Participated · Series B · Aug 2026

Triorb develops the TriOrb BASE, a ball-driven 360° omnidirectional mobility platform that uses three spheres and three motors at its base to achieve full-direction movement. The platform offers millimeter-level positioning and autonomous navigation via proprietary Visual SLAM and ROS2 modules and supports coordinated transport of multiple units. The standard model has a 300 kg payload capacity while a heavy-duty model carries up to 800 kg; the system can traverse 45 mm grooves, 10 mm steps, and gradients of approximately 9°. An optional battery provides about 3.5 hours of continuous operation. Target industries include automotive, semiconductors, steel manufacturing, warehousing and logistics, and construction, and a cited adoption example is Sugino Machine’s new mobile manipulator. The company has opened a Detroit base to support U.S. expansion.

Led · Debt Financing · Sep 2025

Fusion Fuel Cycles Inc. (FFC) is a 2024-founded joint venture between Canadian Nuclear Laboratories and Kyoto Fusioneering focused on delivering end-to-end fusion fuel-cycle solutions. Its core product is UNITY-2, billed as the world’s first fully integrated fusion fuel-cycle test facility that will let companies validate tritium handling, heat-transfer, and other critical subsystems under power-plant-like conditions. Leveraging more than 70 years of Canadian tritium-management expertise and Kyoto Fusioneering’s advanced tritium and heat-management technologies, FFC designs, builds, and operates high-performance fuel-cycle systems aimed at boosting fuel efficiency, lowering tritium inventories, and maximizing heat transfer for energy conversion. The company positions UNITY-2 as a global platform to accelerate commercialization of fusion technologies while anchoring an advanced-manufacturing supply chain in Canada. Recent financing underscores a strategic Canada-Japan alignment intended to create skilled jobs, expand technology exports, and strengthen energy security. FFC’s current funding comes from a CA$20 million loan; no revenue, user, or profitability figures have been disclosed. Looking ahead, the company intends to scale UNITY-2 and broaden international collaboration as fusion energy moves toward commercial deployment.

Participated · Series B · Sep 2025

Metagen Therapeutics is a Japanese university-spinout (Juntendo, Keio, Tokyo Tech) founded in 2020 that leverages microbiome science to create both drug products and FMT-based medical services. Its lead oral FMT candidate, MGT-006, targets ulcerative colitis and is scheduled to enter a Japan-U.S. Phase 1/2 international trial between April and June 2026. Clinically, the company has already demonstrated a 45.9 % remission-induction rate with its antibiotic-assisted FMT procedure in an advanced medical B program, with no serious adverse events observed. Additional clinical studies are under way for gastrointestinal cancers (MGT-007) and Parkinson’s disease (MGT-008). An in-house “donor stool bank” in Yamagata has collected more than 800 donations, supporting both clinical trials and eventual commercial supply. The firm also promotes social adoption of stool donation (“献便”) to secure a stable supply chain for its therapies. Cumulatively, the company has raised ¥5.46 billion, providing runway for pipeline advancement, supply-chain optimization, head-count growth and IPO preparation.

