Total amount raised
$2 Billions
Latest funding date
06/01/2024
Location
Commonwealth Fusion Systems has successfully raised significant funding through multiple rounds, including a recent grant round closed on June 6, 2024. The company is focused on developing commercial fusion energy using high-temperature superconducting magnets.
Keep reading to explore the intricacies of Commonwealth Fusion's fundraising journey and the investors backing this innovative energy company.
What Is Commonwealth Fusion?
Commonwealth Fusion Systems, founded in 2017, is a pioneering company in the fusion energy sector. Based in Cambridge, Massachusetts, the company was established by Dan Brunner, Martin Greenwald, and Robert Mumgaard.
With an employee count ranging from 501 to 1000, Commonwealth Fusion is dedicated to developing commercial fusion energy using high-temperature superconducting magnets. Their mission is to create fusion machines that provide limitless and clean energy, contributing to the expansion of renewable energy and mitigating climate change.
How Much Funding Has Commonwealth Fusion Raised?
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: June 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and initial research.
- Series A
- Amount Raised: $115M
- Date: June 2019
- Lead Investors: Breakthrough Energy Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To advance the development of their fusion technology and build initial prototypes.
- Series A
- Amount Raised: $84M
- Date: May 2020
- Lead Investors: Temasek Holdings
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue the development of SPARC and other fusion energy projects.
- Series B
- Amount Raised: $1.8B
- Date: December 2021
- Lead Investors: Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To build and operate SPARC, the world's first commercial fusion energy machine, and to begin work on ARC, the first commercial fusion power plant.
- Grant
- Amount Raised: Not publicly disclosed
- Date: May 2023
- Lead Investors: US Department of Energy
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing research and development efforts.
- Grant
- Amount Raised: $15M
- Date: June 2024
- Lead Investors: US Department of Energy
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further the development of high-temperature superconducting magnets and other fusion technologies.
Total Amount Raised: $2.014B
Current Valuation: Not publicly disclosed
Key Investors
- Tiger Global Management
- Details: Tiger Global Management is a leading global investment firm that focuses on private and public companies in the technology, industrial, consumer, and financial sectors. The firm has a strong track record of investing in high-growth companies worldwide.
- Investment Focus Areas: Technology, industrial, consumer, financial sectors
- Notable Investments: Facebook, LinkedIn, Spotify
- Breakthrough Energy Ventures
- Details: Breakthrough Energy Ventures is a fund backed by prominent investors like Bill Gates, focusing on sustainable energy solutions. The fund aims to support innovations that can significantly reduce greenhouse gas emissions.
- Investment Focus Areas: Sustainable energy, climate solutions, technology
- Notable Investments: QuantumScape, CarbonCure, Pivot Bio
- Temasek Holdings
- Details: Temasek Holdings is a Singaporean investment company with a diverse portfolio spanning various industries. The firm is known for its long-term investment strategy and focus on sustainable growth.
- Investment Focus Areas: Financial services, telecommunications, media, technology, transportation
- Notable Investments: Alibaba, Airbnb, Moderna
- US Department of Energy
- Details: The US Department of Energy is a government organization responsible for policies regarding energy and safety in handling nuclear material. It supports research and development in energy technologies.
- Investment Focus Areas: Energy policies, renewable energy, technological advancements in energy
- Notable Investments: Various energy projects, including renewable energy technologies and nuclear energy research
- Google
- Details: Google is a global technology company specializing in internet-related services and products. It is known for its search engine, advertising services, and various technology innovations.
- Investment Focus Areas: Technology, innovation, artificial intelligence
- Notable Investments: Waymo, DeepMind, Calico
What's Next for Commonwealth Fusion?
Commonwealth Fusion Systems stands on the brink of a transformative era with the development of SPARC, the world's first commercial fusion energy machine. This project, backed by $1.8 billion in funding, represents a monumental opportunity to revolutionize energy production. The potential success of SPARC could attract even more significant investments, paving the way for future projects like ARC, the first commercial fusion power plant.
However, the path forward is not without challenges. Technical hurdles in achieving and maintaining net energy from fusion, along with regulatory and safety approvals, pose significant obstacles. Yet, with growing interest in clean energy solutions and substantial financial backing, Commonwealth Fusion is well-positioned to navigate these challenges and lead the charge in the fusion energy sector.
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