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TechCrunch
09-05-2025
- Business
- TechCrunch
Startups Weekly: Different paths on the road to liquidity
Welcome to Startups Weekly — your weekly recap of everything you can't miss from the world of startups. Want it in your inbox every Friday? Sign up here. This week was busy for startups: While there were no IPOs of note, there were other exits and even unusual liquidity events, as well as a significant number of funding rounds of various sizes and stages. Most interesting startup stories from the week Image Credits:Tim Robberts / Getty Images This week brought us M&As from serial buyers, an exit option that may be reassuring for founders still struggling with customer retention and funding headwinds. Scooped up: San Jose, California-based startup became the latest fintech to get acquired by workforce management company which is now valued at just north of $700 million. Short on cash: Despite recently hitting a key development milestone, General Fusion laid off at least 25% of its employees, with CEO Greg Twinney explaining that the Canadian fusion power company was running out of money. By Datadog: Datadog bought Eppo, a feature-flagging and experimentation platform that will now operate under the brand 'Eppo by Datadog.' This comes shortly after it acquired AI-powered observability startup Metaplane. Retention issues: 11x co-founder Hasan Sukkar stepped down as CEO and was replaced by CTO Prabhav Jain. The AI startup came under scrutiny earlier this year for showing logos of companies that were not active customers, amid claims it was struggling with customer retention. Techcrunch event Exhibit at TechCrunch Sessions: AI Secure your spot at TC Sessions: AI and show 1,200+ decision-makers what you've built — without the big spend. Available through May 9 or while tables last. Exhibit at TechCrunch Sessions: AI Secure your spot at TC Sessions: AI and show 1,200+ decision-makers what you've built — without the big spend. Available through May 9 or while tables last. Berkeley, CA | BOOK NOW Build or invest: Carta acquired SimpleClosure, a startup branding itself as 'the TurboTax of shutting down.' The equity management startup previously discontinued a similar offering, called Carta Conclusions. Small world: Two months after buying Moveworks, ServiceNow acquired which had raised more than $130 million in venture financing for its cloud-native data catalog and data governance platform. With conditions: A group of investors is considering injecting another $30 million into ailing Indian ride-hailing startup BluSmart — as long as co-founder Anmol Singh Jaggi agrees to resign. Liquidity: Sales automation startup Clay took the unusual step of allowing employees with at least one year of tenure to sell shares to existing backer Sequoia. The operation values the company at $1.5 billion. Most interesting VC and funding news this week Image Credits:Steve Jennings / Getty Images Rounds this week confirmed that AI isn't the only thing that can attract VCs: The promise of a longer, healthier life — both for people and for batteries — can, too. No limit: NewLimit, the longevity startup founded by Coinbase CEO Brian Armstrong, raised a $130 million Series B led by Kleiner Perkins to develop age-reversing therapies. Qonto rival: Finom, a neobank serving SMBs in several European countries, raised approximately $105 million from General Catalyst to boost its growth. Boosted by defense: Orca AI, whose autonomous navigation platform for shipping has defense applications, raised a $72.5 million Series A, bringing its total funding to over $111 million. Scanning: Ox Security, which scans for vulnerabilities in code, secured a $60 million Series B led by DTCP that it will use for growth and expansion. Crafty: Recraft, whose stealth image model beat OpenAI's DALL-E and Midjourney on a popular benchmark last year, raised a $30 million Series B led by Accel. Bye, business cards: Australian startup Blinq raised a $25 million Series A to make business cards obsolete and replace them with digital alternatives with CRM integrations. Wisdom truth: WisdomAI, an AI startup hoping to help avoid hallucinations when delivering business insights, raised $23 million in an unusually large seed round. More power: Breathe Battery Technologies, whose software helps optimize and predict battery performance, raised a $21 million Series B led by Kinnevik Online AB. Coding context: Unblocked, a company behind an AI-powered assistant that answers contextual questions about lines of code, raised a $20 million Series A from B Capital and Radical Ventures. Positive energy: Bosch Ventures, the venture arm of Bosch, will keep on investing in deep tech through its new $270 million fund, but with increased focus on North American startups. Last but not least Image Credits:Costas Baltas/Anadolu / Getty Images As Athens-based VC firm Marathon Venture Capital closed its newest fund with approximately $84 million in capital commitments, TechCrunch caught up with partner Panos Papadopoulos to discuss how Greek startups are serving global markets, and more.
