# Marathon Fusion funding: rounds and investors > Marathon Fusion has raised $3.6M across 2 rounds since 2024. Investors include Liquid 2 Ventures, US Department of Energy and 1517 Fund. Source: https://millionrounds.com/company/marathon-fusion (Millionrounds; every figure on the page links to its filing or article) United States · [Funded startup](https://millionrounds.com/companies) # Who invested in *Marathon Fusion* 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 Chemicals & Materials Raised 2 months ago Funding summary Updated 26 Oct 2026 **$3.6M** raised across 2 rounds since 2024, from 2 sources - **Latest round:** Grant, $3.6M Sept 2026 - **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 2026 **?** Venture **$3.6M** Grant - **First round:** Venture - **Biggest round:** $3.6M - **Between rounds:** 2.1 years ## The rounds - **Sept 2026** Grant **$3.6M** *3 returning* [Liquid 2 Ventures](https://millionrounds.com/fund/liquid-2-ventures) [US Department of Energy](https://millionrounds.com/fund/u-s-department-of-energy) [1517 Fund](https://millionrounds.com/fund/1517-fund) Source recorded - **Aug 2024** Venture **Amount undisclosed** *3 new* [Liquid 2 Ventures](https://millionrounds.com/fund/liquid-2-ventures) [US Department of Energy](https://millionrounds.com/fund/u-s-department-of-energy) [1517 Fund](https://millionrounds.com/fund/1517-fund) Source recorded ## Founders and team From Marathon Fusion's own website and the SEC filings it signed: 3 on the team. - **Schmidt Futures** Adam Rutkowski, CTO - **Adam Rutkowski** Executive Officer, Director i - **Kyle Schiller** Executive Officer, Director i ## 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. **Venture** 2024 **Grant** 2026 [Liquid 2 Ventures](https://millionrounds.com/fund/liquid-2-ventures) [US Department of Energy](https://millionrounds.com/fund/u-s-department-of-energy) [1517 Fund](https://millionrounds.com/fund/1517-fund) ## Everyone who backed them [Liquid 2 Ventures](https://millionrounds.com/fund/liquid-2-ventures) VC firm **2** rounds [US Department of Energy](https://millionrounds.com/fund/u-s-department-of-energy) Government **2** rounds [1517 Fund](https://millionrounds.com/fund/1517-fund) VC firm **2** rounds Missing a round, or an investor who was in one? [Tell us](https://millionrounds.com/corrections?slug=marathon-fusion). ## Also claim to have backed them These 3 firms list Marathon Fusion 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. [Collaborative Fund](https://millionrounds.com/fund/collaborative-fund) VC firm Per its own site [Ajira Ventures](https://millionrounds.com/fund/ajira-ventures) VC firm Per its own site [Earthrise Ventures](https://millionrounds.com/fund/earthrise-ventures) VC firm Per its own site ## Quick answers about Marathon Fusion ### Who invested in Marathon Fusion? Marathon Fusion's investors include Liquid 2 Ventures, US Department of Energy and 1517 Fund. ### How much has Marathon Fusion raised? Marathon Fusion has raised $3.6M across 2 rounds since 2024. One round did not disclose an amount, so the total is a floor. ### When did Marathon Fusion last raise? Marathon Fusion's most recent round was a Grant of $3.6M in Sept 2026. ### What was Marathon Fusion's biggest round? Its most recent round, $3.6M in Sept 2026, is also its largest on record. ### Who backed Marathon Fusion first? Marathon Fusion's first round on record, in Aug 2024, was backed by Liquid 2 Ventures, US Department of Energy and 1517 Fund. ### What stage is Marathon Fusion at? Marathon Fusion's latest named round is a Grant, in Sept 2026. ### Where is Marathon Fusion based? Marathon Fusion is based in the United States. ## Companies like Marathon Fusion 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)[**Albert Invent** $20M · Oct 2026](https://millionrounds.com/company/albert-invent)[**Peak Energy** $163M · Oct 2026](https://millionrounds.com/company/peak-energy)[**Pennsylvania American Water** $43M · Oct 2026](https://millionrounds.com/company/pennsylvania-american-water) ## Find investors like these Search every investor by what they have actually funded, then narrow to your stage and market. Free. Open the investor searchOr these rounds in the app