Quantum Light: How Data Drives Venture Profits

The venture capital market is undergoing a transformation as systemic data replaces intuition. Quantum Light Capital, founded by Nik Storonsky (Revolut) and Ilya Kondrashov (Kriya), leverages proprietary algorithms to identify and invest in future tech leaders under the most favorable conditions.

During a private online meeting, Ilya Kondrashov and Raison co-founder Andrei Berezin discussed the results of Fund I and the launch of Quantum Light Fund II. The primary focus was the Aleph model — a system that enables the fund to select the most profitable deals faster and more accurately than traditional investors.

What is Quantum Light?

Quantum Light is a venture fund that combines two key advantages: a systematic approach to deal selection based on the Aleph model and the extensive experience of Nik Storonsky in building Revolut, one of the world's largest fintech giants.

We saw the flaws in classic venture capital: it’s an emotional market where investors often chase hype. Our technical background helped us build a system that impartially chooses where to invest

Ilya Kondrashov

Fund I Results: From Theory to Real Deals

In just two years, Quantum Light has progressed from a concept to a large-scale strategy. The results of the first fund (Fund I) have validated the accuracy of their algorithms:

• Investments: of the $250M in Fund I, $185M has already been deployed.
• Portfolio: the fund has invested in high-profile projects such as Lovable (scaling to $400M ARR in months), 11 Labs, and Together.ai.
• Performance: according to back-tests and live data, the Aleph model consistently outperforms the top 10% of global venture funds.

In Europe, we have no trouble accessing the best deals. Thanks to the Revolut brand and our ability to help startups find customers, we get into the most competitive rounds

Ilya Kondrashov

How the Aleph Model Works

At the core of the fund is the Aleph model, developed by a team of engineers — top graduates from MIPT and MIT. The model analyzes data from 20 providers, tracking company dynamics, headcount growth, traffic, and investor quality.

Key Selection Principles:

• Pattern Recognition: The model identifies companies developing along the same trajectory as the most successful tech giants of the past.
• Human Filter: The algorithm generates a shortlist of the top 4% of targets. Final decisions and due diligence are always conducted by a team of experts.
• The Partner Factor: The system evaluates not just the fund, but the specific partner leading the deal.

The difference between the best and worst partner in venture capital is like the difference between a pro footballer and a novice

Ilya Kondrashov

Quantum Light Fund II: New Horizons

Following the success of the first vintage, fundraising for the second fund is ahead of schedule. At the time of the meeting, Quantum Light had already secured a significant portion of its $400M target capital: $250M had closed in February, with nearly another $50M raised in March.

The main difference for Fund II is a broader focus: Series C stages have been added alongside Series B.

We tested the model on Series C and found it to be just as effective. This allows us to invest more concentrated checks into companies that have already proven their viability, shortening the path to capital returns for investors

Ilya Kondrashov

Fund II Parameters:

• GP Commitment: the founders are investing $100M of their own capital (20% of the fund). This is 5–10 times higher than market standards and directly confirms their confidence in the strategy and the Aleph model.
• Target Returns: the fund aims for a 30% net IRR. According to Ilya Kondrashov, this is an ambitious target that could become one of the best performance metrics globally.
• Geography: focus on the US and European markets.
• Fundraising Dynamics: Approximately $300M of the $400M target has been raised to date.

The Revolut Ecosystem as a Scaling Tool

A decisive advantage for the fund is its direct link to Revolut — a global fintech giant with a valuation exceeding $75B and a user base of 70 million. For startups, this means access to growth tools unavailable to classic venture players:

• Operational Expertise Transfer: Ilya and Nik have formalized all of Revolut’s key processes (from recruiting to scaling the CEO office) into practical handbooks. This allows founders of portfolio startups to implement proven management practices while avoiding common pitfalls.
• Audience Access: through the fund’s partnership programs, projects can integrate into the Revolut ecosystem, gaining direct access to 10 million premium users and 1 million business clients.
• Reputational Capital: being a vendor or partner to Revolut (e.g., in cybersecurity or HR tech) is an absolute mark of quality in the market. Such a case study significantly simplifies negotiations with other global corporations.

Having Revolut as a first major client is a signal to the entire market. We don't just provide capital; we help companies build processes at the level of world leaders and provide a growth boost that money simply cannot buy

Ilya Kondrashov

Why Raison Works with Quantum Light

Raison clients have already invested $5M into the first Quantum Light fund. According to Andrei Berezin, the project stands out due to its ambitious goal of outperforming legacy venture funds through technology:

In my view, this is one of the most promising next-generation funds. They set out to beat the performance of top players using machine learning. We appreciate their approach: they don't try to predict the future; they rely on calculations and real growth metrics. Raison serves as a platform that allows our investors to participate in these deals with a check that is 10 times below the minimum entry threshold.

Investment in Quantum Light Fund II via Raison is open until the end of March. Early entry allows for an allocation under the first-close terms.

If you would like to receive the meeting recording, a detailed strategy presentation, or information on participation terms for Fund II, please contact us via the feedback form.