Global News
06-05-2025
- Business
- Global News
B.C. fusion energy company cuts staff due to ‘uncertain political and market climate'
A B.C. fusion energy company says it has had to lay off some staff and reduce operations due to the 'rapidly shifting and uncertain political and market climate.' General Fusion recently celebrated a big milestone, by successfully forming a 'magnetized plasma' inside its proof-of-concept machine known as LM26. 'The full, integrated system and diagnostics operated safely and as designed, and an early review of the data indicates we saw ion temperature and density increase, and our lithium liner successfully trapped the magnetic field,' CEO Greg Twinney said in an open letter on the company's website. 'This was an incredible success for our first shot! What does this mean? From a technology perspective, we're one step closer to bringing zero-carbon fusion energy to the electricity grid using our unique, home-grown Canadian technology that global industry leaders recognize as one of the most practical for commercialization.' Story continues below advertisement However, the company says it is now caught in an economic and geopolitical environment that is forcing it to pause development. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy 'Our mission has historically been supported financially by a mix of strong private investors and the Canadian federal government,' Twinney said. 'We have been competing against aggressive nationally funded fusion programs around the world. We have risen to global leadership by charting a distinct course — founded on entrepreneurship and commercial focus — while others follow government-led or academic pathways. However, today's funding landscape is more challenging than ever.' 2:04 Richmond fusion company reports breakthrough Twinney says in the letter that due to unexpected and urgent financing constraints, they are taking action to protect the future by reducing the size of the team and LM26 operations. 'While this is a challenging time for General Fusion, it is also an attractive opportunity for those with the financial means to transform the world,' Twinney says. Story continues below advertisement 'Everything is in place — the technology, science, LM26, and the know-how and passion. All we need now is the capital to finish the job. We are opening our doors and actively seeking strategic options with investors, buyers, governments, and others who share our vision.'
Time of India
06-05-2025
- Business
- Time of India
Amazon founder Jeff Bezos' backed Canadian energy company lays off employees: Read what the CEO said
Amazon founder Jeff Bezos backed energy company, General Fusion has fired 25% of its workforce. The fusion power startup is facing financial difficulties . General Fusion CEO Greg Twinney wrote an open letter to the employees in which he revealed that the company is experiencing a shortage of cash and is actively seeking additional funding to continue its operations. 'Today, we stand as a world leader on the cusp of our most exciting technical milestone yet — and one of the most challenging financial moments in our history. We are closer than ever to delivering practical fusion, but success depends on securing the right financing partners to carry this breakthrough forward,' Twinney wrote in an open letter published on the company's website. For those unaware, General Fusion is a 23 years old Canadian commercial fusion energy company. According to PitchBook, it has secured $440 million in funding, including a $22.66 million round completed in July. Notable investors such as Jeff Bezos, Temasek, and BDC Capital have backed its efforts. According to reports, General Fusion is exploring strategic options with investors, government entities, and potential buyers to secure the necessary capital. Read General Fusion CEO Greg Twinney complete letter here General Fusion has been at the forefront of fusion technology development for more than 20 years. Today, we stand as a world leader on the cusp of our most exciting technical milestone yet—and one of the most challenging financial moments in our history. We are closer than ever to delivering practical fusion, but success depends on securing the right financing partners to carry this breakthrough forward. On April 29th, we achieved a transformative milestone at our Vancouver, B.C., headquarters in Canada—we successfully compressed a large-scale magnetized plasma with lithium using our world-first LM26 fusion demonstration machine. full, integrated system and diagnostics operated safely and as designed, and an early review of the data indicates we saw ion temperature and density increase, and our lithium liner successfully trapped the magnetic field. This was an incredible success for our first shot! What does this mean? From a technology perspective, we're one step closer to bringing zero-carbon fusion energy to the electricity grid using our unique, home-grown Canadian technology that global industry leaders recognize as one of the most practical for commercialization. Our incredible, innovative, and nimble team achieved these results about a year and a half after we launched the LM26 fusion demonstration program—designing, building, commissioning, optimizing, and operating on a rapid timeline with constrained capital. LM26 is the only machine of its kind in the world, designed and built to achieve the technical results required to scale a fusion technology to a practical power plant. It is backed by peer-reviewed scientific results published in 2024 and 2025 issues of Nuclear Fusion , making us one of only four private fusion companies in the world to have