# Aether Fuels funding: rounds and investors

> Aether Fuels has raised $49M across 2 rounds since 2024. Investors include CDP Venture Capital, Foothill Ventures and EDBI. Every round with its source.

Source: https://millionrounds.com/company/aether-fuels (Millionrounds; every figure on the page links to its filing or article)

United States · [Funded startup](https://millionrounds.com/companies)

# Who invested in *Aether Fuels*

2 rounds we have observed, with the 3 investors named in them. Every figure came from a named source, and where the company reported a raise to the SEC itself, that is shown beside it.

Energy

Raised 11 months ago

Funding summary Updated 26 Oct 2026

**$49M** raised across 2 rounds since 2024, from 2 sources

**$34M** Series A **$15M** Round

- **Latest round:** Round, $15M Dec 2025
- **Biggest round:** $34M Series A · Jun 2024
- **Investors:** 3

See who backed them

## The funding story

Each circle is a round, placed by date and sized by amount. The line above is the running total.

2025

**$34M** Series A

**$15M** Round

- **First round:** Series A, $34M
- **Biggest round:** $34M
- **Between rounds:** 18 months

## The rounds

- **Dec 2025** Round **$15M** *1 new* *2 returning* [CDP Venture Capital](https://millionrounds.com/fund/cdp-venture-capital) [EDBI](https://millionrounds.com/fund/edbi) [Foothill Ventures](https://millionrounds.com/fund/foothill-ventures) Source recorded
- **Jun 2024** Series A **$34M** *2 new* [CDP Venture Capital](https://millionrounds.com/fund/cdp-venture-capital) [Foothill Ventures](https://millionrounds.com/fund/foothill-ventures) Source recorded

## Founders and team

From Aether Fuels's own website: 1 founder, 2 on the team.

**Conor Madigan** Founder and CEO

- **Dhaval Shah** Chief Technology Officer
- **Sanjiv Dabee** Chief Technology Officer

Advisers *Monica Kaldani-Nasif*

## Who was in which round

The busiest backers across the latest rounds. A filled square is a round they joined; a dark one, a round they led.

**Series A** 2024 **Round** 2025 [CDP Venture Capital](https://millionrounds.com/fund/cdp-venture-capital) [Foothill Ventures](https://millionrounds.com/fund/foothill-ventures) [EDBI](https://millionrounds.com/fund/edbi)

## Everyone who backed them

[CDP Venture Capital](https://millionrounds.com/fund/cdp-venture-capital) VC firm **2** rounds

[Foothill Ventures](https://millionrounds.com/fund/foothill-ventures) VC firm **2** rounds

[EDBI](https://millionrounds.com/fund/edbi) VC firm **1** round

Missing a round, or an investor who was in one? [Tell us](https://millionrounds.com/corrections?slug=aether-fuels).

## Also claim to have backed them

These 2 firms list Aether Fuels as a portfolio company on their own websites, but no report of a round names them. They are the firms' own claims, kept apart from the rounds above.

[AP Ventures](https://millionrounds.com/fund/ap-ventures) VC firm Per its own site

[TechEnergy Ventures](https://millionrounds.com/fund/techenergy-ventures) Corporate VC Per its own site

## Quick answers about Aether Fuels

### Who invested in Aether Fuels?

Aether Fuels's investors include CDP Venture Capital, Foothill Ventures and EDBI.

### How much has Aether Fuels raised?

Aether Fuels has raised $49M across 2 rounds since 2024.

### When did Aether Fuels last raise?

Aether Fuels's most recent round was an Undisclosed round of $15M in Dec 2025.

### What was Aether Fuels's biggest round?

Aether Fuels's largest round on record is $34M (Series A), in Jun 2024.

### Who backed Aether Fuels first?

Aether Fuels's first round on record, in Jun 2024, was backed by CDP Venture Capital and Foothill Ventures.

### What stage is Aether Fuels at?

Aether Fuels's latest named round is an Undisclosed round, in Dec 2025.

### Where is Aether Fuels based?

Aether Fuels is based in the United States.

## Companies like Aether Fuels

In the same sector, and raised in the last eighteen months.

[**Amogy** $125M · Oct 2026](https://millionrounds.com/company/amogy)[**LanzaJet** $67M · Oct 2026](https://millionrounds.com/company/lanzajet)[**Pivot Energy** $500M · Oct 2026](https://millionrounds.com/company/pivot-energy)[**Peak Energy** $163M · Oct 2026](https://millionrounds.com/company/peak-energy)[**Pennsylvania American Water** $43M · Oct 2026](https://millionrounds.com/company/pennsylvania-american-water)[**Vertical Semiconductor** $84M · Oct 2026](https://millionrounds.com/company/vertical-semiconductor)

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