More VCs Gamble on Fusion Technology with Series A into Commonwealth Fusion Systems
Posted on 06/27/2019
Commonwealth Fusion Systems is a Cambridge, Massachusetts-based startup attempting to commercialize fusion energy, which is a spin-off company of the Massachusetts Institute of Technology (MIT). Commonwealth Fusion raised US$ 115 million in a Series A round that included investors such as Future Ventures, Khosla Ventures, Lowercase Capital, Moore Strategic Ventures, Safar Partners, Schooner Capital, and Starlight Ventures. Returning investors include Rome-based Eni S.p.A., The Engine, and Bill Gates’ Breakthrough Energy Ventures, as well as other smaller investors. The startup is working with MIT’s Plasma Science and Fusion Center to develop the world’s first net energy gain fusion system, called SPARC.
The startup is led by Bob Mumgaard and hopes to leverage decades of MIT-led research to manufacture high temperature superconductor magnets to build smaller and lower-cost fusion power plants.
The Engine is a program founded by MIT and designed to help spinoff companies bridge the gap between lab and commercial success.
