Commonwealth Fusion Systems Raises $1.8B in the Largest VC Funding Round Ever in Massachusetts
Gunderson Dettmer represented client Commonwealth Fusion Systems, an energy research company, in its $1.8 billion Series B financing, the largest funding round ever by a Massachusetts company. CFS intends to combine proven physics with novel magnet technology to accelerate the path to commercial energy fusion. Gunderson Dettmer has represented the company since its inception, which has raised more than $2 billion in funding since it was founded in 2018. CFS plans to use the new capital to continue research and development for a net energy fusion machine and a fusion power plant.
In the announcement of the transaction, CEO of CFS Bob Mumgaard said, “The world is ready to make big investments in commercial fusion as a key part of the global energy transition. This diverse group of investors includes a spectrum of capital from energy and technology companies to venture capitalists, hedge funds, and university endowments that believe in fusion as a large-scale solution to decarbonize the planet.”
The Gunderson deal team was led by partners David Gammell, Jace Clegg, and Brian Huber, and associates Vanessa Smith, Gabriella Stearns, Ali Blum, Morgan Otway, and Sunny Kim.
Commonwealth Fusion Systems