Massive Signals

Kelly Coyne: Betting Big on Quantum

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In this episode, we sit down with Kelly Coyne, investor at D4 Investments, a firm going all-in on quantum after years backing industrial robotics. Kelly shares how she went from dismissing quantum on stage at the School of Mines to making it her entire investment focus three months later. We cover why being wrong is a competitive advantage in venture, how geography determines your entire quantum thesis, and why the mega fund shift has quietly opened up a lane for smaller investors. We also get into the laser vs. fabrication cost divide, what near-term revenue actually looks like in quantum today, and why the tipping point everyone’s waiting for is already too late for early-stage investors.

 

What we cover:

  • The Wrong-on-Stage Reversal: Kelly dismissed quantum publicly in summer 2025 and was all-in by October. Why that kind of flip is a feature, not a flaw.
  • The Robotics Lesson: First mover traps, customer-first thinking, and why moving fast breaks things in hardware.
  • The Quantum Primer: What Q-Day actually is, why RSA encryption is the real stakes, and why quantum isn’t as new as people think.
  • The Mega Fund Gap: Why the shift toward large funds has created a real opening for smaller, earlier investors.
  • The Geography Filter: Why quantum is the most geographically locked technology Kelly has ever seen — and why it’s her first filter in any pitch.
  • The Near-Term Revenue Thesis: Components, sensing, timing, simulation — why she’s backing these over full-stack compute, with Vescent and Icarus as real examples.
  • The Laser vs. Fab Divide: Why laser-based approaches cost less to get to market — and what that means for early-stage bets.​​​​​​​​​​​​​​​​ 



    • Connect more with Kelly Coyne | D4 Investments

     

    Website: https://www.d4investments.com/ 

    LinkedIn: https://www.linkedin.com/in/kellykcoyne  



    Connect more with Massive Signals

     

    Website: https://massive.vc/ 

    LinkedIn: https://www.linkedin.com/in/arinewman 

    LinkedIn: https://www.linkedin.com/in/davidgmandell

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