First Light Fusion raised $25 million in a round led by Oxford Sciences Innovation (OSI) and including IP Group plc and Hostplus.

First Light Fusion, an Oxford, UK-based provider of research for energy generation via inertial fusion, announced that it raised $25 million.

The money was raised from both existing and new investors, led by Oxford Sciences Innovation (OSI) and including IP Group plc and Hostplus.

The proceeds will enable First Light to add 23 new employees across its science, engineering and simulation departments taking the total team to over 60 and allowing First Light to significantly upgrade computational and experimental resources.

First Light will also use the new funding to accelerate other core workstreams, including planning for its prototype gain-scale experiment and further grid-scale reactor development.

First Light Fusion, founded as a spinoff from the University of Oxford in June 2011 by professors Yiannis Ventikos and Nicholas Hawker, with seed capital from IP Group plc, Parkwalk Advisors Ltd and private investors. Invesco and OSI provided follow-on capital.

The business has grown from a research-focused university project to a fully-fledged company that has developed not only a strategy for how to make fusion energy work, but also a sustainable business model based on the technology.