Tech
Every fusion startup that has raised over $100M
Over the last several years, fusion power has gone from the butt of jokes — always a decade away! — to an increasingly tangible and tantalizing technology that has drawn investors off the sidelines.
The technology may be challenging to master and expensive to build today, but fusion promises to harness the nuclear reaction that powers the sun to generate nearly limitless energy here on Earth. If startups are able to complete commercially viable fusion power plants, then they have the potential to upend trillion-dollar markets.
The bullish wave buoying the fusion industry has been driven by three advances: more powerful computer chips, more sophisticated AI, and powerful high-temperature superconducting magnets. Together, they have helped deliver more sophisticated reactor designs, better simulations, and more complex control schemes.
It doesn’t hurt that, at the end of 2022, a U.S. Department of Energy lab announced that it had produced a controlled fusion reaction that produced more power than the lasers had imparted to the fuel pellet. The experiment had crossed what’s known as scientific breakeven, and while it’s still a long ways from commercial breakeven, where the reaction produces more than the entire facility consumes, it was a long-awaited step that proved the underlying science was sound.
Founders have built on that momentum in recent years, pushing the private fusion industry forward at a rapid pace. Fusion startups have raised $7.1 billion to date, according to the Fusion Industry Association, with the majority of it going to a handful of companies.
Commonwealth Fusion Systems
With a $1.8 billion Series B, Commonwealth Fusion Systems catapulted itself into the pole position in 2021. Since then, the company has been quiet on the fundraising front (no surprise), but it has been hard at work in Massachusetts building Sparc, its first-of-a-kind power plant intended to produce power at what it calls “commercially relevant” levels.
Sparc’s reactor uses a tokamak design, which resembles a doughnut. The D-shaped cross section is wound with high-temperature superconducting tape, which when energized, generates a powerful magnetic field that will contain and compress the superheated plasma. In Sparc’s successor, the commercial-scale Arc, heat generated from the reaction is converted to steam to power a turbine. CFS designed its magnets in collaboration with MIT, where co-founder and CEO Bob Mumgaard worked as a researcher on fusion reactor designs and high-temperature superconductors.
Backed by Breakthrough Energy Ventures, The Engine, Bill Gates, and others, Devens, Massachusetts-based CFS expects to have Arc operational in the early 2030s.
General Fusion
Now in its third-decade, General Fusion has raised $440.53 million, according to PitchBook. The company, based in Richmond, British Columbia, was founded in 2002 by physicist Michel Laberge, who wanted to prove a different approach to fusion known as magnetized target fusion (MTF).
In General Fusion’s reactor, a liquid metal wall surrounds a chamber in which plasma is injected. Pistons surrounding the wall push it inward, compressing the plasma inside and sparking a fusion reaction. The resulting neutrons heat the liquid metal, which can be circulated through a heat exchanger to generate steam to spin a turbine.
The company is currently building its first demonstration plant, LM26, which it hopes will hit scientific breakeven by 2026. Investors include Jeff Bezos, Temasek, BDC Capital, and Chrysalix Venture Capital.
Helion
Of all fusion startups, Helion has the most aggressive timeline. The company plans to produce electricity from its reactor in 2028. Its first customer? Microsoft.
Helion uses a type of reactor called a field-reversed configuration, where magnets surround a reaction chamber that looks like an hourglass with a bulge at the point where the two sides come together. At each end of the hourglass, they spin the plasma into doughnut shapes that are shot toward each other at more than 1 million mph. When they collide in the middle, additional magnets help induce fusion. When fusion occurs, it boosts the plasma’s own magnetic field, which induces an electrical current inside the reactor’s magnetic coils. That electricity is then harvested directly from the machine.
Based in Everett, Washington, Helion has raised $607.64 million, according to PitchBook. Investors include Sam Altman, Reid Hoffman, KKR, BlackRock, Peter Thiel’s Mithril Capital Management, and Capricorn Investment Group.
TAE
Founded in 1998, TAE (formerly known as Tri Alpha Energy) was spun out of the University of California, Irvine by Norman Rostoker. It uses a field-reversed configuration, but with a twist: After the two plasma shots collide in the middle of the reactor, the company bombards the plasma with particle beams to keep it spinning in a cigar shape. That improves the stability of the plasma, allowing more time for fusion to occur and for more heat to be extracted to spin a turbine.