achieved and published meaningful fusion results on the path to scientific breakeven. We are also the only one with the machine already built to get there. Truly, there has never been a more promising time to be at—or invest in—General Fusion. General Fusion has been around the block. We've proven a lot with a lean budget. We're not a shiny new start-up with a drawing and a dream; we are experienced fusioneers with a clear view of the path to success and the machine to prove it. We've built a global network of partners and early adopters focused on a fusion technology—Magnetized Target Fusion—that is durable, cost-effective, fuel-sustainable, and practical. We are ready to execute our plan but are caught in an economic and geopolitical environment that is forcing us to wait. Keeping a fusion company funded in today's world requires more than just meaningful capital. It takes ambition, steadfast patience, a bold national vision aligned with the opportunity, and constant refreshing of the investor base as timelines stretch beyond typical fund horizons. Our mission has historically been supported financially by a mix of strong private investors and the Canadian federal government. We have been competing against aggressive nationally funded fusion programs around the world. We have risen to global leadership by charting a distinct course—founded on entrepreneurship and commercial focus—while others follow government-led or academic pathways. However, today's funding landscape is more challenging than ever as investors and governments navigate a rapidly shifting and uncertain political and market climate. This rapidly shifting environment has directly and immediately impacted our funding. Therefore, as a result of unexpected and urgent financing constraints, we are taking action now to protect our future with our game-changing technology and IP—including reducing both the size of our team and LM26 operations—while we navigate this difficult environment. We're doing what resilient teams do and what we have done before: refocus, protect what matters, and keep building. While this is a challenging time for General Fusion, it is also an attractive opportunity for those with the financial means to transform the world. Everything is in place—the technology, science, LM26, and the know-how and passion. All we need now is the capital to finish the job. We are opening our doors and actively seeking strategic options with investors, buyers, governments, and others who share our vision. Reach out now and become part of the future of energy. Greg Twinney Chief Executive Officer General Fusion, Inc.
TechCrunch
05-05-2025
- Business
- TechCrunch
Layoffs hit General Fusion as the fusion power startup runs short on cash
General Fusion laid off at least 25% of its employees last week, just days after hitting a key milestone for its latest fusion demonstration device. CEO Greg Twiney posted an open letter on the company's website Monday saying that while its new LM26 device had been able to compress a plasma — something necessary for fusion conditions — General Fusion was running short of money. He wrote, 'today's funding landscape is more challenging than ever as investors and governments navigate a rapidly shifting and uncertain political and market climate.' The 23-year-old company, which many still describe as a startup, is Canada's leading entrant in the race for commercial fusion power. It has raised $440 million, according to PitchBook, including a $22.66 million round that closed in July. Backers include Jeff Bezos, Temasek, and BDC Capital. But that money hasn't been enough for the company to show that its unique approach to fusion is viable. General Fusion's plight highlights the challenges that face the fusion industry. To date, only one device has been able to hit so-called scientific breakeven, a milestone that's significant historically, but not commercially. To hit commercial breakeven, reactors need to produce dozens of times more energy than has been demonstrated so far. The road to those milestones has proven extraordinarily costly. Though General Fusion's tally may seem impressive, it is middle of the pack. Commonwealth Fusion Systems has raised over $2 billion, Helion has pulled in over $1 billion, and upstart Pacific Fusion has been pledged $900 million in its Series A alone. Part of General Fusion's challenge is that its taking a different approach than many of its competitors. Techcrunch event Exhibit at TechCrunch Sessions: AI Secure your spot at TC Sessions: AI and show 1,200+ decision-makers what you've built — without the big spend. Available through May 9 or while tables last. Exhibit at TechCrunch Sessions: AI Secure your spot at TC Sessions: AI and show 1,200+ decision-makers what you've built — without the big spend. Available through May 9 or while tables last. Berkeley, CA | BOOK NOW Most fusion startups follow one of two paths: magnetic confinement or inertial confinement. The former uses magnetic fields to control plasma, squeezing it until it reaches the conditions for nuclei to fuse. The latter approach typically uses lasers to compress a fuel pellet. General Fusion, on the other hand, has been trying to use steam-driven pistons to compress fusion fuel. The U.S. Navy tried something similar in the 1970s to no avail, but General Fusion thinks that modern computers could solve some of the timing problems that plagued earlier attempts. It has yet to show that's the case, but it has said that if completed, LM26 should be able to reach scientific breakeven. Now, the company will have to raise more money — and quickly — if it wants to prove its approach is a viable competitor.
