Shine Technologies, a Janesville, WI-based fusion technology company, raised $70M in funding.
The round was led by existing investors including Baillie Gifford and Fidelity Management & Research Company, and also included participation from new investors.
The company intends to use the funds to support its four-phased approach to fusion, and accelerate the domestic production of medical isotopes.
Led by CEO Greg Piefer, Shine has developed fusion technology used to inspect industrial components in aerospace, defense, energy and other sectors. Its proprietary medical isotope production processes currently create non-carrier-added lutetium-177 and are expected to create molybdenum-99 once its medical isotope production facility, The Chrysalis, is operational. These medicines are used in procedures to diagnose and treat heart disease, late-stage cancer, and other serious illnesses.
This summer, the company announced the opening of Cassiopeia, a lutetium-177 production facility. The company is now finalizing the commissioning of the facility, which is expected to become operational at the end of this year. SHINE made its first commercial sales of Lu-177 in 2020.
Lu-177 is a radioactive agent that, when paired with a cancer-seeking molecule, delivers highly targeted radiation to cancer metastases, killing cancer cells while minimizing damage to surrounding healthy cells. At full capacity, the facility is expected to be capable of producing up to 200,000 doses of life-saving treatment per year.