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- Kyoto Fusioneering
Kyoto Fusioneering Valuation, Funding & Investors
Kyoto Fusioneering is valued at $472M as of July 2024.
Last Kyoto Fusioneering valuation
$472M
Series C · Jul 2024
Last Kyoto Fusioneering funding round
$106M
Series D · Aug 2026
Cumulative funding Kyoto Fusioneering raised
$224M
across 8 funding rounds
Key investors in Kyoto Fusioneering
JIC Venture Growth Investments
DBJ Capital
Daiwa Corporate Investment
Kyoto Financial Group
Jafco Group
IMM Investment
About Kyoto Fusioneering
Kyoto Fusioneering is a Kyoto-headquartered engineering firm developing magnetic coils and diagnostics for fusion reactors. Founded in 2021, the company supplies high-temperature superconducting components to projects like ITER and private ventures including Commonwealth Fusion Systems. Kyoto Fusioneering tests prototypes at facilities in Uji City.
Founded
2019
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$472M (Jul 2024)
Kyoto Fusioneering Valuation
Kyoto Fusioneering is currently valued at $472M, based on its Series C in July 2024.
The $7M round included Nichicon, Marubeni and IQT.
Kyoto Fusioneering's valuation has grown 77x from $6M at its seed round in August 2020 to $472M in July 2024, across 6 priced rounds.
Kyoto Fusioneering valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jul 2024 | Series C | $472M |
| Apr 2024 | Series C | $455M |
| May 2023 | Series C | $398M |
| Feb 2022 | Series B | $64M |
| Dec 2020 | Series A | $7M |
| Aug 2020 | Seed | $6M |
Kyoto Fusioneering Funding History
Kyoto Fusioneering has raised a total of $224M across 8 funding rounds.
Kyoto Fusioneering's first fundraising round was a $2M seed round in August 2020. The most recent completed round was a $106M Series D in August 2026.
Kyoto Fusioneering funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2026 | Series D | IMM Investment (lead); DBJ Capital; Kyoto Financial Group; JIC Venture Growth Investments; Development Bank of Japan; Minerva Growth Partners; East Japan Railway; SiteGround; Daiwa Corporate Investment; MUFG Bank; SMBC Venture Capital | $106M | - | Kyoto Fusioneering raised JPY 167.2 billion in a first close of its Series D round in August 2026, with existing investor Daiwa Corporate Investment participating in the equity financing. The transaction also included JPY 90 billion in credit and loan facilities, bringing total financing secured to JPY 257.2 billion. The company said the capital would support commercialization of fusion energy systems, and the raise roughly doubled its equity base. The round brought in a mix of new and follow-on backers, including industrial, financial, and public-sector investors, reflecting continued support for Kyoto Fusioneering’s fusion infrastructure and plant-equipment business. The company develops engineering systems and components for fusion power plants and had accumulated more than JPY 329.8 billion in total equity financing after the Series D first close. Kyoto Fusioneering is a Kyoto-based fusion energy company focused on the design and commercialization of systems needed for fusion power plants. The company reported more than JPY 140 billion in cumulative order achievements in overseas markets and positioned the Series D as a step toward commercial-scale deployment and expansion. |
| Sep 2025 | Series C | Kyocera Ventures; JERA Ventures; Sumitomo Mitsui Trust Bank | $10M | - | Kyoto Fusioneering, a Japanese deep-tech startup founded in 2019, is pioneering the engineering of fusion energy power plants. The company has developed integrated testing systems including the Gyrotron System and UNITY-1, and operates across five countries with over 160 team members. On September 9, 2025, Kyoto Fusioneering closed its Series C Extension funding round with ¥1.45 billion (approximately $9.8 million) in new equity financing, bringing cumulative capital raised to ¥16.2 billion. The round included participation from Kyocera Venture Innovation Fund-I (managed by Global Brain Corporation), JERA Co., Inc., and Sumitomo Mitsui Trust Bank, Limited, plus one undisclosed investor. Proceeds are allocated to accelerating technology development including the UNITY-1 and UNITY-2 systems, advancing the FAST project, expanding global operations, and scaling recruitment. Concurrently, Kyocera Corporation signed a joint development agreement with Kyoto Fusioneering to co-create advanced ceramic materials for next-generation fusion energy plants, combining Kyocera's materials science expertise with KF's fusion engineering capabilities to address extreme operating conditions in fusion reactors. |
