La French Tech — 2026-06-05

French Tech Funding Wire

Quobly — €115 million Series A

• What they do: Grenoble-based deep-tech startup commercialising silicon-based quantum computers to move quantum computing out of lab environments into production systems.
• Round details: Series A led by Bpifrance, SEALSQ, and STMicroelectronics.
• Use of funds / why it matters: Capital will fund commercialisation of silicon-based quantum tech and move prototype hardware to market. Quobly represents France's push into sovereign quantum capabilities—a strategic priority flagged at Choose France.

MokN — €12.9 million Series A

• What they do: Paris-based cybersecurity startup specialising in protection against credential theft and stolen session management.
• Round details: Series A led by Google Ventures (GV), marking GV's first investment in a French startup. Also participated by other undisclosed investors.
• Use of funds / why it matters: MokN will scale R&D to develop new products around account protection, stolen cookies, and session security. This landmark GV backing signals Google's renewed confidence in French cybersecurity talent and shifts venture capital focus toward applied security rather than AI-only bets.

1 sources

eu-startups.com

eu-startups.com

Product & Launch Watch

No major product launches or strategic pivots from French startups announced in the past 48 hours with sufficient detail to report.

Deals, Moves & Exits

• Campus AI expansion: Bpifrance, Mistral AI, and UAE-backed MGX announced plans to expand the Campus AI infrastructure project across France, targeting 3 gigawatts of AI computing capacity nationwide. Construction is scheduled to begin in late 2026 with service expected by 2028. This represents France's largest coordinated AI infrastructure bet and cements Mistral's role as the anchor tenant in domestic sovereign AI strategy.

Ecosystem & Policy Pulse

• Choose France summit delivers €93 billion in pledges: President Emmanuel Macron announced on June 1 that 71 foreign investment projects worth €93 billion ($108.3 billion) have been pledged at the annual Choose France business summit at Versailles. Roughly half of the total—approximately €46.5 billion—is earmarked for SoftBank-backed data centre projects essential to powering France's AI ambitions. The investments are expected to create over 15,600 jobs. This represents a historic inflection point: France is now competing for mega-scale AI infrastructure capital rather than early-stage startup density.

• Energy strategy emerges as competitive edge: Beyond AI compute, France's decarbonised nuclear-backed electricity surplus has become a strategic advantage in attracting foreign investment. Multiple sources noted that France's structurally surplus power capacity at a time when data centres are consuming record electricity makes the country uniquely positioned to host energy-hungry AI infrastructure—a moat that transcends venture capital and extends to sovereign industrial policy.

What to Watch Next

• Sam Altman and G7 tech diplomacy: OpenAI CEO Sam Altman confirmed attendance at the G7 following a direct invitation from President Macron. The visit signals France's intent to deepen ties with US AI leaders and potentially unlock OpenAI partnerships on AI regulation and infrastructure siting. Watch for announcements on OpenAI's European data centre plans or France-specific deployment timelines.

• Campus AI construction timeline: Late 2026 marks the expected start of physical construction on Campus AI's expanded sites. Regulatory approvals and land acquisition are now critical path items; delays here would impact France's ability to deliver on the €93 billion commitment by 2028 service date.

• Bpifrance deep-tech fund capacity: Following Quobly's landmark quantum round, watch for announcements of new Bpifrance vehicles or co-investment syndication to fund additional deep-tech exits in semiconductors, robotics, and energy—the three sectors Bpifrance publicly flagged as 2026 focus areas.

Reader Action Items

• For founders: The €93 billion in foreign pledges is primarily infrastructure capex, not VC. Fundraising for pre-Series A and Series B startups remains highly selective. Focus on non-dilutive funding (Bpifrance grants, EU Innovation Council) and differentiation via deep tech (semiconductors, quantum, energy transition) rather than crowded AI applications.

• For corporate development & investors: Google Ventures' first French ticket (MokN) signals a reopening of US mega-cap venture appetite for European cybersecurity and applied AI. If you have Series A cybersecurity or AIOps assets, now is the window to engage GV and frame France as a bridgehead to EU regulatory expertise.

• For operators and job-seekers: Campus AI and SoftBank's data centre projects will create 15,600+ jobs, but most are infrastructure engineering and ops roles, not pure software roles. Upskilling in cloud infrastructure, power systems, and semiconductor manufacturing will outpace traditional software demand through 2028.