Dongsheng Fusion Raises $100 Million in New Funding Round, Co-Led by Qiming Venture Partners
J&T Global Express is committed to developing strong magnetic field compact fusion power plant technology using "deuterium-helium-3" as fuel.
Recently, Dongsheng Fusion (Shanghai) Technology Co., Ltd. (hereinafter referred to as "Dongsheng Fusion") announced the completion of a new $100 million funding round. This round was co-led by Qiming Venture Partners. The proceeds will be used to build the company's first-generation "Chenguang" experimental device.
Founded in July 2025 with support from Fudan University in Shanghai, Dongsheng Fusion's initial backers also included Shanghai Future Industry Fund under Shanghai State-owned Assets Investment, Shanghai Science and Technology Innovation Group, and other institutions. Guided and catalyzed by state-backed patient capital, Shanghai's controllable nuclear fusion industry layout has continued to mature and gain momentum.
The company is dedicated to developing strong magnetic field compact fusion power plant technology using deuterium-helium-3 (D-He3) fuel. Compared to the mainstream deuterium-tritium (D-T) approach pursued across the industry, the D-He3 route produces virtually no neutrons, offering advantages including low radiation, flexible and compact reactor designs, flexible deployment, open and mature supply chains, and lower overall costs — a cleaner but technically demanding alternative path. Looking ahead, the company's D-He3 fuel route has the potential to become an important complement to the mainstream D-T approach; the two fuel paths will ultimately form an integrated power network, with large D-T fusion plants built in remote areas and compact D-He3 stations deployed near cities or data centers.
The team has long been immersed in cutting-edge research and key engineering challenges in magnetic confinement fusion, with deep accumulated expertise and extensive experience in fusion device design, construction, experimental operation, and project management, possessing full-chain R&D and implementation capabilities spanning from theoretical research to engineering deployment. The company's first-generation "Chenguang" experimental device is already advancing steadily, driven by the dual engines of high-temperature superconducting strong magnetic field technology and AI plasma control technology to accelerate engineering commercialization.
Dongsheng Fusion represents a flagship chain-leading enterprise in China's fusion sector. The participation of multiple top-tier institutions in this round fully reflects the venture capital community's strong recognition of the company's strategic position in the fusion industry chain.
Chen Nan, Executive Director at Qiming Venture Partners, stated, "Controllable nuclear fusion is not a distant scientific proposition, but the ultimate engineering pathway for humanity to achieve energy freedom, deep carbon neutrality, and the infrastructure to power next-generation productivity. We believe that with continued breakthroughs in high-temperature superconducting materials, plasma control, and the fusion industry chain, controllable nuclear fusion is crossing the critical threshold from scientific feasibility to engineering viability, becoming a great cause that this generation of technology entrepreneurs has the opportunity to personally advance." He added, "Against the backdrop of global energy transition, technological competition, and accelerating innovation, fusion energy is increasingly concentrating national strategic resources, top-tier research platforms, young talent, and patient capital. This not only means that external conditions for industry development are maturing, but also represents a long-term relay race toward a future energy civilization that is accelerating."
"Dongsheng Fusion brings together top scientists and engineers from China and abroad, combining international vision and frontier expertise with the pragmatism needed to land ultra-large-scale complex systems engineering step by step. Going forward, artificial intelligence will accelerate fusion R&D, control, and simulation, while fusion will provide AI with a high-density, stable, clean energy foundation — the two are poised to form a spiraling, synergistic evolution that further drives leapfrog development in social productivity. We look forward to accompanying Dongsheng Fusion over the long term as it grows into an industry leader, accelerating the pace toward scalable fusion energy deployment," Chen said.
This funding round was co-led by Qiming Venture Partners, Zhuhai Science and Technology Industry Group (Huajin Capital), ICBC Capital, and CMC Capital, with participation from Fortune Venture Capital, Qianhai Ark, Orient Securities, Huafu Growth Investment, Lanxi Capital, and continued follow-on investments from existing shareholders CASSTAR, Fibonacci Capital, and Baidu Venture.
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Founded in 2006, Qiming Venture Partners currently manages 11 USD funds and 7 RMB funds, with total assets under management reaching $9.5 billion. Since its inception, the firm has focused on investing in outstanding early and growth-stage companies in Technology and Healthcare.
To date, Qiming Venture Partners has invested in over 580 high-growth innovative enterprises, of which more than 210 have gone public on the New York Stock Exchange, NASDAQ, Hong Kong Exchanges and Clearing Limited, Shanghai Stock Exchange, and Shenzhen Stock Exchange, or exited through M&A and other means. Over 80 portfolio companies have become recognized unicorns or super-unicorns.
Many Qiming Venture Partners portfolio companies have grown into the most influential players in their respective fields, including Xiaomi (01810.HK), Meituan (03690.HK), Bilibili (NASDAQ:BILI, 09626.HK), Zhihu (NYSE:ZH, 02390.HK), Roborock (688169.SH), Hesai Technology (NASDAQ:HSAI, 02525.HK), UBTECH (09880.HK), WeRide (NASDAQ:WRD, 0800.HK), HyperStrong (688411.SH), Insta360 (688775.SH), Unisound (09678.HK), Biren Technology (06082.HK), Zhipu (02513.HK), Gan & Lee Pharmaceuticals (603087.SH), Tigermed (300347.SZ, 03347.HK), Zai Lab (NASDAQ:ZLAB, 09688.HK), CanSino Biologics (688185.SH, 06185.HK), Schrödinger (NASDAQ:SDGR), MicroPort EP MedTech (688617.SH), Sanyou Medical (688085.SH), Amoy Diagnostics (300685.SZ), SinoCellTech (688520.SH), Insilico Medicine (03696.HK), Hope Medicine, Yuanxin Technology, MediLink Therapeutics, LaNova Medicines, StepFun, and others.