Quantum computing will not be replacing supercomputers in 2026, let alone reaching industrial scale. And yet, investor appetite for companies pursuing the elusive quantum advantage hasn’t dwindled — it has increased.

Quantonation Ventures, a venture firm investing in quantum and physics-based startups, has closed its oversubscribed second fund at €220 million, or approximately $260 million. That’s more than twice the size of its inaugural fund, and comes in addition to other signals that the quantum winter isn’t coming yet.

While some warned that too much quantum hype and not enough tangible outcomes would eventually cause funding to collapse, the opposite has happened. Take the prediction that quantum will eventually crack modern encryption: that moment has no clear timeline, and yet governments have joined Big Tech in the race.

In the years since Quantonation’s launch in 2018, the quantum technology sector has become less incipient, with both technological breakthroughs and early demand from academic and industrial labs. As a result, there has also been “a shift in the types of investment opportunities that are available” to its second fund, Quantonation partner Will Zeng told TechCrunch. 

One example is what Zeng describes as the “picks and shovels” opportunity, with companies developing technologies that support the quantum industry. He cited the example of Dutch startup Qblox, a long-boostrapped company that was selling quantum control hardware and software to Quantonation portfolio companies before the VC firm co-led its Series A.

This growing ecosystem also explains why backers are doubling down on Quantonation, and why other dedicated quantum funds such as QDNL and 55 North have emerged.

“VCs recognize that this is not an easy area to invest in at the early stage. The technology is very specific and complex, the markets are often new, and the teams as well,” Zeng said.

The firm’s thesis is to invest early to capture more value; but a handful of quantum companies have already gone public, and their shares have surged in recent months. According to Bloomberg, this “quantum frenzy” is partly stocked by Nvidia, whose CEO Jensen Huang declared in June 2025 that “quantum computing is reaching an inflection point.”

Despite the fact that quantum chips have yet to outperform classical computers outside of purpose-built benchmarks, consensus is growing that real-life applications are only a few years away, from life sciences to new materials. That’s in part thanks to advancements in error correction — the ability to fix the mistakes that quantum systems are prone to.

Google’s Willow chip was a landmark for error correction in 2024, but no architecture has won yet, and smaller players are still in the race. Zeng noted that a surprising number of companies have entered DARPA’s Quantum Benchmarking Initiative. He also believes that beyond the public market excitement, “there are more exciting technologies that are currently private.”

For Quantonation, those private opportunities span a wider canvas than quantum chips alone. Fund two has already invested in 12 startups, with a target portfolio of around 25, covering not just the software and industrial layers needed to make quantum advantage real, but also adjacent physics-based technologies such as photonics and lasers.

This expanded thesis is backed by investors old and new. According to the firm, major investors from its first vintage, including Singapore’s Vertex Holdings and Bpifrance’s Fonds National d’Amorçage 2, have returned for the second fund, with new limited partners including the European Investment Fund, Grupo ACS, Novo Holdings, Planet First Partners, and Toshiba.

Quantonation’s geographic scope is equally international. With dual headquarters in Paris and New York City, the firm has backed French quantum companies including Pasqal and Quandela, but also placed bets in Asia and North America — and will continue doing so.

“In a lot of the areas we invest in, there’s not yet a clear regional winner, […] and a lot of the research has come from universities in many places,” Zeng said.

AWS describes the campaign as an ‘AI-powered assembly line for cybercrime’.

Commercial AI services are lowering the technical barrier needed to commit cybercrimes, and Amazon warns that this trend will continue.

Amazon Web Services (AWS) says it has observed what it describes as a Russian-speaking financially motivated threat actor that leveraged multiple commercial generative AI (GenAI) services to compromise more than 600 FortiGate devices across more than 55 countries over the past month.

FortiGate is a newer generation firewall that provides advanced network protection when compared to more traditional ones.

AWS describes the hacker as an “unsophisticated” individual or small group armed with AI tools that helps them achieve operational scale to commit crime, something that would have previously required a significantly larger and more skilled team.