TAE has raised $1.32 billion, according to PitchBook. Investors include Alphabet, Chevron Technology Ventures, and Venrock.
Zap Energy
Zap Energy isn’t using high-temperature superconducting magnets or super-powerful lasers to keep its plasma confined. Rather, it zaps the plasma (get it?) with an electric current, which then generates its own magnetic field. The magnetic field compresses the plasma about 1 millimeter, at which point ignition occurs. The neutrons released by the fusion reaction bombard a liquid metal blanket that surrounds the reactor, heating it up. The liquid metal is then cycled through a heat exchanger, where it produces steam to drive a turbine.
Like Helion, Zap Energy is based in Everett, Washington, and the company has raised $327 million, according to PitchBook. Backers include Bill Gates’ Breakthrough Energy Ventures, DCVC, Lowercarbon, Energy Impact Partners, Chevron Technology Ventures, and Bill Gates as an angel.
Tokamak Energy
Tokamak Energy takes the usual tokamak design — the doughnut shape — and squishes it, reducing its aspect ratio to the point where the outer bounds start resembling a sphere. Like many other tokamak-based startups, the company uses high-temperature superconducting magnets (of the rare earth barium copper oxide, or REBCO, variety). Since its design is more compact than a traditional tokamak, it requires less in the way of magnets, which should reduce costs.
The Oxfordshire, U.K.-based startup’s ST40 prototype, which looks like a large, steampunk Fabergé egg, generated an ultra-hot, 100 million degree C plasma in 2022. Its next generation, Demo 4, is currently under construction and is intended to test the company’s magnets in “fusion power plant-relevant scenarios.” Tokamak Energy has raised $285.65 million from investors including Future Planet Capital, In-Q-Tel, Midven, and Capri-Sun founder Hans-Peter Wild, according to PitchBook.
First Light
Unlike many other fusion startups, First Light doesn’t use magnets to generate the conditions necessary for fusion. Instead, it follows an approach known as inertial confinement, in which fusion fuel pellets are compressed until they ignite.
But even then, First Light doesn’t hew to orthodoxy. Most attempts at inertial confinement use lasers to do the dirty work, following the lead of the National Ignition Facility, which produced a groundbreaking experiment in 2022. Rather, First Light fires a projectile at a target using a two-stage gun; the first stage uses gunpowder to fire a plastic piston that compresses hydrogen to 145,000 psi, which then launches the projectile. The target is designed to amplify the force of the impact so it compresses the fuel to the point of ignition.
Based in Oxfordshire, U.K., First Light has raised $179.94 million from investors including Invesco, IP Group, and Tencent.
Marvel Fusion
Marvel Fusion follows the inertial confinement approach, the same basic technique that the National Ignition Facility used to prove that controlled nuclear fusion reactions could produce more power than was needed to kick them off. Marvel fires powerful lasers at a target embedded with silicon nanostructures that cascade under the bombardment, compressing the fuel to the point of ignition. Because the target is made using silicon, it should be relatively simple to manufacture, leaning on the semiconductor manufacturing industry’s decades of experience.
The inertial confinement fusion startup is building a demonstration facility in collaboration with Colorado State University, which it expects to have operational by 2027. Munich-based Marvel has raised a total of $109.3 million from investors including b2venture, Deutsche Telekom, Earlybird, HV Capital, and Taavet Hinrikus and Albert Wenger as angels.
Xcimer
Though nothing about fusion can be described as simple, Xcimer takes a relatively straightforward approach: follow the basic science that’s behind the National Ignition Facility’s breakthrough net-positive experiment, and redesign the technology that underpins it from the ground up. The Colorado-based startup is aiming for a 10-megajoule laser system, five times more powerful than NIF’s setup that made history. Molten salt walls surround the reaction chamber, absorbing heat and protecting the first solid wall from damage.
Founded in January 2022, Xcimer has already raised $109 million, according to PitchBook, from investors including Hedosophia, Breakthrough Energy Ventures, Emerson Collective, Gigascale Capital, and Lowercarbon Capital.
