VENTURE CAPITAL
QuantumLight Closes $500m Fund for AI-Driven Venture Investment Strategy
The London firm has roughly doubled the size of its debut vehicle, extending a model in which investment screening is handled largely by a proprietary system rather than partner networks.
QuantumLight, a London-based venture capital firm co-founded in 2023 by Revolut chief executive Nik Storonsky, has closed its second fund at $500 million (approximately €432 million). The vehicle is roughly double the size of the firm's debut fund, which closed at approximately €222 million in May 2025. Chief executive Ilya Kondrashov said the fund exceeded its original target and was oversubscribed.
The firm invests globally across artificial intelligence, financial technology, software-as-a-service, health technology and deep technology. It has backed 27 companies to date, five of which have reached valuations above $1 billion. Disclosed holdings include AI infrastructure company Together AI, health platform Function Health, software company Factory, legal technology company Robin AI, employee benefits platform Ben and UK energy supplier Fuse Energy.
A systematic approach to sourcing
QuantumLight's distinguishing feature is Aleph, a proprietary system used to screen and assess opportunities with limited partner involvement. The firm applies quantitative signals to identify candidate investments at scale, importing an approach more usually associated with systematic public-market investing into a private asset class traditionally organised around personal networks and partner judgement. Storonsky has applied a comparable emphasis on data-led decision-making at Revolut, which he co-founded in 2015 with Vlad Yatsenko.
The close gives the firm materially greater resources before the performance of its first vehicle can be fully assessed. Several venture managers have added machine learning to sourcing and diligence workflows; QuantumLight is unusual in placing the system at the centre of the investment process rather than alongside it.
Why it matters for private capital
For family offices and other private capital allocators, the relevant question is one of manager selection rather than technology. A systematic sourcing model changes the underwriting exercise: diligence shifts from assessing a partnership's network and pattern recognition towards assessing a process, the data it consumes and the governance around its outputs. It also raises questions about attribution — whether returns, when they arrive, can be traced to the system or to the market environment in which it was deployed.
Venture returns are realised over long horizons, and a fund of this size raised on the strength of a first vehicle's unrealised marks carries evident timing risk. Allocators evaluating similar strategies will want visibility on loss rates, reserve policy and how the manager behaves when its models and its portfolio companies disagree.