OSI has reinvested in the Oxford fusion energy spinout now set to expand its R&D capacity and headcount.

First Light Fusion, a UK-based inertial fusion energy technology spinout of University of Oxford, has raised $25m in a round led by university venture fund Oxford Sciences Innovation (OSI) and backed by IP Group and superannuation fund Hostplus. Founded in 2011, First Light Fusion is exploring fusion energy, an experimental source of electricity created using heat from nuclear fusion reactions. The capital is intended to increase its headcount and R&D capacity. First Light initially raised $1.6m in a 2011 round co-led by IP Group and backed by Parkwalk Advisors, the university-focused fund manager that is now part of IP Group, as well as assorted unnamed angels, according to FinSMEs. IP Group and Parkwalk returned for a$35.5m round in 2015 alongside University of Oxford and unnamed investors linked to Invesco Asset Management and family-run office Sandaire, before OSI purchased most of Parkwalk’s stake in 2017 through a secondary deal.

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