SHINE Technologies

Janesville, WI, USA Energy & Industrials Private

SHINE Technologies (formerly SHINE Medical Technologies) is a Janesville, Wisconsin-based fusion technology company commercializing near-term applications of nuclear fusion. The company applies its proprietary fusion-based neutron source technology to produce medical isotopes such as molybdenum-99 (Mo-99) used in SPECT diagnostic imaging, lutetium-177 used in targeted cancer therapies, and to provide industrial inspection services. SHINE is constructing Chrysalis, a first-of-a-kind commercial medical isotope production facility in Janesville, and is pursuing a longer-term roadmap that includes nuclear waste recycling and ultimately fusion-based electricity generation. In 2026 SHINE closed its acquisition of Lantheus Holdings' SPECT business, adding established radiopharmaceutical manufacturing in North Billerica, Massachusetts and a portfolio of technetium-99m and xenon-133 diagnostic products.

Overview

Company data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.

Founded

2005

Employees

201–500

Total Funding

$1.04B

8 rounds

Funding

Total raised $1.04B across 8 rounds

Funding data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.

Last updated 06-25-2026

Latest Round

Type

Series E

Date

February 26, 2026

Amount

$240M

Valuation

Lead Investors

Not disclosed
DateRoundAmount RaisedValuationLead Investors
April 9, 2026 DOE Loan $263M U.S. Department of Energy
February 26, 2026 Series E $240M Not disclosed
October 2023 Late Stage Round $70M Baillie Gifford, Fidelity Management & Research Company

Prominent Investors

Koch Disruptive Technologies Fidelity Management & Research Company Baillie Gifford Koch Disruptive Technologies (KDT) Fidelity Management & Research Company Baillie Gifford

Leadership

  • Greg Piefer

    Founder and Chief Executive Officer

    LinkedIn
  • Todd Asmuth

    President

Competitors

Competitor list is illustrative and may be incomplete, stale, or erroneous.

  • NorthStar Medical Radioisotopes

    Beloit, Wisconsin-based producer of non-uranium molybdenum-99 and the RadioGenix technetium-99m generator system; was the first domestic Mo-99 supplier in three decades.

  • Niowave

    Lansing, Michigan-based developer of superconducting electron linear accelerators producing Mo-99 and other medical isotopes; recipient of DOE/NNSA cooperative agreement funding.

  • Northwest Medical Isotopes

    Corvallis, Oregon-based company developing a Mo-99 production facility using low-enriched uranium targets irradiated in university research reactors.

  • Curium

    Global radiopharmaceutical company and major supplier of SPECT and PET diagnostic and therapeutic isotopes including Mo-99/Tc-99m generators.

  • Jubilant Radiopharma

    Indian-headquartered radiopharmaceutical manufacturer producing SPECT and PET imaging agents and Mo-99 generators for global nuclear medicine markets.

  • NTP Radioisotopes

    South African subsidiary of Necsa producing Mo-99 and other medical isotopes from the SAFARI-1 research reactor for global distribution.

SHINE Technologies Investment FAQ

Public status and buying access

No. SHINE Technologies is a private company and does not have a public stock ticker or trade on a public stock exchange. Its shares are generally held by founders, employees, investors, and other private shareholders. Buyers and sellers may be able to transact in SHINE Technologies shares through private secondary transactions, but any transaction depends on share availability, buyer and seller agreement, transfer restrictions, company approval rights, and any applicable right of first refusal. There is no guarantee that SHINE Technologies will complete an IPO or other liquidity event.

Yes, it is sometimes possible to buy SHINE Technologies shares pre-IPO through private secondary transactions. This depends on finding a willing seller, company approval, and satisfying any transfer restrictions or rights of first refusal.

Buyers interested in buying SHINE Technologies shares on the secondary market typically do so through SetterVC and other secondary-market platforms, subject to eligibility requirements, share availability, transfer restrictions, and issuer approval. Buyers may need to satisfy sophistication, accreditation, institutional, platform, regulatory, or other eligibility requirements before participating. Once eligible, buyers may be able to view listings, make bids, and work with a licensed broker through the transaction process. Buyers should ensure they have appropriate legal and financial advisors guiding them before completing any transaction.

Valuation and funding

SHINE Technologies's latest disclosed funding round was a Series E round in February 26, 2026. The round raised approximately $240M. Primary funding rounds are different from secondary transactions: in a primary round, capital goes to the company, while in a secondary transaction, investors buy existing shares from current shareholders. Funding-round data reflects publicly reported or collected information and may be incomplete.

SHINE Technologies has raised approximately $1.04B in disclosed funding across 7 rounds. These figures reflect primary capital raised by the company and do not include every possible secondary transaction, undisclosed round, debt facility, or private transfer. Reported funding totals can change as new rounds are announced or older round details are corrected. Eligible users can use SetterVC to track SHINE Technologies's funding history alongside private-market activity where available.

SHINE Technologies's disclosed investors include Koch Disruptive Technologies, Fidelity Management & Research Company, Baillie Gifford, Koch Disruptive Technologies (KDT), Fidelity Management & Research Company and Baillie Gifford. Investor lists are based on public reporting, company announcements, and collected funding-round data, and may be incomplete. Participation in a prior funding round does not mean those investors are currently buying or selling shares. On SetterVC, eligible users can review SHINE Technologies's funding history, valuation history, and private-market activity alongside other venture-backed companies.

