Transmutex, Vernier, Switzerland, on Monday said it received $23 million in venture capital funding to help develop the company’s thorium-burning nuclear energy system.
Transmutex announced the milestone in a press release. New York-based investment companies Union Square Ventures and Steel Atlas led this round, along with other investors including:
- At One Ventures, San Francisco.
- HCVC, Paris.
- AlleyCorp, New York.
- House Of Ventures, Los Angeles.
- Presight Capital, San Francisco.
- Verve Ventures, Zurich, Switzerland.
- FONGIT, Geneva
- Tiny Supercomputer Investment Company, London.
4See Ventures of Switzerland is another investor, according to Transmutex’s website.
The system Transmutex says it is developing “can use multiple types of fuels, including thorium, by leveraging a particle accelerator to drive a safer, non-self-sustaining reaction,” according to a five-page press release about the latest round of venture funding. “Applications of the technology are extensive, spanning from efficiently breeding new fuel, enabling a new thorium-based fuel cycle, burning the existing stockpile of long-lived nuclear waste,” and others.
Transmutex was founded in 2019 in Switzerland by company President Franklin Servan-Schreiber, who has a masters in political science and a bachelor’s degree in electrical and computer engineering from Carnegie Mellon University, according to the company’s website.
Federico Carminati is listed on Transmutex’s website as the chief technology officer and co-founder. According to Carminati’s LinkedIn profile, he was a programming physicist for 36 years at the European Organization for Nuclear Research, or Conseil Européen pour la Recherche Nucléaire (CERN) in Geneva, Switzerland.
