First Light Fusion Limited, an Oxford, UK-based company researching energy generation by inertial confinement fusion, recently completed an up to £22.7m funding round.
Backers in the round, which included a £14.0m first tranche, were IP Group, a fund managed by Invesco Asset Management Limited, clients advised or managed by Sandaire Investment Office and the University of Oxford.
The company is using the funds to further develop its modelling tools and experimental capability and will fund collaborations with research groups in the field.
A spin-out from the University of Oxford, First Light has discovered new implosion processes that can achieve the high temperatures and compression necessary for fusion reactions and other valuable applications.
The company also established a Scientific Advisory Board including chairman Arun Majumdar, who is the Jay Precourt Professor at Stanford University, and Nobel laureate Steven Chu, the former US Energy Secretary.