Participated · Debt Financing · Sep 2025

Kyoto Fusioneering develops engineering systems for fusion energy plants, including gyrotron plasma-heating systems, fusion heat-cycle systems, and fusion fuel-cycle systems. The company is advancing integrated test plants UNITY-1 and UNITY-2, with UNITY-1 in the final stage of demonstrating liquid-metal loop power-conversion technology and UNITY-2 slated to begin integrated fuel-cycle demonstration in Canada in 2026. It is a 2019 spinout leveraging Kyoto University research and is actively partnering with research institutions and industry globally. Kyoto Fusioneering also participates in Japan’s FAST commercial-scale fusion demonstration project aimed at power demonstration in the 2030s. The company recently expanded its R&D hub adjacent to its headquarters to test individual fuel-cycle devices and systems. On the business side, it has commercial adoption of its gyrotron system in countries including the UK, US, Germany, and Czechia. Financially, the company reported a new combined equity and debt raise totaling ¥9.38 billion and a cumulative equity financing total of ¥16.26 billion. Kyoto Fusioneering develops fusion-plant equipment and systems including plasma heating devices, heat-extraction blankets, high-performance heat exchangers, and hydrogen-isotope transport pumps. The company is advancing UNITY-1 and UNITY-2 projects, including a UNITY-1 power-test plant now installing major equipment and planning a simulated-environment power demonstration around summer 2025. It has formed a joint company with Canadian Nuclear Laboratories (Fusion Fuel Cycle Inc.) and added industry experts to accelerate a fusion fuel-cycle roadmap. The firm is also developing gyrotron systems with industry–academia collaboration to test high- and multi-frequency oscillation, and is expanding operations through a new European subsidiary (Kyoto Fusioneering Europe Gmb). As of the press release it employed 133 people across headquarters, research centers, and overseas offices. Financially, the company has raised significant capital to date and is directing funds toward technology development, global expansion, hiring, and working capital for large contract execution. Kyoto Fusioneering develops fusion‑energy plant equipment and engineering solutions, including plasma heating systems (gyrotrons), thermal‑cycle and fuel‑cycle systems, high‑performance heat exchangers, and hydrogen‑isotope transfer pumps. Since its 2019 founding based on Kyoto University research, the company has advanced R&D projects such as UNITY‑1 in Japan and UNITY‑2 in Canada (with CNL) to mature its Thermal Cycle and Fuel Cycle technologies. It has strengthened partnerships with public research bodies and academic institutions including UKAEA, CNL, KIT, ORNL, SRNL, and Tsukuba University, and recently won a new gyrotron order from General Atomics in the U.S. The company operates from Tokyo (headquarters), a research site in Uji (Kyoto University Uji campus), and offices/subsidiaries in Reading, UK and Seattle, U.S., and had 124 employees as of April 1, 2024. Kyoto Fusioneering aims to accelerate technology development, build supply chains, and commercialize fusion components globally by leveraging investor expertise. Financially, the company has completed multiple fundraises: the Series C extension added ¥1.56B (15.6億円), bringing Series C cumulative proceeds to 120.6億円 and total cumulative fundraising to 137.4億円. Kyoto Fusioneering is a Japan-based nuclear fusion startup. The company was reported to have raised $79 million in an oversubscribed Series C funding round. The article does not provide details on the participating investors or the breakdown of the financing. No operating metrics, use of proceeds, or future-product plans are described in the coverage. The financing was announced in an Asia Digest that also noted other regional startup rounds. Beyond the Series C amount and its oversubscribed status, no additional financial particulars were included. Kyoto Fusioneering is a fusion energy startup based in Japan that develops plant engineering technologies for fusion reactors, including plasma heating (gyrotrons) and heat extraction (blankets). The company raised 1.33 billion yen ($11.7M) in a Series B and has now raised 1.67 billion yen ($14.7M) to date. It also secured 800 million yen ($7M) in debt financing from Bank of Kyoto, Sumitomo Mitsui Banking Corporation and MUFG Bank. The Series B was supported by existing investors including Coral Capital Co., with participation from Daiwa Corporate Investment, DBJ Capital, JAFCO Group, JGC MIRAI Innovation Fund and JIC Venture Growth Investments. Kyoto Fusioneering will use the funds to accelerate research and expand the business, developing its plant engineering technologies needed for fusion reactor projects. The company has been awarded several contracts to support the U.K. government's STEP prototype reactor program, a development the article describes as key to its future as it expands abroad.

