Fundraising Fox

Radiant Industries

Unicorn · $1.8B

El Segundo, US · Founded 2019 · Delaware corporation · 12 known investors

Radiant Industries develops Kaleidos, a portable, factory-built nuclear microreactor intended to replace diesel generators.

Also known as Radiant · Radiant Industries Inc.

Founders & leadership

Radiant Industries was founded in 2019 by Douglas Bernauer.

DB
Douglas BernauerFounder
RU
Robert UrbergerNamed on SEC filing

Board

DUDavid Ulevitch
David Ulevitchin𝕏Board directorGeneral Partner at Andreessen Horowitz
RS
Rachel SlaybaughBoard director
SB
Stephen BurnsBoard director

Investors · 12

Also in the syndicate · 6

Alternative Capital InvestmentsDCVCleadFelicisMcKinley Alaska Growth CapitalUnion Square VenturesWashington Harbour Partners LP

Reported raises · per SEC filings

Form D private placements

$488.2M disclosed across 5 of 6 rounds · 2022–2025

$268.8MraisedDec 2025 · 40 investors · Other Energy
Rule 506(b)
Officers, directors & promoters on the filing
  • David UlevitchDirector
  • Stephen BurnsDirector
  • Rachel SlaybaughDirector
  • Victoria ShivanandanExecutive Officer
  • Rita BaranwalExecutive Officer
  • Mike StarrettExecutive Officer
  • Douglas BernauerExecutive Officer, Director, Promoter
Offering amount
$350M
Amount sold
$268.8M
First sale
Dec 2025
Incorporated
Corporation, Delaware
Federal exemptions
06b
Full filing on SEC EDGAR ↗
$66MraisedJun 2025 · 30 investors · Other Energy
Rule 506(b)
Officers, directors & promoters on the filing
  • DAVID ULEVITCHDirector
  • VICTORIA SHIVANANDANExecutive Officer
  • DOUGLAS BERNAUERExecutive Officer, Director, Promoter
  • RACHEL SLAYBAUGHDirector
  • STEPHEN BURNSDirector
Offering amount
$66M
Amount sold
$66M
First sale
Feb 2025
Incorporated
Corporation, Delaware
Federal exemptions
06b
Full filing on SEC EDGAR ↗
$100MraisedNov 2024 · 27 investors · Other Energy
Rule 506(b)
Officers, directors & promoters on the filing
  • Douglas BernauerExecutive Officer, Director, Promoter
  • David UlevitchDirector
  • Robert UrbergerExecutive Officer, Director, Promoter
  • Rachel SlaybaughDirector
  • Stephen BurnsDirector
Offering amount
$100M
Amount sold
$100M
First sale
Oct 2024
Incorporated
Corporation, Delaware
Federal exemptions
06b
Full filing on SEC EDGAR ↗
$40.7MraisedApr 2023 · 12 investors · Other Energy
Rule 506(b)
Officers, directors & promoters on the filing
  • David UlevitchDirector
  • Robert UrbergerExecutive Officer, Director
  • Rachel SlaybaughDirector
  • Douglas BernauerExecutive Officer, Director
  • Stephen BurnsDirector
Offering amount
$45.1M
Amount sold
$40.7M
First sale
Apr 2023
Incorporated
Corporation, Delaware, 2019
Federal exemptions
06b
Full filing on SEC EDGAR ↗
$12.6MraisedMar 2022 · 34 investors · Other Energy
Rule 506(b)
Officers, directors & promoters on the filing
  • Paul A. KeutelianExecutive Officer, Director
  • Robert C. UrbergerExecutive Officer, Director
  • Douglas S. BernauerExecutive Officer, Director
Offering amount
$12.6M
Amount sold
$12.6M
First sale
Feb 2022
Incorporated
Corporation, Delaware, 2019
Federal exemptions
06b
Full filing on SEC EDGAR ↗

Source: SEC EDGAR Form D. Amounts as filed; amended filings shown once at their latest values.

Valuation · disclosed

Disclosed events
$1.8Bvaluation at Series DDec 2025
filing ↗

Source: SEC prospectus filings, and round valuations the company or its investors disclosed — follow each entry's link for the claim.

