First Light Fusion is a UK-based company aiming to develop fusion power as a clean, safe and unlimited energy source. Founded in 2011, First Light has raised multiple rounds of investments from high-profile investors to fund its research and development of projectile fusion technology. With Tencent and other investors injecting £33 million in its latest funding round, First Light’s valuation has reached £340 million. This article summarizes First Light’s major investors and funding rounds, highlighting Tencent and other Chinese investors’ growing interest in the UK fusion energy startup. Core issues explained include First Light’s innovative approach, key investors, and future plans with the new capital injection.
Tencent Leads First Light’s £33 Million Series C Round in February 2022
In February 2022, First Light Fusion announced the completion of a £33 million Series C round led by Chinese tech giant Tencent. Other participants included IP Group, Oxford Science Enterprises and Australian superannuation fund Hostplus. This has been Tencent’s second investment in a UK fusion firm after taking stakes in Oxford Nanopore Technologies in 2020. Tencent’s investment demonstrates rising interest from Chinese tech companies in the UK’s burgeoning fusion industry. With the new capital injection, First Light plans to fund more experiments and research using its projectile fusion technology. The ultimate goal is to build the world’s first power plant driven by commercial fusion reactions.
First Light Attracts £10.3 Million in July 2020 Despite COVID-19 Pandemic
In July 2020, amid the COVID-19 pandemic, First Light managed to raise £10.3 million from existing shareholders and new institutional investors. This demonstrated continued confidence in First Light’s innovative approach to fusion energy. The funding enabled First Light to expand research and development efforts on its unique target design and gun technology. First Light’s fundraise was one of the few bright spots in a global VC market battered by the pandemic.
First Light Raises £2.8 Million in Seed Funding Back in 2011
First Light was founded in 2011 after spinning off from the University of Oxford. The company raised £2.8 million in seed funding from IP Group, Parkwalk Advisors and individual investors to get started. This allowed First Light to begin developing its projectile fusion concept into a viable commercial enterprise. Government funding and investments from Legal & General assisted First Light in its early years as well.
From its £2.8 million seed round to the recent £33 million Series C led by Tencent, First Light Fusion has attracted steady investor interest and funding for its innovative fusion energy technology. With Chinese tech giants like Tencent now getting involved, First Light is well-positioned to continue pushing the boundaries of commercial fusion power.