Companies · Crypto / Web3

Applied Blockchain, Inc.

DALLAS · Crypto / Web3 · refined from filed group “Other

Diligence memoA one-page analyst read on Applied Blockchain, Inc. — recommendation, valuation, rhythm, risks.
$210.6M
Total raised · real
6
Rounds
4.9×
Latest step-up
Top 5%
Sector rank · raised
Series D+
Latest stage · inferred · Thu Sep 05 2024 00:00:00 GMT+0000 (Coordinated Universal Time)

Applied Blockchain, Inc. has raised $211M over 6 rounds; too few niche peers to rank its valuation yet.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the crypto/web3 sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

At-risk
  • Last raise 22 mo ago; this sector typically re-raises about every 7 months.
  • Past due for a raise versus sector cadence — watch for distress or a bridge.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Crypto / Web3

Applied Blockchain, Inc. is one of 196 Crypto / Web3 companies tracked from DALLAS. By capital raised it ranks among the largest (ahead of 96% of sector peers), and among the largest by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

crypto/web3

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
13
Investors (latest)
2024-09-05
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$500M$1.0B$1.5B$2.0BSeed · 2009-01-14 Raised $2.6M (real) Modeled valuation $109M (est)Seed2009Seed · 2009-09-22 Raised $635K (real) Modeled valuation $26M (est)Seed2009Seed · 2011-01-03 Raised $387K (real) Modeled valuation $16M (est)Seed2011Seed · 2011-08-21 Raised $580K (real) Modeled valuation $24M (est)Seed2011Series B · 2021-04-15 Raised $17M (real) Modeled valuation $438M (est)Series B2021Series B · 2021-07-30 Raised $33M (real) Modeled valuation $766M (est)Series B2021Series D+ · 2024-09-05 Raised $160M (real) Modeled valuation $1.6B (est)Series D+2024+$635K+$387K+$580K+$17M+$33M+$160MCumulative $213M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Seed$2.6M · 2009
Seed extension$635K · 2009
Seed extension$387K · 2011
Seed extension$580K · 2011
Series B$16.5M · 2021no Series A on file
Series B extension$32.5M · 2021
Series D+$160.0M · 2024no Series C on file

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Series A, Series C — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 50%.

Modeled valuation trajectory
$1.6B
Base estimate est.
$743.5M
Conservative case
$2.2B
Upside case
$1.3B
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series D+a $100M–$400M round). Valuation is modeled from stage benchmarks scaled by the crypto/web3 sector profile. Directional, not a quoted figure.

Seed · modeled $109.0M · 2009-01-142009Seed · modeled $26.1M · 2009-09-22Seed · modeled $15.9M · 2011-01-03Seed · modeled $23.9M · 2011-08-21Series B · modeled $438.2M · 2021-04-15Series B · modeled $765.7M · 2021-07-30Series D+ · modeled $1.6B · 2024-09-052024
Model inputs · modeled:benchmark-stage-stepup-v1
12%
Dilution assumption
Implied ownership sold in the financing.
70%
Survival probability
56% low · 77% high
1.37×/yr
Annual markup
1.53×/yr upside case
1.8 yr
Elapsed time used
1.8 yr actual, capped for stale marks
crypto/web3
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
31 mo
Avg between rounds
$13.5M/yr
Capital velocity
17.5 yr
On record since
2009
First round
7
Rounds on file
How it compares to the market

Benchmarked against 196 companies in Crypto / Web3. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 60× above median
This company$210.6M
Sector median$3.5M
Latest round — vs other Series D+ rounds in sector (real $, this stage) 1.0× above median
This company$160.0M
Sector median$160.0M
Modeled value — vs sector median (estimate, all stages) 31× above median
This company$1.6B
Sector median$53.0M

Raised more than 96% of sector peers (real $). Modeled value above 95% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series D+) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful.