The campaign struck out to AWS because of the hacker group’s use of multiple commercial GenAI services. AWS describes the campaign as an “AI-powered assembly line for cybercrime, helping less skilled workers produce at scale,” according to a blog authored by CJ Moses, who leads security engineering and operations at Amazon.

The threat actor compromised globally dispersed FortiGate appliances, accessing credentials and device configuration information. They then used these stolen credentials to connect to the victim’s internal networks to access more credentials, and attempts to access backup infrastructure.

According to AWS’ observations, FortiGate vulnerabilities were not exploited by the hacker. Instead, the campaign exploited exposed management ports and weak credentials with single-factor authentication.

Moreover, when the group encountered more secure environments, they moved on to softer targets, rather than persisting. Meaning, their power lies in AI-augmented efficiency and scale, not deeper technical skills.

The group’s targeting seemed opportunistic rather than sector-specific, targeting vulnerable appliances via mass scanning using AI tools, AWS adds.

The threat actor in this campaign is not known to be associated with any advanced persistent threat group with state-sponsored resources, the blog explains. Amazon says it was not compromised in this incident.

AWS recommends that organisations running FortiGate appliances should ensure management interfaces are not exposed to the internet. It advices that organisations change all default and common credentials on FortiGate appliances, including administrative and VPN user accounts. In addition, AWS recommends organisations enforce unique, complex passwords for all accounts.

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It even had outlets in South Africa

In Singapore, few snack brands are as ubiquitous as Old Chang Kee. Chances are, you’ve grabbed a curry puff, sotong head, or fried chicken wing from them at some point.

After all, the brand operates more than 80 outlets across Singapore, and nearly 30 more overseas—a scale that cements its status as one of the country’s most recognisable homegrown F&B brands.

But what many might not know is that the company’s international ambitions haven’t always gone according to plan. After tasting failure in its earlier overseas push, it took years before Old Chang Kee decided to venture out again—this time, more careful and far more calculated.

So what went wrong the first time around? And what is it doing differently now to avoid repeating history?

An aggressive expansion push

Old Chang Kee initially began modestly in 1956, when Hainanese immigrant Chang Chuan Boon set up a small curry puff stall at Koek Road. After stints at Albert Street and later Mackenzie Road near Rex Cinema, its puffs, sold at S$0.35 each, became affectionately known as the “Rex curry puffs.”

The turning point for the business came in 1986, when Chang retired and sold the business to Han Keen Juan. With S$70,000 pooled from investors, Han took over the Mackenzie Road stall and set about modernising what had been a humble hawker operation.

He rebranded the business with a new logo and the tagline “Old Chang Kee—it’s a better puff,” standardised recipes, mechanised production, and slowly expanded across Singapore.

By 1991, the company had 12 outlets and revenue had more than doubled to S$1.6 million. A factory in Ubi was also set up, churning out over 10,000 curry puffs a day.

Then came the brand’s aggressive overseas push.

Between 1993 and 1997, Old Chang Kee rapidly expanded through franchises into eight countries, including Malaysia, Indonesia, China, Japan, India and even South Africa. Sales in Indonesia and Malaysia alone surpassed S$1 million by 1994.

Declining sales & mounting quality complaints

While the growth was rapid, it was unfortunately difficult to sustain.

Overseas franchisees began facing declining sales and mounting complaints over product quality and consistency.

The brand’s CFO, Song Yeow Chung, told Vulcan Post that during its first overseas push, Old Chang Kee exported only curry powder, leaving franchisees to prepare the rest of the spice mix on their own, a model that led to variations in taste across markets.

Brand familiarity was another challenge.

Song noted that in the 1990s, international travel was far less common than it is today. Consumers in overseas markets were largely unfamiliar with Old Chang Kee and had little prior exposure to its products or brand identity.

By 2002, the overseas outlets had eventually become unprofitable. Han made the decision to terminate all 24 franchises, incurring losses of around S$50,000.

Doubling down on Singapore

While its international ventures faltered, Old Chang Kee doubled down on its Singapore growth, recording S$14 million in sales that year.

Today, the brand operates 77 Old Chang Kee outlets, alongside two sub-brands, including Curry Times, a curry‑themed restaurant concept, and Dip N Go, a grab‑and‑go concept focused on snack items paired with sauces, bringing its total footprint in Singapore to around 82 outlets.

