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New frontier for Seattle startups: Space, fusion, and battery companies buoy region’s VC activity

Left: Inside Group14’s manufacturing factory in Woodinville, Wash. Top right: An artist’s conception shows the upper stage of Stoke Space’s Nova rocket in orbit. Bottom right: Foundation work being done at the Helion Energy reactor site in Central Washington. (Photos via Group14, Stoke Space, and Helion)

In a region better known for its enterprise software and cloud computing prowess, fast-growing startups in the Seattle area are now pushing into more far-out frontiers.

Companies developing rockets, fusion energy, and next-generation batteries account for a large share of total venture capital raised in the Seattle region over the past several months, according to GeekWire’s regularly updated fundings list.

  • Most recently, Kent, Wash.-based Stoke Space Technologies, revealed last week that it raised $510 million in fresh funding to accelerate development of its fully reusable Nova rocket — less than a year a separate $260 million round.
  • Woodinville, Wash.-based battery maker Group14 Technologies raised the largest round in the Pacific Northwest during the third quarter, raking in $463 million to support manufacturing of its silicon anode technology used in lithium ion batteries.
  • In June, TerraPower, a Bellevue, Wash.-based company co-founded by Bill Gates, raised $650 million for its next-generation small modular nuclear reactors.
  • Earlier this year, Helion Energy landed $425 million to fund its fusion innovations and construction of its first commercial reactor located in Eastern Washington.

The burst of funding into space, fusion, and energy startups marks a new chapter in Seattle’s innovation cycle. In earlier decades, local investment was dominated by software and e-commerce ventures — many launched by entrepreneurs who cut their teeth at hometown corporations such as Microsoft and Amazon.

Now, a new wave of “hard tech” startups is pairing the region’s engineering talent — from longstanding companies including Boeing and Blue Origin — with federal funding, climate incentives, and investor appetite for transformative technologies.

Startups across the Pacific Northwest raised nearly $1.3 billion in venture capital dollars during the third quarter, according to GeekWire’s fundings list. That’s down about 35% compared to the year-ago period, and down from $1.8 billion raised in Q2.

Here were the other top deals from Q3:

  • Kardium, a Vancouver, B.C.-based company behind a system that treats atrial fibrillation, raised $250 million.
  • Sparrow Pharmaceuticals, a Portland, Ore.-based biotech startup, raised $95 million in a Series B round to advance development of its treatment for type 2 diabetes.
  • Hubble Network, one of several up-and-coming startups in the Seattle area’s growing space industry, raised $70 million to accelerate the growth of its satellite-powered Bluetooth network.
  • Augmodo, a Seattle startup that sells wearable tech for retail store employees, raised $37.5 million in July.
  • Dropzone AI, a Seattle startup developing AI tools for cybersecurity, raised $37 million in a Series B round.
  • 4AG Robotics, a B.C.-based startup making robots that can harvest and package mushrooms, raised $29 million.

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