Startup
EEX-Fusion
株式会社EX-Fusion
#104 in the Japan Top 100 Startups
| Founded / HQ | 2021 · Osaka |
|---|---|
| Equity raised to date | ≥ ¥2.7B “創業以来の累計総調達額60億円” Company-stated cumulative · as of 2025-10 · EX-Fusion (PR TIMES) Series A equity only: ¥2.3B (plus ¥0.3B loan) and the ¥0.4B extension. The company total of ¥6B also includes ¥3B raised before Series A, not itemised (likely including grants), so equity is at least ¥2.7B. |
| Reported total | ¥6B incl. debt or other non-equity, as published |
| Last round | 2025-10 · Series A (extension) · ¥400M 4億円 |
| Latest public valuation | Not publicly disclosed (we do not estimate) |
| Unicorn | No |
| Website | ex-fusion.com |
From Japanese sources
Findings from Japanese-language filings, government records, trade press, interviews and job posts, with our English analysis. Items tagged Japanese-only had no English coverage when we checked quickly. Most insightful first.
| 2026-01-09 | Regulatory filingJapanese-onlyEX-Fusion FY3/2025: loss ¥835M (widening); ¥1.58B assets with zero liabilities; 39 staff 株式会社EX-Fusion 第4期決算公告 The Osaka laser-fusion startup is funded purely by equity, with no debt, and its burn approaches ¥1B a year. Its METI fusion-demonstration subsidy (2026) would roughly match a year of spending. Source: 官報決算データベース (statutory notice) |
|---|
Overview
EX-Fusion, a spin-out from Osaka University, is developing laser fusion reactors along with the laser and targeting technology they need. It was founded in 2021 by Kazuki Matsuo. A Series A of about ¥2.6B in June 2025 and a ¥0.4B extension that October took its total funding to ¥6B, not counting grants.
Built from: Series A extension
Company timeline
Founded
| Date | 2021-07-19· EX-Fusion |
|---|---|
| Founders | Kazuki Matsuo |
Funding
| Date | Round | Amount | Lead / key investors | Source |
|---|---|---|---|---|
| 2022-01-26 | Funding | ¥100M 1億円 | PR TIMES | |
| 2023-07-06 | Seed | ¥1.8B 総額18億円 | PR TIMES | |
| 2024-11-08 | Pre-Series A | ¥1.1B 総額11億円 | PR TIMES | |
| 2025-06-05 | Series A | ≈¥2.6B (¥2.3B equity + ¥0.3B loans) 総額約26億円 | PR TIMES | |
| 2025-10-14 | Series A extension | ¥0.4B; cumulative ¥6B excl. grants ４億円 | PR TIMES |
Key hires & board
None compiled yet.
Milestones
| 2023-10-03 | PartnershipJoint research hub with Osaka University· PR TIMES |
|---|---|
| 2023-10-10 | CorporateSets up EX-Fusion Australia Pty Ltd· PR TIMES |
| 2023-10-10 | PartnershipMoU with Australia's EOS· PR TIMES |
| 2023-10-12 | PartnershipEX-Fusion and Tokyo Tech set up joint research hub· PR TIMES |
| 2024-04-05 | CorporateOpens facility for target tracking and laser control tests· PR TIMES |
| 2024-12-23 | PartnershipJoint development of next-generation high-performance mirrors· PR TIMES |
| 2025-03-13 | CorporateEX-Fusion opens laser-fusion demonstration facility· PR TIMES |
| 2026-10-14 | RecognitionVP of Technology Shinsuke Fujioka elected APS Fellow· EX-Fusion |
News
| 2026-10-14 | VP of Technology Shinsuke Fujioka elected APS Fellow 当社VP of Technology 藤岡慎介が米国物理学会（APS）Fellowに選出 〜レーザー核融合の基盤となる高エネルギー密度プラズマ研究が国際的に評価 〜· EX-Fusion |
|---|---|
| 2026-07-01 | New executives join to strengthen management 経営体制の強化に関する 〜 新経営陣の参画により、核融合発電の実現へ加速〜· EX-Fusion |
| 2026-04-16 | Company introduction PDF page published 会社紹介PDFダウンロードページを作成いたしました。· EX-Fusion |
| 2026-02-24 | Founder-director Mori leads Moonshot Goal 10 project on laser fusion modules 取締役ファウンダー・森がプロジェクトマネージャーを務めるムーンショット目標 10 プロジェクト始動 -青紫色半導体レーザーによる慣性核融合モジュール構築· EX-Fusion |
| 2025-10-14 | EX-Fusion raises ¥0.4B Series A extension EX-Fusion、シリーズAラウンド（エクステンション）で４億円の資金調達を実施· EX-Fusion |
| 2025-10-14 | Series A extension: ¥0.4B; cumulative ¥6B excl. grants· PR TIMES |
| 2025-07-31 | World first: one hour of continuous high-power pulsed laser target shots レーザフュージョン発電の実現に向けた大きな一歩 世界初[1]、1時間にわたる大出力パルスレーザの連続ターゲット照射実験を実施· PR TIMES |
| 2025-07-01 | World first: continuous laser irradiation of mock fuel at 10 Hz 世界初、1秒間に10回、模擬燃料に対するレーザーの連続照射実証を実施 ―レーザーフュージョンによる発電実証の早期実現を目指して―· EX-Fusion |
| 2025-06-05 | EX-Fusion raises about ¥2.6B Series A EX-Fusion、シリーズ A で総額約 26 億円の資金調達を実施· EX-Fusion |
| 2025-06-05 | Series A: ≈¥2.6B (¥2.3B equity + ¥0.3B loans)· PR TIMES |
| 2025-03-13 | EX-Fusion opens laser-fusion demonstration facility EX-Fusion、レーザーフュージョン基盤技術の実証研究施設を開設· EX-Fusion |
| 2025-03-13 | EX-Fusion opens laser-fusion demonstration facility EX-Fusion、レーザーフュージョン基盤技術の実証研究施設を開設· PR TIMES |
| 2024-12-23 | Joint development of next-generation high-performance mirrors EX-Fusion、次世代の「高性能反射鏡」に向けた共同開発を開始· PR TIMES |
| 2024-11-08 | Pre-Series A raises ¥1.1B EX-Fusion、プレシリーズAで総額１１億円の資金調達を実施· PR TIMES |
| 2024-11-05 | EX-Fusion joins Keidanren EX-Fusion、一般社団法人 日本経済団体連合会（経団連）に入会· PR TIMES |
| 2024-04-05 | Opens facility for target tracking and laser control tests レーザーフュージョンターゲット追尾・レーザー制御・照射システム実証のための研究施設を開設· PR TIMES |
| 2023-10-12 | EX-Fusion and Tokyo Tech set up joint research hub EX-Fusion と東京工業大学が協働研究拠点を設立· PR TIMES |
| 2023-10-10 | MoU with Australia's EOS EX-Fusion、オーストラリアEOSとの基本合意書の締結について· PR TIMES |
| 2023-10-10 | Sets up EX-Fusion Australia Pty Ltd EX-Fusion、豪州子会社EX-Fusion Australia Pty Ltd.を設立し、事業展開を開始· PR TIMES |
| 2023-10-03 | Joint research hub with Osaka University EX-Fusion 、大阪大学と共同研究拠点を設立· PR TIMES |
Founder profiles: Kazuki Matsuo
Funding rounds in 2026
No 2026 rounds in our database yet. Earlier funding is summarised above from the cited source.