| Jul 2024 | Series C | Nichicon; Marubeni; IQT | $7M | $472M | Kyoto Fusioneering is a Japanese deep-tech startup developing engineering solutions for commercial fusion energy power plants, including key components and test facilities like UNITY-1 and UNITY-2. The company focuses on advanced technologies to enable fusion reactor commercialization and serves as a gateway for Japan's fusion-related technologies. On July 23, 2024, Kyoto Fusioneering closed its second Series C extension round, raising 1.07 billion yen (approximately $6.8-7 million) from new investors including In-Q-Tel (IQT), Marubeni Corporation, Nichicon Corporation, and one other. This tranche brought the total Series C funding to 13.13 billion yen and cumulative equity financing since 2019 to 14.81 billion yen. Funds will accelerate R&D investments, global business development, recruitment, and working capital for large projects. Kyoto Fusioneering chairs the Japan Fusion Energy Council (J-Fusion), fostering industry-government-academia collaboration amid Japan's Fusion Energy Policy approving power generation demonstrations in the 2030s and strengthened US-Japan partnerships. The company maintains a US office in Seattle and positions itself as a global fusion engineering leader. |
| Apr 2024 | Series C | 31Ventures (lead); Kyoto Financial Group; Fujikura | $10M | $455M | Kyoto Fusioneering is a Japanese deep-tech startup engineering fusion energy power plants, developing advanced technologies for commercial fusion including UNITY-1 and UNITY-2 test facilities and the FAST project. On April 11, 2024, it raised 1.5 billion yen (US$9.9M) in a Series C extension round from 31VENTURES – Global Brain – Growth I GK, Kyogin Shining Future Support Fund III, and Fujikura Ltd., led by 31Ventures. Funds supported R&D acceleration, global business development, recruiting, and working capital for project execution. This brought cumulative Series C to 12.0 billion yen and total funding to 13.7 billion yen. Later extensions included a July 23, 2024 Series C - III round and further financing in September 2025 totaling ¥9.3 billion in equity and debt, with 31Ventures involved, raising cumulative total to 16.2 billion yen. |
| May 2023 | Series C | JIC Venture Growth Investments (lead) | $77M | $398M | Kyoto Fusioneering, a Japan-based deep-tech startup pioneering engineering solutions for fusion energy power plants, successfully raised 10.5 billion yen (approximately US$79 million) in an oversubscribed Series C funding round announced around May 17, 2023. The round was led by existing investor JIC Venture Growth Investments, with participation from 17 investors including 11 new supporters such as Coral Capital, DBJ Capital, Electric Power Development (J-POWER), INPEX CORPORATION, JAFCO Group, JAPAN CO-INVEST IV LIMITED PARTNERSHIP / SUMITOMO MITSUI TRUST INVESTMENT, JGC MIRAI Innovation Fund, K4 Ventures GK (Kansai Electric Power Group), Mitsubishi Corporation, Mitsubishi UFJ Capital, MITSUI & CO, MOL PLUS, MUFG Bank, and SMBC Venture Capital. This infusion brought the company's cumulative funding to 12.2 billion yen (US$91 million). The funds are designated to accelerate research and development for fusion power plants, recruit top global talent in engineering and business, and secure working capital for large projects and business expansion, including through U.S. and U.K. subsidiaries. Kyoto Fusioneering leverages Japan's extensive fusion research history and manufacturing networks to develop engineering technologies for fusion reactors, positioning itself as a leader in the global fusion startup ecosystem. JIC Venture Growth Investments highlighted the company's expanding business, management team, and fusion reactor engineering technology highly regarded in Japan and abroad. Subsequent developments include Series C extensions, such as 1.5 billion yen in April 2024 bringing Series C cumulative to 12.0 billion yen and overall to 13.7 billion yen, and further extensions in September 2025 totaling 9.3 billion yen in equity and debt, pushing cumulative funding to 16.2 billion yen. |
| Feb 2022 | Series B | DBJ Capital; JGC Mirai Innovation Fund; JIC Venture Growth Investments; Jafco Group; Coral Capital; Daiwa Corporate Investment; Kyoto University Innovation Capital | $12M | $64M | Kyoto Fusioneering is a Japanese fusion energy startup developing engineering technologies for fusion power plants, including plasma heating gyrotrons and heat extraction blankets. The company, founded in 2019, focuses on accelerating R&D and global business development to become a world-leading fusion engineering firm. In its February 2022 oversubscribed Series B round, it raised 1.33 billion yen (US$11.7 million) from existing investor Coral Capital and new investors Daiwa Corporate Investment, DBJ Capital, JAFCO Group, JGC MIRAI Innovation Fund, and JIC Venture Growth Investments, with a post-money valuation of $55.3 million. It also secured 800 million yen (US$7 million) in unsecured loans from Bank of Kyoto, Sumitomo Mitsui Banking Corporation, and MUFG Bank, bringing total funds raised to 1.67 billion yen (US$14.7 million). The funding supports acceleration of research into fusion reactor technologies and expansion into global markets, including contracts for the U.K.'s STEP prototype reactor. Kyoto Fusioneering leverages Japan's fusion research expertise and manufacturing networks to position itself as a leader in the emerging fusion industry amid intensifying global competition. |
| Dec 2020 | Series A | - | $1M | $7M | - |
| Aug 2020 | Seed | - | $2M | $6M | - |
Who has invested in Kyoto Fusioneering?