Consistency is at the heart of its strategy. The curry puff recipe—a core trademark—has remained unchanged over the years, so much so that it is locked in a safe, inaccessible even to the CFO.

While the curry puff remains the brand’s flagship product, Old Chang Kee has also gradually diversified its offerings and expanded its menu.

“We have products like the steamed curry bao, big curry buns, and we’ve collaborated with other players to introduce a curry sandwich. We’re trying to innovate beyond the core product, but not moving too far away from it,” explained Song.

Seasonal ranges, like the chicken mushroom puff, are tested in small batches. If they resonate with customers, they are added permanently to the menu. The brand leverages its large central kitchen, capable of producing up to 50,000 curry puffs daily, to run these experiments.

“It is a constant series of small experiments,” Song said. “The experiments don’t cost us a lot, and are easily reversible in case they don’t work out.”

These efforts earned Old Chang Kee the Overall Winner Award in the Product Excellence category at the Singapore Manufacturing Federation’s inaugural Singapore Innovation and Manufacturing Excellence Awards (SIMEA) 2026, recognising its commitment to quality, innovation, and pushing boundaries in the manufacturing sector.

A more measured overseas strategy

The same approach now guides the brand’s overseas strategy.

When the company officially re‑entered international markets in 2005, it prioritised strict quality control, establishing regional factories to ensure its curry puffs tasted consistent across borders.

Instead of shipping curry powder, the company now sends ready-made curry paste, reducing preparation steps for franchisees. Products are also adapted for local tastes, with roughly 70% of offerings maintaining the core identity and 30% customised.

Markets are also chosen more strategically, with a focus on countries like Malaysia and Indonesia, where fried foods are popular, and curry flavours resonate with local palates. The company operates around 30 outlets in Indonesia, run by a master franchisee, and three in Malaysia.

London is another market the company has targeted. While it may seem unconventional, the move into the country in 2017 is part of Old Chang Kee’s strategy to experiment internationally while leveraging Singapore’s culinary reputation.

The move seems to have worked out: the company has been in London for nearly a decade, appealing to consumers with a taste for curry.

But not all international experiments have been as successful for Old Chang Kee, such as its expansion into Perth.

While the market was initially chosen for its large population of Malaysians and Singaporeans, the specific outlet location—a suburban shopping centre with limited footfall—ultimately failed to attract enough customers, leading to its closure.

The company is now exploring whether relocating to a city-centre location could make the venture viable.

Growing in the retail & non-retail space

As a homegrown F&B brand with decades of experience, these lessons have played an important role in shaping Old Chang Kee’s strategy, guiding its decisions both at home and abroad.

When asked about future overseas ventures, the company remains open to new opportunities—albeit with a more careful and calculated approach.

At the same time, maintaining and growing its Singapore footprint remains just as important, particularly in a competitive and ever-changing F&B landscape.

“Currently, we have 82 outlets in Singapore,” Song said. “For comparison, Starbucks has around 140 outlets and McDonald’s, over 150. So there’s still leeway for us to grow to 140 or 150 outlets—there’s promise in Singapore for further expansion.”

Beyond just retail, Old Chang Kee is also exploring other revenue streams to drive growth.

While over 90% of revenue still comes from its stores, the brand’s non-retail segments, including delivery, catering, and event services, are expanding “much faster,” and are seen as key areas for future growth.

Delivery and packaged meals allow the company to reach more customers without the constraints of storefront manpower, while catering ranges from small office orders to full-scale corporate events. The brand’s O’ My Darling food truck also participates in national initiatives, such as the National Day Parade, offering free snacks to participants while boosting brand visibility.

Song noted that these non-retail initiatives are supported by Old Chang Kee’s strong brand recognition and Halal certification.

“Businesses already know and trust Old Chang Kee, so they’re willing to order our bento meals or catered snacks. Being Halal-certified also means our products can be served to everyone, which is a big advantage for corporate clients.”

• Read other articles we’ve written on Singaporean businesses here.

Featured Image Credit: Old Chang Kee/ @eileen_eats_alot via Instagram