This companyCohort peer
$10.0M$100.0M$1.0B$10.0B$100.0M$1.0BCapital raised (log)Blockdaemon Inc. · Series D+ Raised $412.4M · modeled $666.2M (est)Dapper Labs Inc. · Series D+ Raised $668.4M · modeled $106.6M (est)Applied Blockchain, Inc. (this company) Raised $210.6M · modeled $1.6B (est)Applied Blockchain, Inc.
CompanyStageRaised · realValue · estvs peer med.
Applied Blockchain, Inc. this companySeries D+$210.6M$1.6B2.47×
Blockdaemon Inc.Series D+$412.4M$666.2M1.00×
Dapper Labs Inc.Series D+$668.4M$106.6M0.16×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Seed$2.6M2009-01-14$13.3M$109.0M85%
Seed$635K2009-09-22$3.2M$26.1M85%
Seed$387K2011-01-03$1.9M$15.9M85%
Seed$580K2011-08-21$2.9M$23.9M85%
Series B$16.5M2021-04-15$91.7M$438.2M90%
Series B$32.5M2021-07-30$180.6M$765.7M90%
Series D+$160.0M2024-09-05$1.3B$1.6B90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Seed$2.6M2009-01-14
    • First recorded raise — entered as Seed.
    • 12 investors on this round.
  2. Seed$635K2009-09-22
    • Raised 8 mo later, in step with the ~7 mo sector norm.
    • Round 4.2× smaller than the prior — bridge or down round.
    • 6 investors on this round.
  3. Seed$387K2011-01-03
    • Raised again after 15 mo — slower than the ~7 mo sector norm.
    • Round 1.6× smaller than the prior — bridge or down round.
    • Revenue band moved $0–$1M → $5M–$25M.
    • 14 investors on this round.
  4. Seed$580K2011-08-21
    • Raised 8 mo later, in step with the ~7 mo sector norm.
    • Round 1.5× larger than the prior — scaling up.
    • Revenue band moved $5M–$25M → $0–$1M.
    • 9 investors on this round.
  5. Series B$16.5M2021-04-15
    • Raised again after 116 mo — slower than the ~7 mo sector norm.
    • Round 28.4× larger than the prior — scaling up.
    • Revenue band moved $0–$1M → No revenue.
    • Switched to Rule 506(b) (was Rule 06).
    • 49 investors on this round.
  6. Series B$32.5M2021-07-30
    • Came back fast: 3 mo vs the ~7 mo sector norm.
    • Round 2.0× larger than the prior — scaling up.
    • Revenue band moved No revenue → $0–$1M.
    • 88 investors on this round.
  7. Series D+$160.0M2024-09-05
    • Raised again after 37 mo — slower than the ~7 mo sector norm.
    • Round 4.9× larger than the prior — scaling up.
    • 13 investors on this round.
Intelligence
2027 ~Q2
Modeled next raise · ~31mo cadence
$480.0M
Modeled next size est.range $312.0M$768.0M
4.9×
Last step-up
$13.5M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Richard Nottenburg4 other2021-07
Douglas Miller2 other2021-04
Jason Zhang2 other2021-04
David Rench1 other2021-04
James Schwartz1 other2009-01
Kenneth S. Wood1 other2009-01
Rachel Lee1 other2024-09
Wesley Cummins1 other2021-04
Chuck Hastings2021-04
David S. Shulkin2011-01
Ella Benson2024-09
James S. Schwartz2009-09
Joseph S. Luca2011-01
Kate Reed2024-09
Kelli McDonald2021-04
Regina Ingel2021-07
Richard S. Rosenfeld2009-01
Virginia Moore2021-04
Wes Cummins2024-09
Wesley S. Cummins2009-09
Registry & provenance

Applied Blockchain, Inc. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1144879
SEC CIK
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
Mercury Technologies, Inc.Software / TechSeries D+$221.3M$1.9Bnetwork1 shared operator · same stage
ArriVent Biopharma, Inc.BiotechnologySeries D+$260.0M$2.0Bnetwork1 shared operator · same stage
Blockdaemon Inc.Crypto / Web3Series D+$412.4M$666.2Msame sector · same stage
Dapper Labs Inc.Crypto / Web3Series D+$668.4M$106.6Msame sector · same stage
Bluefin Topco, LlcCrypto / Web3Series D+$700.0M$14.7Bsame sector · same stage
Payward, Inc.Crypto / Web3Series D+$703.3M$1.8Bsame sector · same stage
Verint Systems IncSoftware / TechSeries D+$400.0M$5.2Bnetwork1 shared operator · same stage
Sequans CommunicationsOther TechnologySeries B$20.0M$229.4Mnetwork2 shared operators
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Blockchain Technologies, Inc.Crypto / Web3Seed$41.5M92%
Graph Blockchain IncCrypto / Web3Seed$122.4M89%
Custom Blockchain Solutions, Inc.Crypto / Web3Pre-Seed$12.8M89%
Blockchain Foundry Inc.Crypto / Web3Series A$194.0M88%
360 Blockchain Inc.Crypto / Web3Pre-Seed$12.5M88%
Millennium Blockchain, Inc.Crypto / Web3Series A$167.5M88%
Cambridge Blockchain, Inc.Crypto / Web3Series A$251.3M88%
Loop Crypto, Inc.Crypto / Web3Series A$61.2M88%
Frequently asked
How much funding has Applied Blockchain, Inc. raised?
Applied Blockchain, Inc. has raised approximately $210.6M in disclosed capital across 6 recorded financing rounds, aggregated from public filings.
What is Applied Blockchain, Inc.'s estimated valuation?
Provath's modeled valuation for Applied Blockchain, Inc. is approximately $1.6B (modeled range $743.5M–$2.2B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Applied Blockchain, Inc. at?
Applied Blockchain, Inc.'s latest modeled financing stage is Series D+. Its most recent recorded round closed around Thu Sep 05.
What does Applied Blockchain, Inc. do and where is it based?
Applied Blockchain, Inc. operates in the Crypto / Web3 sector, based in DALLAS.
Explore related

See where Applied Blockchain, Inc. sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

Is this your company?

If you work at Applied Blockchain, Inc., claim this profile or suggest a correction. We aggregate from public filings, so help us keep your description, website and links accurate.

Is this your company? Update your profile or add contact details — and choose exactly who can reach you. Reviewed before anything is published.