Revolut founder’s QuantumLight raises €432 million for AI-driven venture 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), doubling the size of its debut vehicle as it looks to expand its data-driven approach to investing in technology companies.

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

The close comes around 15 months after QuantumLight raised €222 million for its first fund in May 2025 – as covered by EU-Startups.

EU-Startups has also seen comparable closes that provide valuable context to today’s announcement, including:

Together with QuantumLight, these vehicles account for approximately €908 million in disclosed capital, with Transition Ventures, Creator Fund and Passion Capital providing additional UK examples.

QuantumLight invests globally across sectors including AI, FinTech, SaaS, HealthTech and DeepTech.

Rather than relying primarily on the traditional partner-led model of sourcing and assessing investments, the firm uses Aleph, its proprietary AI system, to analyse potential opportunities and support investment decisions with limited human involvement.

The system is designed to screen companies at scale and use quantitative signals to identify potential investments, applying an approach more commonly associated with systematic investing to venture capital.

The strategy reflects Storonsky’s broader emphasis on data-led decision-making, which has also played a central role in the development of Revolut.

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

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

The new fund represents a considerable increase in capital before the results of the first vehicle can be fully measured. Its oversubscribed close suggests that participating investors are willing to back both Storonsky’s track record and QuantumLight’s thesis that technology can play a larger role in identifying promising companies.

Storonsky is best known as the co-founder and CEO of Revolut, the London-headquartered FinTech company he launched in 2015 with Vlad Yatsenko. Revolut has since grown into one of Europe’s most prominent private technology companies, offering banking, payments, foreign exchange and investment products across multiple markets.

QuantumLight represents a separate venture for Storonsky, applying a similarly technology-focused approach to capital allocation.

The question QuantumLight is attempting to answer is whether systematic analysis can consistently identify high-growth companies in an industry traditionally shaped by personal networks, founder relationships and investor judgement.

According to what we’ve seen, other venture firms are increasingly adopting AI and machine learning to support sourcing and due diligence, but QuantumLight has made the technology particularly central to its investment strategy.

While the performance of Aleph and the firm’s existing portfolio will take longer to judge, the latest close gives QuantumLight significantly greater resources to test whether an algorithmic approach can compete with more traditional VC models.