Wisconsin startup SHINE Technologies Lands $240M

Janesville, Wisconsin’s SHINE Technologies, another Wisconsin based company developing fusion-based systems, announced last week that it raised $240 million. The round was led by NantWorks and its founder, physician‑entrepreneur Dr. Patrick Soon‑Shiong, also joined the board of directors.

The round included new and existing institutional investors with Fidelity Management & Research Company, Sumitomo Corporation of Americas, Pelican Energy Partners, Deerfield Management and Oaktree Capital Management named among participants. NantWorks, founded in 2014 by Dr Soon-Shiong and based in Culver City, California, committed $150 million and signed a strategic partnership with SHINE that gives it priority access to lutetium‑177 (Lu‑177), a medical radioisotope produced by SHINE.

SHINE said the fund will advance the development of several of its commercial businesses, including neutron testing services for defense and aerospace, and production of medical isotopes used in diagnostic imaging and targeted radiotherapies, while also supporting longer‑term projects including technology to recycle used nuclear fuel and work toward commercial fusion energy.

Founded in 2010 in Janesville, Wisconsin, SHINE has marketed fusion‑derived products beyond power generation, and says it has already commercialized isotope production and neutron testing services. As a result of this raise, the company has now reported more than $1 billion in cumulative funding to date and claims one of the largest Lu‑177 facilities in North America, with current capacity it says could reach 100,000 doses annually and scale to 200,000.

Soon‑Shiong, is also executive chairman of ImmunityBio, an innovative therapies business, and has invested in pharmaceuticals, diagnostics and media ventures as well as building and selling companies producing FDA‑approved therapies. In a statement, Soon-Shiong said, “This partnership is about harnessing powerful science to serve humanity. SHINE’s leadership in fusion technology and Lu-177 production aligns with my lifelong mission to make cancer treatment more precise, targeted, and ultimately curative by activating the patient’s immune system. 

Greg Piefer, founder and CEO of SHINE said that “Fusion energy is one of the most important technologies humanity will ever develop — it will forever change how we power our species, and is already having major impact across advanced manufacturing, healthcare and recycling,” before adding that “Dr. Soon-Shiong is a visionary who has spent his career turning breakthrough science into products that have made the world better. We are honored to have him as a partner.”

SHINE’s strategy, commercializing intermediate applications to fund and mature core technology allows them to make “a lasting impact across multiple sectors” according to the company. The investment underscores continued interest in innovative companies that combine near‑term revenue opportunities with longer‑term clean‑energy aspirations.