Market context

SHINE Technologies's most-cited competitors include NorthStar Medical Radioisotopes, Niowave, Northwest Medical Isotopes, Curium, Jubilant Radiopharma and NTP Radioisotopes. Investors often compare these companies by sector, product focus, valuation, funding raised, growth signals, investor base, and private-market activity.

Secondary-market demand for SHINE Technologies shares can be affected by company performance, revenue growth, profitability, funding history, valuation, investor interest, sector momentum, public-market conditions, expected timing of a liquidity event, and the availability of shares for sale. Demand can also be affected by transfer restrictions, company approval rights, right of first refusal processes, limited information, and the price expectations of buyers and sellers. Strong demand does not guarantee strong pricing, liquidity, or investment returns. Weak demand does not necessarily reflect the company's long-term prospects. Demand signals should not be treated as a recommendation or prediction of investment performance. Buyers and sellers should treat demand signals as informational and conduct their own diligence before transacting.

Selling and transaction mechanics

Sellers often rely on intermediaries and platforms, such as SetterVC and other secondary-market platforms, to identify potential buyers. The exact process varies by company and transaction, but sellers often begin by confirming their ownership, desired price, transferability, and any company approval or notice requirements. If the seller agrees with a buyer on acceptable price and terms, the company may need to be notified through a share transfer notice or similar process. If a right of first refusal, company approval right, or other transfer restriction applies, the seller may need to wait until that process is completed. The parties may then execute a purchase and sale agreement, complete required transfer documentation, and close if all required conditions are satisfied. Sellers should always seek proper legal and financial advice before completing the transaction.

Yes, current and former SHINE Technologies employees, early investors, and other existing shareholders may be able to sell vested shares before an IPO through a private secondary sale. This is not automatic; it depends on whether the shareholder has transferable shares, whether there is buyer demand, and whether the company's governing documents permit the transfer. Many companies require prior notice, company approval, or a right of first refusal before shares can be sold. Sellers should also seek proper legal and financial advice before proceeding.

A SHINE Technologies secondary transaction usually involves an existing shareholder selling shares to a buyer before a public listing. The buyer and seller typically agree on price, number of shares, share class, and closing conditions. The seller may then need to notify SHINE Technologies through a share transfer notice or similar process. If SHINE Technologies or existing investors have approval rights, transfer restrictions, or a right of first refusal, those steps may need to be completed before the transfer can close. The parties typically enter into a purchase and sale agreement, complete any required transfer documentation, and close only if the necessary conditions are satisfied. Timing and certainty can vary by company and transaction.

In most private secondary transactions, parties commonly use a purchase and sale agreement that outlines price, terms, and conditions. They may also use share transfer documentation, often a stock transfer notice, share transfer notice, transfer instruction, or similar document, along with any required company approval or right of first refusal materials. Proof of ownership, such as a cap table entry, share certificate, brokerage statement, issuer confirmation, or administrator confirmation, may also be important. Buyers often request recent company financials, but private companies may limit disclosure. Since every deal varies, buyers and sellers should consult legal and financial advisors to understand which documents are needed.

Risk, diligence, and investor caution

Buying SHINE Technologies shares pre-IPO is risky. Shares are illiquid, no IPO or liquidity event is guaranteed, valuations can change, transfers may require company approval, and private companies may provide limited financial disclosure. Be prepared for total loss. SetterVC and Setter Capital do not provide due diligence, legal, tax, accounting, valuation, or investment advice. Buyers must conduct their own due diligence, verify information, and seek independent legal and investment advice before proceeding.

Private secondary shares are typically illiquid. Unlike public stocks, there is no active public market, so selling them can be difficult and time-consuming. Sales depend on finding a willing buyer and often require company approval. Investors should be prepared to hold the shares for an extended period, with no guarantee of a future sale. Always assess your need for liquidity before investing.

SetterVC and Setter Capital do not provide due diligence, legal, tax, accounting, valuation, or investment advice. Buyers must conduct their own due diligence, including verifying ownership, transferability, legal structure, company approval, and assessing the company's prospects. SetterVC and Setter Capital do not provide advice on whether an investment is good, what price to pay, or what the best bid or ask is. SetterVC and Setter Capital may share documents in some circumstances, but it does not guarantee their accuracy or completeness. Due diligence is essential. Seek legal and investment advice as needed.

Before buying SHINE Technologies shares, a buyer should try to review the share class, price per share, implied valuation, transfer restrictions, ROFR process, company approval rights, seller ownership evidence, recent financing or tender-offer information, available financial information, information rights, resale restrictions, tax considerations, and expected liquidity paths. Not all information may be available for a private company. Buyers should confirm available diligence, process details, and information needs with their own legal, tax, and investment advisers.

SPVs carry risks. Examples include the need to confirm the company allows SPV-based transfers, verify that the SPV truly owns the shares or interests it claims to own, and ensure it has not sold more interests than it holds. Due diligence is essential. Seek legal and investment advice as needed.

Forward contracts carry risks. Examples include the seller refusing to transfer the shares at the future date, even if the seller owns them, the seller going bankrupt with creditors claiming the shares, or the seller committing the same shares to multiple parties. Due diligence is essential. Seek legal and investment advice as needed.

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Data collected with AI, which can make mistakes. Please double-check this information.