Company profile

researched Aug 2026

Radiant Industries is a nuclear technology company based in El Segundo, California, developing Kaleidos, a portable microreactor designed to be mass-produced in a factory, shipped by truck or aircraft, and installed on site within a day. Kaleidos is described as a high-temperature gas-cooled reactor using TRISO ceramic-coated uranium fuel, helium gas coolant and prismatic graphite blocks, with output reported at approximately 1.2 MW electric and 3 MW thermal in December 2025 coverage (an earlier profile cited 1 MWe / 1.9 MWth). The system is air-cooled and requires no on-site water, uses high-speed turbomachinery to operate between roughly 30% and 100% power, and is intended to leave no waste or infrastructure on site because the whole container is returned for refueling after five or more years of operation. Each unit can reportedly be refueled up to four times for a roughly 20-year product life, and fleets are monitored remotely from a centralized 24/7 monitoring operation.

The company positions the reactors as an alternative to diesel generators and as always-on power for critical infrastructure, remote communities, hospitals, disaster response, defense installations, off-grid industry and data centers. Radiant plans to build and mass-produce the reactors at a factory called R-50 in Oak Ridge, Tennessee — a name referencing the Manhattan Project's S-50 site and the goal of producing 50 reactors per year — with construction expected to start in early 2026 and the first mass-produced Kaleidos generator delivered in 2028.

Radiant is in pre-application discussions with the US Nuclear Regulatory Commission and was named one of 11 projects in the US Department of Energy's Nuclear Reactor Pilot Program. It has completed front-end engineering and experiment design for a Kaleidos prototype and plans to test the Kaleidos Demonstration Unit at Idaho National Laboratory's DOME (Demonstration of Microreactor Experiments) facility in mid-2026, which coverage describes as the first US-designed reactor to be tested at that facility. Radiant has also signed an agreement with the DOE for supply of high-assay low-enriched uranium fuel for the INL test.

Founding story

Radiant was founded in 2019 by Douglas Bernauer and Robert Urberger, both former SpaceX engineers; Bernauer worked on the Grasshopper project and on advanced propulsion and energy systems and serves as CEO. The broader team includes people from SpaceX, McMaster-Carr, national laboratories and the nuclear industry.

Business model

Radiant sells and deploys factory-assembled microreactor units, offered through direct sales or power purchase agreements, and plans volume manufacturing at its own factory to serve customers requiring transportable on-site generation.

Traction

Equinix committed in August 2025 to purchase 20 Kaleidos microreactors, and Radiant has signed delivery contracts with the US military. An earlier profile noted more than 10 reactors committed for delivery through 2030 across military and commercial customers. The company was selected for the DOE Nuclear Reactor Pilot Program, secured a DOE agreement for HALEU fuel supply for its INL test, and completed front-end engineering and experiment design for a Kaleidos prototype ahead of testing at INL's DOME facility in 2026.

Latest developments

In December 2025 Radiant announced a Series D of more than $300 million led by Draper Associates and Boost VC at a valuation above $1.8 billion, to fund commercialization, factory construction beginning in early 2026 and its DOME test schedule. It targets lab testing of a Kaleidos prototype as early as mid-2026, first mass-produced unit delivery in 2028, and production scaling to 50 reactors per year.

Full profile — market position, technology, go-to-market, geography, risks & controversies

Market position

Radiant is one of several US developers of transportable microreactors serving data center, defense and off-grid power demand, alongside Oklo, X-energy, Westinghouse eVinci, USNC-Tech and Antares Industries, and was valued at more than $1.8 billion in its December 2025 Series D.

Radiant emphasizes mass manufacturing of a standardized, containerized reactor that is fully assembled, fueled and tested in the factory and installable within a day without site excavation or on-site water, and states it aims to be the first company in over 50 years to bring a new commercial reactor design to a fueled test.