23 investors have backed Kyoto Fusioneering across its funding rounds, including JIC Venture Growth Investments, DBJ Capital, Daiwa Corporate Investment, Kyoto Financial Group, Jafco Group and IMM Investment.
Lead investors include IMM Investment, 31Ventures and JIC Venture Growth Investments.
Kyoto Fusioneering Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Feb 2022 | ||
| 2 | Participant | Feb 2022 | ||
| 2 | Participant | Apr 2024 | ||
| 2 | Participant | Feb 2022 | ||
| 1 | Participant | Sep 2025 | ||
| 1 | Participant | Feb 2022 | ||
| 1 | Participant | Aug 2026 | ||
| 1 | Lead | Aug 2026 | ||
| 1 | Participant | Feb 2022 | ||
| 1 | Participant | Aug 2026 | ||
| 1 | Participant | Aug 2026 | ||
| 1 | Participant | Jul 2024 | ||
| 1 | Participant | Feb 2022 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialKyoto Fusioneering Competitors
Kyoto Fusioneering competitors include listed companies like Terra Innovatum Global, Nano Nuclear Energy and Changgao Electric Group, and private ones like Span, Videberg Kraft and Teld New Energy.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | - | $541M | $469M | - | ||
| Publicly listed | - | ($39M) | $911M | 205.2x | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $212M | - | ||
| Publicly listed | $248M | $69M | $1.1B | 3.0x | ||
| Private | $241M | - | $193M | - |
Kyoto Fusioneering Public Comps
Kyoto Fusioneering is still privately-owned, but its public comps include Terra Innovatum Global, Deep Fission, Terrestrial Energy, Natural Gas Services Group, Girisim Elektrik, Ur-Energy, Summit Midstream, Kalyon Güneş Teknolojileri, Sea1 Offshore and Oil States International.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| - | $541M | - | - | 0.7x | (14.4x) | |||
| - | ($61M) | - | - | (6.3x) | - | |||
| - | ($24M) | - | - | (8.2x) | (3.5x) | |||
| $172M | $73M | 4.6x | 3.9x | 10.8x | 8.1x | |||
| $423M | $45M | 1.6x | - | 15.1x | - | |||
| $27M | ($70M) | 17.1x | 8.5x | (6.7x) | (8.6x) | |||
| $562M | $207M | 3.6x | 3.3x | 9.9x | 8.3x | |||
| - | - | - | - | - | - | |||
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Common questions about Kyoto Fusioneering
| When was Kyoto Fusioneering founded? | Kyoto Fusioneering was founded in 2019. |
| Where is Kyoto Fusioneering headquartered? | Kyoto Fusioneering is headquartered in Tokyo, Japan. |
| Is Kyoto Fusioneering publicly listed? | No, Kyoto Fusioneering is a private, VC-backed company. |
| What is Kyoto Fusioneering's valuation? | Kyoto Fusioneering was last valued at $472M in its Series C in July 2024. |
| How much funding has Kyoto Fusioneering raised? | Kyoto Fusioneering has raised $224M across 8 funding rounds. |
| What was Kyoto Fusioneering's last funding round? | Kyoto Fusioneering's last funding round was a $106M Series D in August 2026, led by IMM Investment. |
| Who are Kyoto Fusioneering's investors? | Kyoto Fusioneering's investors include JIC Venture Growth Investments, DBJ Capital, Kyoto Financial Group, Daiwa Corporate Investment, Kyocera Ventures, JGC Mirai Innovation Fund, Development Bank of Japan, IMM Investment, Jafco Group, Minerva Growth Partners and 13 others. |
| Which companies are comparable to Kyoto Fusioneering? | Companies comparable to Kyoto Fusioneering include Terra Innovatum Global, Nano Nuclear Energy, Span, Videberg Kraft, Changgao Electric Group and Teld New Energy. |
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