AVP

🚀 We're thrilled to see Alice & Bob take another step forward! When we led the €100M Series B alongside Future French Champions and Bpifrance last year, our conviction was simple: Alice & Bob’s cat-qubit architecture represented one of the most compelling approaches to fault-tolerant quantum computing we had seen, with the potential to reduce hardware requirements by up to 200x versus competing approaches. Today, seeing NVIDIA’s venture capital arm, NVentures, extend the round is strong validation of that thesis. This is what it looks like when breakthrough technology begins to speak for itself. 🎉 Congratulations to Théau Peronnin, Raphaël Lescanne and the whole team.

The gap between Europe and the US hasn't closed. But it is changing shape. Next week we launch the 2026 AVP Transatlantic Founder Index, our read of what it actually takes to build and scale across both markets today. This year we focused on the operating reality between $10M and $100M: where capital moves, what AI is doing to margins, where talent is and isn't, and which paths to liquidity remain credible. We're hosting a breakfast on May 27th at Google in Paris to share the findings live 👉 https://luma.com/ckd076jx. Hope to see you there!

Last year, we asked founders how the ecosystem felt. This year, we asked how it functions when you scale. The 2026 AVP Transatlantic Founder Index launches on May 27th, looking at the operating reality between $10M and $100M: capital flows, regulation, AI's impact on margins, talent, and paths to liquidity. The conditions are not symmetrical on each side of the Atlantic. And none of them are obvious. To mark the launch, we're hosting a breakfast on the 27th at Google in Paris. We'll be sharing key findings from the report, followed by a panel with: - David Del Bourgo, Co-Founder & CEO, WhiteLab Genomics - Grégoire Peiron, Startup Director, Google Cloud France - Daniel Glazer, London Office Managing Partner, Wilson Sonsini Goodrich & Rosati Register 👉 https://luma.com/ckd076jx

Last year, we asked founders how the ecosystem felt. This year, we asked how it functions when you scale. The 2026 AVP Transatlantic Founder Index launches on May 27th, looking at the operating reality between $10M and $100M: capital flows, regulation, AI's impact on margins, talent, and paths to liquidity. The conditions are not symmetrical on each side of the Atlantic. And none of them are obvious. To mark the launch, we're hosting a breakfast on the 27th at Google in Paris. We'll be sharing key findings from the report, followed by a panel with: - David Del Bourgo, Co-Founder & CEO, WhiteLab Genomics - Grégoire Peiron, Startup Director, Google Cloud France - Daniel Glazer, London Office Managing Partner, Wilson Sonsini Goodrich & Rosati Register 👉 https://luma.com/ckd076jx

Enterprises run on workflows, but the systems orchestrating them are more fragile than most teams realize. As architectures become more distributed and agents introduce long-running, stateful processes, orchestration is quickly becoming critical infrastructure. Built by the creators of Netflix Conductor and already trusted by thousands of enterprises, Orkes is rethinking workflow orchestration with a durable execution model designed for real-world complexity. We’re excited to partner with Jeu George, Viren Baraiya, Dilip Lukose, and the entire team as they build the foundation for agentic workflows. Read more on why we invested below 👇 https://lnkd.in/efJa6XwA Alex Scherbakovsky Ethan Volk

It’s 2026 and suddenly agents are everywhere. Slowly but surely, AI is moving from pilot to production. The models are ready, but now comes the hard part. As agentic demos move into enterprise deployments, reliability, cost, and observability are taking center stage. In our latest piece, Ethan Volk explores why getting AI to work at scale within the enterprise is a function of the infrastructure and systems that support it. If you’re building the infrastructure that makes AI production ready, we’d love to talk to you. Read the full piece 👉 https://lnkd.in/eRMWsjaj

Excited to announce that AVP has led Orkes’ $60M Series B! As AI systems move from prototype to production, orchestration is becoming critical infrastructure. Orkes, built by the architects of Netflix’s Conductor, gives developers the reliability, observability, and control needed to run AI and agentic workflows at scale. With millions of installs and adoption across 3,000+ enterprises, Orkes is already powering mission-critical systems for companies like Twilio, LinkedIn, and Woodside Energy. We’re excited to partner with Jeu George, Viren Baraiya, Dilip Lukose, and the entire Orkes team as they define the execution layer for production-grade AI, alongside Prosperity7 Ventures, Nexus Venture Partners, Battery Ventures, and Vertex Ventures US. Alex Scherbakovsky Ethan Volk Read more here 👉 https://lnkd.in/eKXMvk7P

Great to see Alice & Bob featured in the BBC this week, as the conversation around Europe’s role in quantum computing continues to build. The article highlights their “cat qubit” approach to one of the field’s core challenges: error correction, a theme that also came through clearly at our recent breakfast in Paris with CEO Théau Peronnin. If this approach scales, it could reshape the competitive landscape. Europe is very much in this race! Have a read below 👇 https://lnkd.in/e8wuGKkZ

Global venture investment is picking up again, with momentum driven by AI and areas like quantum computing. Our Managing Partner François Robinet recently contributed to FT Adviser with a practical guide to how the VC space really works. At its core, it’s about investing early in high-growth businesses, taking a portfolio approach, and working closely with founders to build long-term value. Have a read 👉 https://lnkd.in/eRVFzkES

Yesterday we hosted our second Morning Briefing of 2026 with Théau Peronnin, CEO of Alice & Bob. It was a strong reminder of how fast the quantum race is accelerating, and why Europe has a real role to play. A few takeaways: • In just 6 years, Alice & Bob has grown to ~200 people, raised €130m, and built a leading quantum R&D hub in Paris • Their “cat qubit” technology is a major breakthrough, reducing the size and cost of quantum computers by ~200x by eliminating a key source of error at the hardware level • Already in the global top five, they’re targeting concrete applications, from molecular simulation to finance and cryptography, with impact expected around 2030. Thanks to everyone who joined and contributed to the conversation!