WALTHAM, Mass., June 14 /PRNewswire/ -- Charles River Ventures (CRV), one of the nation's leading early-stage venture capital firms, today announced that it has invested in the $35 million Series B financing round for TerraPower, LLC. TerraPower is a Bellevue, Washington-based company developing new options for nuclear energy production. Khosla Ventures also joined in the round for this three-year-old company that counts Intellectual Ventures co-founder Nathan Myhrvold and investor Bill Gates among its supporters.
Izhar Armony, general partner at Charles River Ventures and TerraPower board member, said that nuclear energy is going to play a significant role as one of the few carbon-free sources for baseload power in the future of the United States and the world. The United States is just one of 30 nations exploring future construction of nuclear reactors.
"A short term approach to investing isn't going to help achieve the goals many have for a clean-energy future," said Armony. "TerraPower offers a vision for an ideal system and then brings together inspired people with the tools they need to advance reactor designs to transform waste liabilities into assets. The traveling-wave reactor is an incredibly exciting new design that could really advance the nuclear energy field."
TerraPower was formed to advance innovative approaches to nuclear energy that were identified in "invention sessions" at CRV portfolio company Intellectual Ventures. Invention sessions are multidisciplinary brainstorming events focused on a particular set of issues and possible solutions.
"We are thrilled to attract VC investment in research and development. It shows markets are putting value to what's required to bring about real advancement," said Myhrvold. "TerraPower appeals to investors who know the commitment necessary to invent solutions to the complex problems facing the world today."
TerraPower is one of the first companies formed specifically to advance inventions created in an Intellectual Ventures invention session. The company has grown to nearly 40 full time professionals and 75 technical consultants whose expertise in nuclear engineering, physics and computer science have made unprecedented advancements in nuclear reactor design.
About Charles River Ventures
Founded in 1970, Charles River Ventures is one of the nation's oldest and most successful early-stage venture capital firms with approximately $2.1 billion under management. CRV is dedicated to helping exceptional entrepreneurs turn their ideas into the next category leaders in high growth technology and media sectors. Over the past 20 years, CRV funds have been ranked among the industry's top performers. CRV has offices in Boston, MA and Menlo Park, CA. For more information visit www.crv.com.
SOURCE Charles River Ventures