Tech
Gritt exits stealth with $32 million for robots to build solar plants — then, everything else
One of the most important things happening on Earth today is the solar energy build-out. Around the world, companies and countries are racing to deploy solar and batteries to achieve energy independence and limit the effects of climate change.
That build-out, though, is running into a labor market challenge, with a limited supply of workers to meet a growing demand for installation. Robots could be an answer, but industrial robots have historically struggled in unstructured environments, at least until now. The latest generation of AI models may have changed that equation.
That’s the driving idea behind Gritt, a startup founded by two Carnegie Mellon-trained roboticists, CEO Puneet Puri and CTO Vishal Dugar. The company exited stealth Tuesday morning with a $26 million Series A round of funding led by Obvious Ventures, with participation from Union Square Ventures and Active Impact Investment. That brings its total funding to $32 million, following an earlier seed round backed by First Round Capital, Climactic, Congruent Ventures, and VSC Ventures. The startup is building an intelligent system to “help civilization build infrastructure faster,” in Puri’s words.
“Our thesis is that if we truly want to speed up construction,” Puri tells TechCrunch, “you need an intelligence which can work in the outdoor, chaotic environments of these construction sites, and it has to be generalizable enough that it can work in these varied environments.”
Rather than building its own robots from scratch, Gritt uses off-the-shelf hardware — thus far, rented skidders and robotic arms built by companies like Kawasaki — to build platforms that are controlled by its AI models. The first job its systems handle is unloading large, glass solar panels, carrying them toward the metal frames where they need to be installed, and positioning them on the frames with sub-millimeter accuracy so workers can fasten them.
“There are people who used to build rockets that went into space and had infinite budget for the smallest little part, and then there are people who know what it means to get into dirty, dull, and dangerous jobs and scale them like mad,” said Andrew Beebe, the partner at Obvious Ventures who led Gritt’s Series A round. “These guys are in the second camp, and that’s a special kind of entrepreneur that has the technical chops, the AI, and the machine vision skills to make it work.”
Gritt has two systems currently deployed in the field, using the data they collect to improve their behavior. Puri says that a typical eight-person crew can install 800 panels a day, but the same crew working with Gritt’s systems can install 3,000 to 4,000 panels each day.
Now, the company says it is contracted to help install 2.8 gigawatts of solar panels in the next 18 months, and that its customers include three of the top 10 U.S. power construction companies. The company hopes to be operating 48 of its systems within the next six months.
TechCrunch spoke to one Gritt customer who declined to be identified for competitive reasons, but who was enthusiastic about the system’s ability to improve his work. He expects it to be easier to work at remote sites where it is difficult to attract workers, and anticipates a reduction in injuries since workers won’t have to repeatedly lift 100-pound panels overhead.
Gritt is competing against companies with their own panel-installing robots like Luminous Robotics, Cosmic, and China’s Trinabot. Those companies are building their own hardware, rather than focusing on off-the-shelf vehicles and arms like Gritt, a difference that could shape who grows faster and with a leaner cost structure as demand grows.
Gritt wants to add new manipulation tasks to its system so it can fasten the solar panels, drill posts, and even build the racks they sit on. Longer term, it also wants to move into other common, labor-intensive construction tasks, like tying rebar before concrete is poured over it.
What’s enabled the startup to pursue this vision? Mainly, the rise of new AI models, the founders say.
“Making a system for one solution was still possible to some extent five years ago, right?” Puri said, but AI is now making that work generalizable — the same underlying pipeline can be reused and improve across tasks. As an example, he noted that training the system to stack cinder blocks took weeks, while a similar demo with rebar tying took just a day using the same software.
But training new tasks is just the beginning of Gritt’s vision. The founders believe the suite of sensors and intelligence its systems bring to worksites can do more than install panels; it can boost management and decision-making. For instance, they imagine their system noticing a trench is open while a storm approaches, allowing it to alert workers to cover it before rain damages components, or flagging missing inventory.
“Gritt becomes now this layer of physical AI, which is doing this dextrous, labor-intensive task, plus it can help you take decisions on the site,” Puri said.
