Madison tech startup raises $29M in seed funding

Type One Energy, a Madison-based tech startup, recently closed a $29 million seed funding round, according to a report from BizTimes.

Type One Energy focuses on fusion technology that involves the use of a stellarator, which is based on magnetic-confinement fusion, using 3D-shaped magnetic fields to keep particles at high enough temperatures for nuclei to fuse.

This funding will be used to commercialize Type One Energy’s stellarator fusion technology. Kirkland, Washington-based Breakthrough Energy Ventures (founded by Bill Gates); San Jose, California-based TDK Ventures; and Tel Aviv-based Doral Energy Tech Ventures co-led the round.

Following the close of this funding round, Type One Energy as also appointed Christofer Mowry, a former Breakthrough Energy Ventures senior advisor, as its new CEO. Mowry was previously the CEO at Canadian company General Fusion.