Top Fusion Startups to Watch (and Work for) in 2023

My Background

Hi, I'm Kieran! I worked in startups for five years at On Deck and Wefunder. Some of my favorite things that I've worked on during my career include:

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Wefunder Workaway: 12 founders working on a new idea, 7 days, 1 mansion in Hawaii. One of the teams we picked raised a Series A from Andreessen Horowitz, and two people who met during the trip got married...

On Deck: As employee #15, I contributed to the startup's growth from no revenue to a $20 million run rate in less than a year. I led the team that built the admission infrastructure to support and scale ~20 fellowships for founders, capital allocators, operators, and creators.

XX: Worked on a pre-YC accelerator program that invested $125K on an MFN SAFE into 8-10 teams per cohort.

ODX: Worked on a $100 million accelerator program that invested $125K for 7% into 100s of startups. We partnered with leaders like Flexport to build vertical industry tracks around supply chain & logistics, etc.

Ryan Marketing: Created an influencer marketing startup (2 million+ Instagram followers) during college with my twin brother and realized early that monetization for creators was broken. I learned a lot, and it paid enough to cover my schooling, rent, and meals.

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The Methodology

I considered several data points to arrive at the startups selected on this list, including company traction, funding raised, valuation, and investors. From my initial list, I then referenced each startup with my personal network to narrow down the list to the one you see below. I take my credibility seriously, so I do not take any money from startups who want to be included on this list to remain impartial. If you want to understand my analysis of startups and prefer long-form content, read my research on the top startups of 2023 afterward.

Commonwealth Fusion Systems

The surest path to limitless, clean, fusion energy.

Headquarters

Cambridge, Massachusetts

Industry

Climate, Fusion

Founded

2018

Funding

$2 billion

Valuation

Undisclosed

Traction

As of June 2023, Commonwealth Fusion Systems has completed phase 1, Alcator C-Mod: Plasma Physics Basics, phase 2, HTS Magnets: Enabling Technology, and is in the process of completing phase 3, SPARC: Fusion Energy Demonstration.

In June 2023, Commonwealth Fusion Systems was awarded money from the US Department of Energy.

As of June 2023, Commonwealth Fusion Systems claims their magnets allow them to create 60x smaller, more affordable fusion reactors.

Full Profile

Zap Energy

Fusion power, no magnets required.

Headquarters

Seattle, Washington

Industry

Climate, Fusion

Founded

2017

Funding

$207.8 million

Valuation

Undisclosed

Traction

As of June 2023, Zap Energy claims its plasma is 100,000x denser and lasts several microseconds longer.

In May 2023, the US Department of Energy awarded Zap Energy $5 million in federal funding to continue the development of its pilot plant.

Full Profile

Avalanche Energy

Handheld fusion reactors.

Headquarters

Seattle, Washington

Industry

Climate, Fusion

Founded

2021

Funding

$45 million

Valuation

Undisclosed

Traction

As of June 2023, Avalanche Energy claims its fusion reactors have 5 Kilowatt capacity.

In April 2023, Avalanche Energy achieved 200 kilovolts for its second prototype reactor, making it the highest known operating voltage for any fusion device.

In May 2022, Avalanche Energy won a Pentagon contract.

Full Profile

Renaissance Fusion

The earth's most efficient, steady, and stable fusion reactors.

Headquarters

Grenoble, France

Industry

Climate, Fusion

Founded

2019

Funding

$16.4 million

Valuation

Undisclosed

Traction

As of June 2023, Renaissance Fusion claims it can manufacture its high-temperature superconducting magnets 7x faster than conventional magnets.

As of June 2023, Renaissance Fusion claims its superconducting magnets result in a 4x increase in the magnetic field and reduces the plasma volume by 256x.