As Big Tech bets on nuclear power, startup Uranium Digital raises $16.5 million to modernize uranium trading |
As Big Tech bets on nuclear power, startup Uranium Digital raises $16.5 million to modernize uranium trading
As the AI boom drives demand for energy-hungry data centers, interest in nuclear power is growing—and with it, demand for the uranium that fuels reactors. But while there are large automated markets for most commodities, that’s not the case with uranium, which still requires traders to call brokers for prices, sign emailed contracts and work with storage facilities to transfer ownership. New York-based startup Uranium Digital wants to modernize that system by bringing uranium trading on-chain.
The company announced Thursday that it had raised $16.5 million in a Series A round that closed last month. The funding will help expand its electronic trading platform, which lets institutions buy and sell uranium while blockchain tracks ownership of the material held at a storage facility.
The round was led by Blockchain Capital, with participation from existing investors Portal Ventures and Christian Angermayer’s Apeiron Investment Group.........