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Tech
Bluecore Energy raises $10M to build portable nuclear reactors on barges
Maritime nuclear energy startup Bluecore Energy on Tuesday said it had raised $10 million in a pre-seed funding round that was led by Slauson & Co.
Founded seven months ago by Kofi Asante, who previously worked with Uber Freight, Bluecore is building small nuclear reactors (SMRs) on floating barges with an aim to provide clean power to ports and nearby infrastructure. The reactors heat water and transfer the resulting steam into a generator, which then spins a turbine to generate electricity, Asante explained. The system is water-cooled in a closed-loop.
The energy expected to be produced on Bluecore’s barges can be moved by ship to its next location, reducing the emission involved in its transport to zero, Asante claims. Plus, he said the entire system behind the nuclear power plant only needs to be refueled once every few years.
Bluecore’s barges can also be docked near communities, and can connect to the power grid via subsea cables. The goal is to try to power the “equivalent of approximately 15,000 homes or scale to meet the power needs of a major port,” he told TechCrunch.
“We are able to utilize existing water-cooled nuclear technology that has been operating for over 70 years,” he said. “With a production line of small modular reactors that can be rapidly deployed on water, there is a pathway to provide clean energy to the majority of the country.”
Bluecore will be using the fresh capital to deploy its product. It has already secured a port terminal, barge, and test reactor pressure vessel, Asante said. “The test vessel allows us to simulate flow with water, which is the cooling source of the system. We are combining hardware with software testing to validate and verify the foundation of our design,” he added.
The startup is working with regulatory agencies to “embed the safest design decision” into its first product. Asante said the startup is building many layers of “safety and redundancy,” like having the uranium clad and protected in a thick steel pressure vessel and then padded with concrete shielding and steel lining.
Asante is hoping Bluecore may be able to help with the increasing power demand sparked by the ongoing data center buildout. “AI data center execs have shared with me that they would not need to pull water or energy from communities around them if they are able to receive their own source of electricity and have access to water that is provided at sea,” he said.
Other investors in the round include Harlem Capital, Precursor Ventures, Ripple co-founder Chris Larsen, and actor Kevin Hart’s HartBeat Ventures, as well as a few angel investors.
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Tech
Music streamer Deezer says more than 50% of daily uploads are AI-generated
Music streaming company Deezer has been tracking the number of AI-generated tracks uploaded on the platform since last year, and the number has constantly gone up. Today, the company said that AI music now represents more than 50% of downloads.
Deezer said that AI-generated track uploads were at a peak in June 2026, representing a monthly average of 90,000 tracks per day.
The rapid rise of AI-generated music has forced streaming services to decide how much of it they want on their own platforms. There is no single consensus yet on that front. Some take strict steps, like Bandcamp banning such tracks or Tidal cutting off monetization. Meanwhile, Apple Music has a voluntary AI-tagging system, and Spotify developed its own policy about how much AI was used in music-making.
Deezer’s latest move on this front will involve taking down AI-generated tracks that haven’t been streamed in the past six months or are involved in fraudulent streams to drive up revenue.
“Deezer has been at the frontline of fighting fraud and reducing payment dilution related to AI music for almost two years. Now that half of all daily uploads are AI-generated tracks, we are taking additional steps to safeguard the rights of artists and songwriters, while maintaining focus on music that fans actually love,” Deezer CEO Alexis Lanternier said in a statement.
The streamer first released stats around AI music uploads in January 2025, when the daily upload volume was around 10,000 tracks, or 10% of daily uploads. The number grew to 20,000 tracks, or 18% of daily uploads, in April 2025. It then climbed to 30,000 tracks, representing 28% of daily uploads in September 2025, followed by 50,000 daily uploads, or 34% of daily uploads, in November 2025.
This year, it grew again to 60,000 tracks, or 39% of daily uploads, in January 2026. As of April 2026, the figure reached 75,000 tracks, or 44% of daily uploads.
Deezer started labeling AI music on its platform last year, and said that its detection tech can also identify tracks generated with models from Suno and Udio, AI-music startups that are embroiled in copyright lawsuits. Earlier this year, Deezer made its detection tech available to other platforms, but it’s not clear if any of the major platforms are using the tool just yet. Last month, it also released a tool that can sift through Apple Music and Spotify playlists for AI-generated tracks.
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