Globe and Mail
02-04-2025
- Business
- Globe and Mail
General Fusion announces former Blue Origin CEO Bob Smith as new strategic advisor
RICHMOND, British Columbia, April 02, 2025 (GLOBE NEWSWIRE) -- Bob Smith is joining General Fusion as a strategic advisor. Smith brings more than 35 years of experience developing, scaling, and launching world-changing technologies, including spearheading new products and innovation in the aerospace industry at United Space Alliance, Sandia Labs, and Honeywell before serving as CEO of Blue Origin. He joins General Fusion as the company's Lawson Machine 26 (LM26) fusion demonstration begins operations and progresses toward transformative technical milestones on the path to commercialization. 'I've been watching the fusion energy industry closely for my entire career. Fusion is the last energy source humanity will ever need, and I believe its impact as a zero-carbon energy source will transform the global energy supply at the time needed to fight the worst consequences of climate change,' said Smith. 'I am thrilled to work with General Fusion. Their novel approach has inherent and distinctive benefits for the generation of commercially competitive fusion power. It's exciting to join at a time when the team is about to demonstrate the fundamental physics behind their system and move to scaling up to a pilot plant.' The LM26 program marks a significant step towards commercialization, as the company's unique Magnetized Target Fusion (MTF) approach makes the path to powering the grid with fusion energy more straightforward than other technologies—because it practically addresses barriers to fusion commercialization, such as neutron material degradation, sustainable fuel production, and efficient energy extraction. As a strategic advisor, Smith will leverage his experience advancing game-changing technologies to help guide General Fusion's technology development and strategic growth. 'Bob's insights and experience will be invaluable as we execute the LM26 program and look beyond it to propel our practical technology to powering the grid by the mid-2030s,' said Greg Twinney, CEO, General Fusion. 'We are grateful for his commitment of his in-demand time and expertise to our mission and look forward to working together to make fusion power a reality!' About Bob Smith: Bob is an experienced business leader in the aerospace and defense industry with extensive technical and operational expertise across the sector. He worked at and managed federal labs, led developments at a large government contractor, grew businesses at a Fortune 100 multinational, and scaled up a launch and space systems startup. Bob also has extensive international experience and has worked with suppliers and OEMs in all the major aerospace regions, including establishing new sites and factories in Europe, India, China, and Puerto Rico. Bob's prior leadership roles include Chairman and Chief Executive Officer of Blue Origin, President of Mechanical Systems & Components at Honeywell Aerospace, Chief Technology Officer at Honeywell Aerospace, Chairman of NTESS (Sandia Labs), and Executive Director of Space Shuttle Upgrades at United Space Alliance. Bob holds a Bachelor of Science degree in aerospace engineering from Texas A&M, a Master of Science degree in engineering/applied mathematics from Brown University, a doctorate from the University of Texas in aerospace engineering, and a business degree from MIT's Sloan School of Management. Bob is also a Fellow of the Royal Aeronautical Society, a Fellow of the American Institute of Aeronautics and Astronautics, and an Academician in the International Academy of Astronautics. Quick Facts: Fusion energy is the ultimate clean energy solution—it is the energy source that powers the sun and stars. Fusion is the process by which two light nuclei merge to form a heavier one, producing a massive amount of energy. General Fusion's Magnetized Target Fusion (MTF) technology is designed to scale for cost-efficient power plants. It uses mechanical compression to create fusion conditions in short pulses, eliminating the need for expensive lasers or superconducting magnets. An MTF power plant is designed to produce its own fuel and inherently includes a method to extract the energy and put it to work. Lawson Machine 26 (LM26) is a world-first Magnetized Target Fusion demonstration. Launched, designed, and assembled in just 16 months, the machine is now forming magnetized plasmas regularly at 50 per cent commercial scale. It is advancing towards a series of results that will demonstrate MTF in a commercially relevant way: 10 million degrees Celsius (1 keV), 100 million degrees Celsius (10 keV), and scientific breakeven equivalent (100% Lawson). About General Fusion General Fusion is pursuing a fast and practical approach to commercial fusion energy and is headquartered in Richmond, Canada. The company was established in 2002 and is funded by a global syndicate of leading energy venture capital firms, industry leaders, and technology pioneers. Learn more at