Led · Equity · Apr 2022

NuScale Power develops modular light-water reactor technology including the NuScale Power Module (NPM) and scalable VOYGR power plants for electricity, district heating, desalination, hydrogen production and other process heat applications. The NPM is a 77 MWe pressurized water reactor and NuScale offers VOYGR configurations such as the VOYGR-4, VOYGR-6 and the VOYGR-12 (924 MWe). The company aims to commercialize America’s first SMR and to replicate public-private partnerships—citing collaboration with Fluor and the U.S. Department of Energy—to accelerate global deployment. NuScale has a definitive business combination agreement with Spring Valley Acquisition Corp. that, upon closing, would make the company publicly traded under the ticker "SMR." Fluor Corporation remains the majority investor and continues to provide engineering, procurement, project management and construction expertise. Recent strategic investments from Japanese partners, now including JBIC via JNI, strengthen international support for NuScale’s deployment and decarbonization plans. NuScale Power develops a small modular reactor (SMR) design built around the factory‑fabricated NuScale Power Module, each capable of generating 77 MW. Its scalable plant designs can house up to four, six, or 12 modules and target electricity, district heating, desalination, and other process‑heat applications. The company reported $152 million in recent private capital that closed out its A‑5 round and roughly $192 million total funding year‑to‑date, including a prior $40 million from JGC Holdings. NuScale has received cost‑sharing awards from the U.S. Department of Energy and congressional support that have accelerated its NRC Design Certification process. The SMR design received NRC design approval in August 2020 and the Commission published a proposed rule to certify the design in July 2021—important steps toward commercial deployment. NuScale is advancing supply chain development, standard plant design, plant delivery planning, and startup and commissioning activities. The company is headquartered in Portland, OR, and Fluor Corporation is its majority investor. NuScale Power has developed a modular light-water small modular reactor (SMR) design built around factory-fabricated 77 MW NuScale Power Modules that can be combined into plants of four, six, or 12 modules. The design received U.S. Nuclear Regulatory Commission approval in August 2020 and NuScale is pursuing commercialization of the technology by the end of the decade. NuScale positions its plants for electrical generation, district heating, desalination, and other process-heat applications. The company is working with Fluor on the UAMPS project to bring the world’s first clean-energy, carbon-free SMR project to commercialization. NuScale recently secured a cash investment and commercial relationship with IHI Corporation, which will be a preferred supplier of certain manufactured components for NuScale Plants globally. Fluor is the majority investor in NuScale, and the IHI investment follows a prior Japanese agreement with JGC Holdings Corporation, reflecting growing international interest in NuScale’s SMR design. NuScale Power has developed a modular light water reactor design—the NuScale Power Module—capable of generating 77 MW of electricity per module and intended for electricity, district heating, desalination, and process heat. Its factory‑fabricated, scalable design allows plants to house up to four, six, or 12 modules, aiming to deliver carbon‑free energy with lower upfront commitments than gigawatt‑scale plants. NuScale’s SMR design received U.S. Nuclear Regulatory Commission approval in August 2020 and the company says it is maintaining momentum toward commercialization by the end of this decade. NuScale is working with Fluor Corporation (its majority investor and U.S. EPC partner) and with Utah Associated Municipal Power Systems (UAMPS) to advance the world’s first commercial SMR project. The company reports growing domestic and international customer interest and has signed agreements with entities in the U.S. and abroad. NuScale is headquartered in Portland, OR, and has offices in Corvallis, OR; Rockville, MD; Charlotte, NC; Richland, WA; and London, UK. NuScale Power designs a modular, scalable light water reactor system composed of individual integral PWR modules, each producing 45 MW and configurable up to 12 modules (540 MW) per plant. The design emphasizes inherent safety, combined containment for each module, and the ability to take individual units offline for maintenance or refueling without affecting others. The initial concept was developed at Oregon State University from 2000–2003 with U.S. Department of Energy support. NuScale is an Oregon corporation with more than 70 employees and maintains a customer advisory board of 11 major U.S. and Canadian utilities, including MidAmerican Energy. With Fluor's recent investment and contractual support, NuScale expects to accelerate commercialization and market entry. The company will continue to operate independently while leveraging Fluor's EPC capabilities and industry experience.