Technology

Kaleidos is a high-temperature gas-cooled microreactor using TRISO fuel particles, helium coolant and prismatic graphite blocks, packaged in a transportable container roughly the size of a semi-trailer. It is air-cooled via fans and a passive air jacket, requiring no on-site water, and uses high-speed turbomachinery for efficient operation from about 30% to 100% power. Units are assembled, fueled and tested at the factory before shipment, and can supply electricity, facility heat or water desalination and integrate with renewables and microgrids. Fleet units stream real-time data to a centralized monitoring system, and spent containers are returned for refueling rather than storing waste on site.

Go-to-market

Radiant contracts directly with government and enterprise buyers, including the US Department of Defense and data center operator Equinix, and offers units via power purchase agreements or direct purchase, backed by a planned mass-production factory in Oak Ridge, Tennessee.

Remote communities and villages, hospitals, data centers, defense and military installations, disaster relief agencies, critical infrastructure operators and off-grid industrial operations.

Geography

Headquartered in El Segundo, California, with a planned R-50 manufacturing factory in Oak Ridge, Tennessee and reactor testing at Idaho National Laboratory in Idaho.

Risks & controversies

The company's lead product has not yet reached a fueled test; it remains in pre-application discussions with the US Nuclear Regulatory Commission, and key milestones including the 2026 INL DOME demonstration, factory construction and 2028 first delivery are still ahead.

Compiled by commissioned research from 8 cited public sources — announcements, filings, and press listed under research sources below.

Key figures

latest reported
Kaleidos electrical outputDec 20251.2 MWe
Kaleidos thermal outputDec 20253 MWth
Post-money valuationDec 2025$1.8B
Reactors committed for delivery through 2030Nov 2024More than 10
Reactors committed for purchase by EquinixAug 202520 reactors
Targeted annual reactor production capacityDec 202550 reactors per year
Total funding raisedNov 2024$160M
US Department of Defense Operational Energy Capability Improvement Fund awardNov 2024$3.8M

Company-reported or press-reported figures, each dated to when it was claimed — not independently audited.

Timeline · 5

launches, deals, and filings
Dec 2025
Series D of more than $300 million led by Draper Associates and Boost VC

Radiant Industries raised more than $300 million in a Series D led by Draper Associates and Boost VC, with participation from existing investors, at a valuation of more than $1.8 billion. Proceeds are earmarked for commercialization, factory construction and the DOME test schedule.

$300M source ↗

Dec 2025
DOE agreement for HALEU fuel supply for INL test

Radiant signed a deal with the US Department of Energy for supply of high-assay low-enriched uranium fuel for its 2026 reactor test at Idaho National Laboratory.

source ↗

Oct 2025
Oak Ridge, Tennessee selected as site for R-50 microreactor factory

Radiant chose an Oak Ridge, Tennessee site for what it describes as the world's first factory to mass-produce nuclear power plants. Construction of the R-50 factory is expected to begin in early 2026, with the first mass-produced Kaleidos generator targeted for 2028.

source ↗

Aug 2025
Equinix commits to purchase 20 Kaleidos microreactors

Data center operator Equinix committed to purchase 20 Kaleidos microreactors as part of a broader commitment to advanced nuclear that also included ULC-Energy, Stellaria and Oklo.

source ↗

Jan 2025
Selected for DOE Nuclear Reactor Pilot Program; NRC pre-application talks

Radiant was named one of 11 projects in the US Department of Energy's Nuclear Reactor Pilot Program and is in pre-application discussions with the US Nuclear Regulatory Commission.

source ↗

Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.

Legal entities · 1

corporate structure
Radiant IndustriesDelaware

In the news

Research sources · 8

primary sources listed

8 public sources were cited for this profile; the first-party ones are listed here.

Frequently asked questions

What does Radiant Industries do?
Radiant Industries develops Kaleidos, a portable, factory-built nuclear microreactor intended to replace diesel generators.
Who founded Radiant Industries?
Radiant Industries was founded by Douglas Bernauer in 2019.
Who are Radiant Industries's investors?
Radiant Industries's investors include Manhattan Venture Partners, Andreessen Horowitz, Boost VC, DCVC (Data Collective), Draper Associates, Stepstone Group.
How much funding has Radiant Industries raised?
Radiant Industries has disclosed $488.2M raised across 5 of its 6 known rounds.
Where is Radiant Industries headquartered?
Radiant Industries is headquartered in El Segundo, US.