Backing Quantum Systems: Investing in Defence When the Case Wasn’t Obvious

When I first visited Quantum Systems, I wasn’t even sure it was a startup.

They had real offices. Proper meeting rooms. Parking spots. A garage. It felt… corporate. Not in a suit-and-tie way, but definitely not the “three founders in a garage” stage we’ve grown accustomed to in venture capital.

Then I walked through their production facility and saw the product. That’s when it hit me: this is serious engineering. You could tell they’d invested years refining this technology. It didn’t look like a prototype put together for investor meetings; it looked like something the world might genuinely need.

That was the beginning of our journey with Quantum Systems — one of the most unusual, complex, and ultimately rewarding investments we’ve ever made. This week, as they announce their billion-Euro valuation following their Series C round, I want to share some reflections from that journey for founders building in hard, long, and frequently misunderstood spaces

Being Early Looks a Lot Like Being Wrong

By the time we invested in 2022, Quantum had already been operating for seven years. Most VC playbooks would’ve dismissed it outright. Too slow. Too hardware-heavy. Too unconventional.

What captivated us was their pivot from commercial and agricultural drones to defence applications, precisely when the geopolitical landscape was beginning to transform.

The defence angle made perfect sense upon closer inspection. The market for Intelligence, Surveillance, and Reconnaissance (ISR) drones from Western supply chains that actually meet stringent operational requirements was virtually non-existent. On paper, the drone space looked crowded. It was wide open in practice — if you knew what to look for and why it matters.

Contrarian Doesn’t Mean Reckless

This was unquestionably a contrarian investment. Even within Project A, not everyone was excited at first. Some team members were hesitant about working with a defence company.

So we did the work. We ran internal Q&A sessions and town halls. We listened to concerns. And while reservations existed, a deeper understanding of why Quantum’s mission mattered emerged, especially once the first deployments to Ukraine began yielding results.

Today, as a firm, we have achieved a more common understanding of defence, its implications and role in the European future. That internal alignment took time and transparency, but it was worth the effort. And, to be honest, the internal discussion never fully stops. And that is a good thing. For founders building something polarising: remember that alignment isn’t automatic; it’s earned through open dialogue and proven impact.

Building in Defence Is Harder Than You Think (And That’s the Point)

Few people truly realise how challenging it is to build a defence company in Europe.

Even opening a bank account was difficult at that time.

The infrastructure simply wasn’t designed for startups in this sector. Every step felt like swimming upstream, just to exist, let alone scale.

But therein lies the moat. That friction keeps the market closed to opportunistic entrants. Quantum Systems didn’t shy away from the friction — they deliberately built through it, turning regulatory complexity into competitive advantage.

Risk Is a Feature, Not a Flaw

Quantum made several remarkably bold decisions that ran counter to conventional startup wisdom. They established dedicated production facilities rather than outsourcing. They meticulously sourced components from NATO-aligned supply chains. They deployed technology into active conflict zones to gather real-world feedback.

None of this came cheap or easy. It certainly wasn’t the most “VC-friendly” path on paper.

But this approach delivered results. They didn’t take these steps for show or symbolism. They did it because they fundamentally believed in their mission, and they recognised that speed and proximity to real-world use cases would ultimately matter more than process and polish. Their latest investment round has proven them right.

Growth Doesn’t Have to Mean Chaos

I don’t like the idea that hypergrowth and control are opposites. The real challenge isn’t choosing between them but managing both simultaneously.

Quantum Systems achieved this balance through strategic hiring. As a CEO, Florian appointed leaders like Sven or Dave who structured the company without introducing bureaucratic drag. If you’re a founder navigating rapid scaling, focus on bringing in people who extend your judgment and reinforce your values, not just those who efficiently execute orders.

Europe Needs More Quantum Systems

Let me be clear: the legacy defence industry still serves a critical function. These established players aren’t going away, nor should they. But they’re insufficient for today’s rapidly evolving threat landscape.

Europe urgently needs a new generation of defence innovators – fast-moving, software-native, mission-aligned companies. Organisations capable of securing capital before landing government contracts. Teams that can adapt in weeks, not years.

Quantum Systems has achieved unicorn status, but that valuation milestone is secondary to its real achievement: becoming a foundational pillar in Europe’s evolving defence ecosystem. This position wasn’t earned through market hype, but through disciplined execution, calculated risk-taking, and impeccable timing.

Final Thought: You Don’t Need to Predict the Exact Moment — Just the Direction

The world has moved decisively in the direction we believed it would. European sovereignty has transformed from aspirational rhetoric into a strategic imperative. And Quantum Systems was positioned and ready when it mattered most.

As an investor, that’s perhaps the most valuable lesson I’ve internalised: If you genuinely believe in a direction — not just intellectually, but with conviction — and build toward it with discipline and urgency, the world eventually catches up to your vision.

You don’t need perfect timing. You just need to be positioned, prepared, and ready when the moment arrives.