belief that technology can help identify high-growth companies.

Storonsky is best known as the co-founder and CEO of Revolut, the London-based FinTech company he launched with Vlad Yatsenko in 2015. Revolut has grown into one of Europe’s leading private technology companies, offering banking, payments, foreign exchange, and investment services.

QuantumLight is a separate venture for Storonsky, using a similar technology-focused approach to investing.

The firm is testing whether data and AI can consistently identify promising high-growth companies in an industry that has traditionally depended heavily on personal networks, founder relationships, and investor experience.

More VC firms are now using AI and machine learning for sourcing and due diligence, but QuantumLight has made technology a central part of its investment strategy.

While it will take more time to measure the performance of Aleph and QuantumLight’s portfolio, the new fund gives the firm more resources to test whether an AI-driven approach can compete with traditional venture capital models.